A. There is created the "railroad loan retirement fund". Railroad user fees authorized pursuant to the Cumbres and Toltec Scenic Railroad Act may be deposited in the fund by the commission. The commission shall by resolution authorize the placement of the fund in an appropriate financial institution and shall also authorize the investment of money in the fund. Income earned from investment of the fund shall become part of the fund.
B. The money in the railroad loan retirement fund is irrevocably pledged to the retirement of any indebtedness incurred by the commission under the authority of Section 16-5-9 NMSA 1978. During the time that any indebtedness is outstanding, the commission shall not reduce or eliminate any user fees that were in effect at the time the indebtedness was incurred.
History: Laws 1989, ch. 26, § 4; 2005, ch. 156, § 2.
The 2005 amendment, effective June 17, 2005, provided in Subsection A that railroad user fees may be deposited in the railroad retirement fund by the commission.
Structure 2021 New Mexico Statutes
Chapter 16 - Parks, Recreation and Fairs
Article 5 - Cumbres and Toltec Scenic Railroad
Section 16-5-1 - Execution of compact.
Section 16-5-1.1 - Short title.
Section 16-5-2 - Ratification of compact.
Section 16-5-3 - Cumbres and Toltec scenic railroad commission created.
Section 16-5-4 - Appointment of members.
Section 16-5-5 - Payment of the expenses of commission.
Section 16-5-7 - Commission powers.
Section 16-5-9 - Authority of commission to incur indebtedness.
Section 16-5-10 - Railroad loan retirement fund.
Section 16-5-11 - Authorization to set and collect user fees.
Section 16-5-12 - Tax exemption of interest charged on loan.