A. Each member of the board of trustees shall receive no compensation for the performance of his duties but shall be paid per diem and mileage for attendance at meetings of the board as provided in the Per Diem and Mileage Act [10-8-1 to 10-8-8 NMSA 1978] for nonsalaried public officials.
B. Each member of the board of trustees shall furnish a corporate surety bond in the penal sum of ten thousand dollars ($10,000) for the faithful performance of his duties and the accounting of all funds which shall come into his possession. The bond shall be paid for by and shall run to the benefit of the district.
C. All authorizations for the payment or expenditure of money in the possession of the district shall be signed by the chairman and the secretary-treasurer.
History: Laws 1987, ch. 115, ยง 6.
Structure 2021 New Mexico Statutes
Article 19 - Economic Advancement Districts
Section 6-19-3 - Legislative intent.
Section 6-19-4 - Creation of economic advancement districts.
Section 6-19-5 - Board of trustees; organization; terms; vacancies; removal.
Section 6-19-6 - Board of trustees; compensation; payment authority; bond.
Section 6-19-7 - Board of trustees; powers.
Section 6-19-8 - Board of trustees; duties.
Section 6-19-9 - General obligation bonds.
Section 6-19-10 - General obligation bonds; interest; maturities.
Section 6-19-11 - General obligation bonds; imposition of tax.
Section 6-19-12 - Refunding bonds.
Section 6-19-13 - Revenue bonds.
Section 6-19-14 - Security for revenue bonds.
Section 6-19-15 - Requirements respecting lease.
Section 6-19-16 - Revenue bonds; refunding.
Section 6-19-17 - Nature of all bonds issued pursuant to act.