New Mexico Statutes
Article 6 - State and County Fairs
Section 16-6-27 - [Bond issue election; ballot; notice; voters; sale of bonds.]

The board of county commissioners of Curry county, New Mexico, may submit to the voters of said county at any regular election or at any special election called for that purpose the question of issuing bonds in a sum not to exceed one hundred thousand dollars ($100,000) for the purpose of erecting a building or buildings at the bi-state fair grounds, such building or buildings to be used for the holding of the bi-state fair. The proposition to be voted upon shall be submitted to the voters by separate ballot and shall be in substantially the following form:
"For the issuance of bi-state fair association bonds in the sum of $. . . . . . . .; Against the issuance of bi-state fair association bonds in the sum of $. . . . . . .."
The board of county commissioners shall give notice of such election by publication for at least three consecutive weeks in any newspaper published in said county; which notice shall set forth the time and place of holding such election, the fair building or buildings proposed to be built, the amount of bonds to be voted, the rate of interest to be paid on such bonds and the length of time for which the bonds shall be issued, which shall not be less than five (5) nor more than twenty (20) years, and no issue of bonds shall be made under this act [16-6-25 to 16-6-30 NMSA 1978] in excess of one hundred thousand dollars ($100,000).
Only the qualified electors of the county who paid a property tax during the preceding year shall be entitled to vote at such election, and if a majority of all votes at such election shall be in favor of the issue of said bonds, then said board shall issue bonds to the amount voted, but no bond shall bear interest at a rate in excess of six (6) per centum. Said bonds shall be known as the bi-state fair association bonds of Curry county, New Mexico, shall be signed by the chairman of the board of county commissioners, and countersigned by the county treasurer. They shall have interest coupons attached providing for the payment of interest either annually or semiannually. The board shall have power by contract to provide a place for the payment of the principal and interest of said bonds, and the terms upon which said interest shall be paid.
The county treasurer shall advertise for the sale of said bonds to the highest bidder in not less than two weekly issues in some newspaper published in the county, and said bonds shall be sold for no less than par and accrued interest and the proceeds thereof placed to the credit of the county in a fund to be known as the bi-state fair association fund, which fund shall be disbursed upon warrants drawn as in the case of the general funds of the county.
Provided, that said bonds or any part thereof may be sold to the state of New Mexico at private sale, without advertisement for not less than par and accrued interest.
The county treasurer shall stand charged upon his official bond for all bonds that may be delivered to him, and with all monies that may be received by him under the provisions of this act.
History: 1941 Comp., § 48-2126, enacted by Laws 1947, ch. 152, § 3; 1953 Comp., § 45-20-26.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.

Structure New Mexico Statutes

New Mexico Statutes

Chapter 16 - Parks, Recreation and Fairs

Article 6 - State and County Fairs

Section 16-6-1 - State fair commission; members; appointment; number; qualification; terms; oath; bond.

Section 16-6-2 - [Payment of premiums on bonds.]

Section 16-6-3 - Disqualification of commissioners; organization of commission; secretary and treasurer.

Section 16-6-3.1 - Budget review requirements.

Section 16-6-4 - Powers and duties of commission; annual fair; exhibits; premiums.

Section 16-6-5 - State fair commission administratively attached to tourism department.

Section 16-6-6 - [Annual meeting; election of officers; financial report to governor.]

Section 16-6-7 - [Annual appropriation; Albuquerque contribution.]

Section 16-6-8 - Repealed.

Section 16-6-9 - Appropriation; how paid to the commission.

Section 16-6-10 - Fair commission; expenses.

Section 16-6-11 - [Corporate powers of fair commission.]

Section 16-6-12 - [Contracts; financial interest by commissioner; effect; penalty.]

Section 16-6-13 - [Additional powers of fair commission; definitions.]

Section 16-6-14 - [Creating New Mexico state fair, a separate and independent legal entity.]

Section 16-6-15 - Additional powers.

Section 16-6-16 - Issuance of negotiable bonds; terms.

Section 16-6-17 - Powers to secure bonds.

Section 16-6-18 - Moneys of New Mexico state fair.

Section 16-6-19 - Validity of bonds.

Section 16-6-20 - Prohibitions against obligating state of New Mexico.

Section 16-6-21 - Bonds obligations of New Mexico state fair.

Section 16-6-22 - Supplemental nature of act, construction and purpose.

Section 16-6-23 - [Eastern New Mexico state fair; purposes; exhibits.]

Section 16-6-24 - [Reorganization of Chaves county cotton carnival.]

Section 16-6-25 - [Authorization for holding of an annual bi-state fair in Curry county.]

Section 16-6-26 - [Bi-state fair association.]

Section 16-6-27 - [Bond issue election; ballot; notice; voters; sale of bonds.]

Section 16-6-28 - [Declaration that bi-state fair association buildings are necessary public buildings.]

Section 16-6-29 - [Contesting validity of proceedings; limitation.]

Section 16-6-30 - [Tax levy; redemption fund; procedure for redeeming bonds.]

Section 16-6-31 - [Ownership and maintenance of real and personal property.]

Section 16-6-32 - Advisory committee created; appointments; staggered terms of members; duties.