The New Mexico state fair, with the prior approval of the state board of finance, is authorized from time to time to issue negotiable bonds. The bonds shall be authorized by resolution of the state fair commission. The bonds may be issued in one or more series, may bear such date or dates, may be in such denomination or denominations, may mature at such time or times not exceeding thirty years from the respective dates thereof, may mature in such amount or amounts, shall bear interest in accordance with the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978], may be in such form as the state fair commission may determine and may be executed in such manner, may be payable in such medium of payment at such place or places and may be subject to such terms of redemption with or without premium as such resolution or other resolutions may provide. The bonds may be sold at public sale or may be sold at a private sale to the New Mexico finance authority. The bonds shall be negotiable instruments notwithstanding the form or tenor thereof. The New Mexico state fair may issue refunding bonds to refund, refinance, pay or discharge outstanding bonds, notes, loans or other obligations of the state fair on the same terms and conditions as provided for the issuance of other bonds by the New Mexico state fair.
History: Laws 1935, ch. 69, § 4; 1941 Comp., § 48-2115; Laws 1953, ch. 37, § 1; 1953 Comp., § 45-20-15; Laws 1957, ch. 98, § 1; 1975, ch. 108, § 3; 1983, ch. 106, § 1; 1996, ch. 27, § 1; 1998 (1st S.S.), ch. 17, § 3; 2001, ch. 152, § 1.
ANNOTATIONSThe 2001 amendment, effective July 1, 2001, reduced the maximum number of years a bond may mature from fifty to thirty years and deleted "for not less than par value and in the manner provided by law for sale of municipal bonds" following "at public sale" in the fourth sentence.
The 1998 amendment, effective on the day after the day the New Mexico finance authority makes the grant to the board of regents of the university of New Mexico authorized in § 1 of the act, deleted "hereby" preceding "authorized" in the first sentence; inserted "state fair" in the second sentence; in the fourth sentence, substituted "may" for "shall" near the beginning and added "or may be sold at a private sale to the New Mexico finance authority" at the end; and added the last sentence.
The 1996 amendment, effective May 15, 1996, substituted "six million dollars ($6,000,000)" for "three million five hundred thousand dollars ($3,500,000)" at the end of the first sentence.
Am. Jur. 2d, A.L.R. and C.J.S. references. — Governmental unit's power to issue bonds as implying power to refund them, 1 A.L.R.2d 134.