As used in the Industrial Revenue Bond Act, "project" also means:
A. any land and buildings or other improvements thereon and all real and personal property deemed necessary in connection therewith whether or not now in existence which shall be suitable for use by any private institution of higher education or any nonprofit corporation engaged in health care services, including nursing homes, and, for any small municipality only, office facilities for physicians, any mass transit or other transportation activity involving the movement of passengers, any industrial park, any office headquarters and any research and development facility; or
B. urban transit buses, whether or not already in existence, that are:
(1) manufactured or assembled in New Mexico;
(2) equipped to hold at least thirty passengers; and
(3) suitable for use by a commercial enterprise for leasing.
History: 1953 Comp., § 14-31-1.2, enacted by Laws 1967, ch. 84, § 2; 1974, ch. 50, § 2; 1975, ch. 222, § 1; 1981, ch. 45, § 2; 2005, ch. 9, § 1.
ANNOTATIONSThe 2005 amendment, effective March 11, 2005, added urban transit buses that are made in New Mexico, hold at least thirty passengers and are suitable for use by a commercial enterprise for leasing to the definition of a project.