Bonds of the authority may be secured by a trust indenture between the authority and a corporate trustee that may be either a bank having trust powers or a trust company. The trust indenture may contain reasonable provisions for protecting and enforcing the rights and remedies of bondholders, including covenants setting forth the duties of the authority in relation to the exercise of its powers and the custody, use and investment of money. The authority may provide by the trust indenture for the payment of the proceeds of the bonds and the revenue to the trustee under the trust indenture or other depository for disbursement with safeguards as the authority determines necessary.
History: Laws 2005, ch. 342, § 9.
Effective dates. — Laws 2005, ch. 342, § 24 made the act effective April 7, 2005.
Structure 2021 New Mexico Statutes
Article 25A - New Mexico Exposition Center Authority
Section 6-25A-1 - Short title.
Section 6-25A-2 - Legislative findings.
Section 6-25A-3 - Definitions.
Section 6-25A-5 - Powers of the authority.
Section 6-25A-6 - Purchases in name of the authority; documentation.
Section 6-25A-7 - Bonds of the authority; use; security.
Section 6-25A-8 - Bonds; authorization for issuance; terms and conditions.
Section 6-25A-9 - Bonds secured by trust indenture.
Section 6-25A-10 - Publication of notice; validation; limitation of action.
Section 6-25A-11 - Refunding bonds.
Section 6-25A-12 - Remedies of bondholders.
Section 6-25A-13 - Agreement of the state.
Section 6-25A-14 - Bonds; legal investment for public officers and fiduciaries.
Section 6-25A-15 - Tax exemption.
Section 6-25A-16 - Money of the authority; expenses; audit; annual report.
Section 6-25A-17 - Corporate existence.
Section 6-25A-18 - Prohibited actions.
Section 6-25A-19 - Conflicts of interest; penalty.
Section 6-25A-20 - Cumulative authority.
Section 6-25A-21 - New Mexico exposition authority oversight committee.