New Mexico Statutes
Article 31 - Spaceport Development
Section 58-31-12 - Use of proceeds from sale of bonds.

A. The proceeds from the sale of any bonds issued pursuant to the Spaceport Development Act shall be applied only for the purpose for which the bonds were issued; provided that:
(1) any accrued interest and premiums received in any sale shall be applied to the payment of the principal of or the interest on the bonds sold;
(2) if for any reason any portion of such proceeds are not needed for the purpose for which the bonds were issued, the balance of the proceeds shall be applied to the payment of the principal of or the interest on the bonds; and
(3) any portion of the proceeds from the sale of the bonds or any accrued interest and premium received in any such sale may, in the event the money will not be needed or cannot be used effectively to the advantage of the authority for the purposes provided pursuant to the Spaceport Development Act, be invested in short-term interest-bearing securities if such investment will not interfere with the use of the funds for the primary purpose of the project.
B. The cost of acquiring any project shall be deemed to include the following:
(1) the actual cost of construction of any part of a project, including architect, attorney and engineer fees;
(2) the purchase price of any part of a project that may be acquired by purchase;
(3) the actual cost of the extension of any utility to the project site and all expenses in connection with the authorization, sale and issuance of the bonds to finance such acquisition; and
(4) the interest on those bonds for a reasonable time prior to construction, during construction and not exceeding six months after completion of construction.
History: Laws 2005, ch. 128, § 12.
Effective dates. — Laws 2005, ch. 128 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 17, 2005, 90 days after adjournment of the legislature.

Structure New Mexico Statutes