2020 New Mexico Statutes
Chapter 4 - Counties
Article 59 - County Industrial Revenue Bonds
Section 4-59-2 - Definitions.

As used in the County Industrial Revenue Bond Act, unless the context clearly indicates otherwise:

A. "commission" means the governing body of a county;

B. "county" means a county organized or incorporated in New Mexico;

C. "501(c)(3) corporation" means a corporation that demonstrates to the taxation and revenue department that it has been granted exemption from the federal income tax as an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended or renumbered;

D. "health care service" means the diagnosis or treatment of sick or injured persons or medical research and includes the ownership, operation, maintenance, leasing and disposition of health care facilities, such as hospitals, clinics, laboratories, x-ray centers and pharmacies;

E. "mortgage" means a mortgage or a mortgage and deed of trust or the pledge and hypothecation of any assets as collateral security;

F. "project" means any land and building or other improvements thereon, the acquisition by or for a New Mexico corporation of the assets or stock of an existing business or corporation located outside the state to be relocated within a county but, except as provided in Paragraph (1) of Subsection A of Section 4-59-4 NMSA 1978, not within the boundaries of any incorporated municipality in the state, and all real and personal properties deemed necessary in connection therewith, whether or not now in existence, that shall be suitable for use by the following or by any combination of two or more thereof:

(1) an industry for the manufacturing, processing or assembling of agricultural or manufactured products;

(2) a commercial enterprise that has received a permit from the energy, minerals and natural resources department for a mine that has not been in operation prior to the issuance of bonds for the project for which the enterprise will be involved;

(3) a commercial enterprise that has received any necessary state permit for a refinery, treatment plant or processing plant of energy products that was not in operation prior to the issuance of bonds for the project for which the enterprise will be involved;

(4) a commercial enterprise in storing, warehousing, distributing or selling products of agriculture, mining or industry, but does not include a facility designed for the sale or distribution to the public of electricity, gas, telephone or other services commonly classified as public utilities, except for:

(a) water utilities; and

(b) any electric generation or transmission facility other than one for which both location approval and a certificate of convenience and necessity are required prior to commencing construction or operation of the facility, pursuant to the Public Utility Act [62-13-1 NMSA 1978];

(5) a business in which all or part of the activities of the business involve the supplying of services to the general public or to governmental agencies or to a specific industry or customer;

(6) a nonprofit corporation engaged in health care services;

(7) a mass transit or other transportation activity involving the movement of passengers, an industrial park, an office headquarters and a research facility;

(8) a water distribution or irrigation system, including without limitation, pumps, distribution lines, transmission lines, towers, dams and similar facilities and equipment; and

(9) a 501(c)(3) corporation; and

G. "property" means any land, improvements thereon, buildings and any improvements thereto, machinery and equipment of any and all kinds necessary to the project, operating capital and any other personal properties deemed necessary in connection with the project.

History: 1953 Comp., § 15-60-2, enacted by Laws 1975, ch. 286, § 2; 1979, ch. 389, § 1; 1983, ch. 282, § 2; 1992, ch. 11, § 1; 2001, ch. 284, § 1; 2002, ch. 25, § 4; 2002, ch. 37, § 4; 2003, ch. 221, § 2; 2015, ch. 120, § 1; 2020, ch. 14, § 4.

Cross references. — For Section 501(c)(3) of the Internal Revenue Code of 1986, see 26 U.S.C.S. § 501(c)(3).

The 2020 amendment, effective July 1, 2020, included electric transmission facilities within the definition of an eligible "project" as used in the County Industrial Revenue Bond Act; and in Subsection F, Subparagraph F(4)(b), after "electric generation", added "or transmission".

The 2015 amendment, effective July 1, 2015, included certain commercial enterprises involved in mining and energy products as suitable enterprises for a project as that term is used in the County Industrial Revenue Bond Act; added new Paragraphs (2) and (3) of Subsection F and redesignated the succeeding paragraphs accordingly; and in Subparagraph F(4)(b), after "Public Utility Act", deleted "and the Electric utility Industry Restructuring Act of 1999".

The 2003 amendment, effective June 20, 2003, substituted "a county" for "those counties" in Subsection B; substituted "'health care service"' for "'health care services"' in Subsection D; inserted "except as provided in Paragraph (1) of Subsection A of Section 4-59-4 NMSA 1978" following "a county but" in Subsection F; substituted "a facility" for "facilities" following "does not include" in Subsection F(2); and substituted "a" for "any" throughout Subsection F.

The 2002 amendment, effective May 15, 2002, added a new Subsection C and redesignated the remaining subsections accordingly; substituted Subsection F(2)(b) for former provisions, which detailed population and net taxable value requirements for electricity generation facilities in class B counties to be excepted from the exclusion in Subsection F(2); and added Subsection F(7).

This section was also amended by Laws 2002, ch. 25, § 4. The section was set out as amended by Laws 2002, ch. 37, § 4. See 12-1-8 NMSA 1978.

The 2001 amendment, effective June 15, 2001, added Subsection E(2)(b).

The 1992 amendment, effective May 20, 1992, deleted "water" following "gas" in Subsection E(2), added "except for water utilities" at the end of that subsection, and deleted "designed to provide water to any vineyard or winery" at the end of Subsection E(6).