N.M. Stat. § 71-10-5

Current through 2024, ch. 69

Section 71-10-5 - Authority; powers; duties

A. An authority is a political subdivision of the state that may, in accordance with law and to effectuate the purposes of the district it governs:

(1) have perpetual existence;

(2) sue and be sued;

(3) adopt bylaws, policies and procedures;

(4) employ a director, who may employ staff as necessary to administer the authority;

(5) fix the time and place of meetings and the method of providing notice of the meetings;

(6) make and pass orders and resolutions necessary for governing and managing the authority and executing the powers of the authority;

(7) adopt and use a seal;

(8) create and define the duties of advisory committees;

(9) enter into contracts and agreements;

(10) borrow money and issue bonds;

(11) pledge all or a portion of its revenue to the payment of its bonds;

(12) issue refunding revenue bonds to refinance, pay or discharge all or part of its outstanding revenue bonds;

(13) impose liens;

(14) acquire, dispose of or encumber real or personal property or interests in real or personal property, including leases and easements;

(15) manage the land and property constituting and associated with the authority within the district, including by imposing rental charges and fees for the use of that land and property;

(16) sell, transfer or convey real or personal property or interests in real or personal property acquired by the authority;

(17) alter the boundaries of the district with the approval of the counties that are part of the district;

(18) establish standards and long-term development plans;

(19) apply to a public or private source for a loan, grant, guarantee or other type of financial assistance; and

(20) exercise the rights and powers necessary or incidental to or implied by the specific powers granted by this section.

B. An authority shall:

(1) govern the district;

(2) adopt rules to govern its conduct, including standards and procedures for calling emergency meetings and a conflicts-of-interest policy;

(3) use district property to create jobs and foster economic development in all areas it deems appropriate and in the public welfare; and

(4) comply with all applicable state and federal laws, ordinances or rules enacted by the county having jurisdiction over the district's land or real property.

NMS § 71-10-5

Laws 2020, ch. 78, § 5.