A. The "spaceport authority fund" is created in the state treasury. Separate accounts within the fund may be created for any project. Money in the fund is appropriated to the authority for the purposes of carrying out the provisions of the Spaceport Development Act. Money in the fund shall not revert at the end of a fiscal year.
B. Except as provided in this section, money received by the authority shall be deposited in the fund, including, but not limited to:
(1) the proceeds of bonds issued by the authority or from a loan to the authority made pursuant to the Spaceport Development Act;
(2) interest earned upon money in the fund;
(3) property or securities acquired through the use of money belonging to the fund;
(4) all earnings of property or securities acquired pursuant to Paragraph (3) of this subsection;
(5) all lease or rental payments received from the authority from a project;
(6) all of the money received by the authority from a public or private source; and
(7) fees, rents or other charges imposed and collected by the authority.
C. Fees, rents or other charges imposed and collected by the authority in excess of those imposed and collected for an approved project and for all debt service and reserves for the bonds that financed the project may be expended only as appropriated pursuant to vouchers signed by the executive director of the authority or the director's designee pursuant to the Spaceport Development Act; provided that, in the event the position of executive director is vacant, vouchers may be signed by the chair of the authority.
D. Earnings on the balance in the fund shall be credited to the fund. In addition, in the event that the proceeds from the issuance of bonds or from money borrowed by the authority are deposited in the state treasury, interest earned on that money during the period commencing with the deposit in the state treasury until actual transfer of the money to the fund shall be credited to the fund.
E. All proceeds from issuing revenue bonds shall be placed in such funds as shall be established in the resolution of the authority authorizing the issuance of the bonds.
History: Laws 2005, ch. 128, § 17; 2006, ch. 15, § 20.
ANNOTATIONSCross references. — For the Regional Spaceport District Act, see 5-15-1 NMSA 1978.
The 2006 amendment, effective May 17, 2006, adds the provision in Paragraph (4) of Subsection B that earnings acquired pursuant to Paragraph (3) of Subsection B shall be deposited in the spaceport authority fund; and adds Subsection E to provide that proceeds from revenue bonds shall be placed in funds established by the authority authorizing the issuance of the bonds.