New Mexico Statutes 21-30-6. Authorization of surcharge and other fees; use of proceeds; transfer
A. The board may establish by resolution an athletic facility surcharge of not less than five percent but not to exceed twenty-five percent of the revenues received by a vendor pursuant to each vendor contract entered into by the university.
Terms Used In New Mexico Statutes 21-30-6
- Contract: A legal written agreement that becomes binding when signed.
B. The athletic facility surcharge shall be imposed only for the period necessary for payment of principal and interest on the bonds issued to accomplish the purpose for which the revenue is dedicated, but the period shall not exceed thirty years from the date of the resolution imposing the surcharge.
C. A university that has established an athletic facility surcharge shall include the surcharge in the terms of each vendor contract into which it enters.
D. A university may establish charges and fees deemed necessary by the board or the president for the use, operation or management of a university athletic facility by a person other than the university.