§ 6-25A-5 — Powers of the authority

The authority may: A. sue and be sued; B. adopt and alter an official seal; C. make and alter bylaws for its organization and internal management and adopt, subject to the review and approval of the New Mexico exposition center authority oversight committee, rules necessary and appropriate to implement the provisions of the New Mexico Exposition Center Authority Act; D. appoint officers, agents and employees, prescribe their duties and qualifications and fix their compensation; E. make, enter into and enforce contracts, agreements and other instruments necessary, convenient or desirable in the exercise of the authority's powers and functions and for the purposes of the New Mexico Exposition Center Authority Act; F. acquire, construct or improve, grant mortgages of, accept mortgages of, otherwise encumber, sell, lease, convey or dispose of real and personal property for its public uses; G. acquire, construct, improve or hold land, buildings, improvements and other facilities, including equipment for lease, use or occupancy by private enterprise and pledge rentals and other revenues derived therefrom to the payment of operating costs and expenses and to the payment of bonds; H. make grants to participating jurisdictions for a project for the exposition center; I. make loans to or purchase securities from participating jurisdictions and contract to make loans to or purchase securities from participating jurisdictions for the exposition center; J. procure insurance to secure payment on a loan, lease or payment owed to the authority from insurers, including the federal government or its agencies or instrumentalities, as it may deem necessary or desirable, and pay any premiums for that insurance; K. carry out projects for the development of the exposition center in the participating jurisdictions; L. fix, revise from time to time, charge and collect rents, fees and other charges in connection with the making of loans or leases, or for services provided by the authority; M. accept, administer, hold and use all funds made available to the authority from any source; N. borrow money and issue bonds and provide for the rights of bondholders; O. establish and maintain reserve and sinking fund accounts to ensure that funds will be available for maintenance of debt service accounts; P. invest and reinvest its funds and take and hold property as security for the investment of such funds as provided by the New Mexico Exposition Center Authority Act; Q. employ attorneys, accountants, underwriters, financial advisors, trustees, paying agents, architects, engineers, contractors and such other advisors, consultants and agents as may be necessary and fix and pay their compensation; R. apply for and accept gifts, grants or loans of property, funds, services or aid in any form from the United States or its agencies or instrumentalities, from the state or its agencies or instrumentalities or from a person and comply, subject to the provisions of the New Mexico Exposition Center Authority Act, with the terms and conditions of the gifts, grants or loans, including pledges or guarantees that may be required in connection with the gifts, grants or loans; S. maintain one or more offices in the participating jurisdictions as it may determine; T. subject to an agreement with bondholders: (1) renegotiate a loan, lease, agreement or other obligation; (2) consent to a modification of the terms of a loan, lease, agreement or other obligation; and (3) purchase bonds, which may upon purchase be canceled; U. operate and manage the exposition center in one or more participating jurisdictions and pledge the revenues from the exposition center to the payment of bonds in accordance with the provisions of the New Mexico Exposition Center Authority Act; V. authorize the engagement of a person, public or private, including an entity engaged in the business of managing exposition and convention centers, as the authority may select upon terms and for periods as the authority may deem appropriate; W. notwithstanding the provisions of the Procurement Code [13-1-28 to 13-1-199 NMSA 1978], enter into contracts to carry out any of its powers granted in the New Mexico Exposition Center Authority Act, including the planning, design, engineering and financing of exhibition center projects, with a master developer, the developer of a specific exhibition center project, contractors, owners or other persons or entities, on terms that the authority shall determine to be appropriate; and X. do any and all things necessary or convenient to carry out its purposes and exercise the powers given and granted in the New Mexico Exposition Center Authority Act.

Legislative History

Laws 2005, ch. 342, § 5.