New Mexico Statutes 3-63-11. Management committee; creation; duties
A. The council, upon adoption of an ordinance creating a district, shall appoint a management committee that shall be responsible for the operation of the district in one of the following manners:
Terms Used In New Mexico Statutes 3-63-11
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(1) the council shall appoint an existing downtown, community or central business district revitalization nonprofit corporation that operates within the boundaries of the district, to administer and implement the business improvement district plan; or
(2) the council shall appoint a management committee to administer and implement the business improvement district plan from nominees submitted by the owners of businesses and the owners of real property located in the district.
B. The management committee shall prepare and file annually with the council for its review and approval a budget and progress report for the district.
C. The management committee shall administer all improvements within the district. D. The management committee shall recommend the annual assessment to be made by the council.
E. The management committee shall file annually with the council a report of the district activities for the preceding fiscal year, which report shall include a complete financial statement setting forth its assets, liabilities, income and operating expenses as of the end of the fiscal year and the benefits of the district’s program to the real property and business owners of the district.
F. The management committee shall be a nonprofit corporation created pursuant to the Nonprofit Corporation Act [N.M. Stat. Ann. Chapter 53, Article 8].