New Mexico Statutes 6-19-2. Definitions
As used in the Economic Advancement District Act:
Terms Used In New Mexico Statutes 6-19-2
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
A. “board of trustees” means the governing board of the economic advancement district;
B. “district” means an economic advancement district which is composed of contiguous and compact areas whose boundaries coincide and are concurrent with the territorial areas of one or more school districts of the state lying wholly within any B or C class county;
C. “mortgage” means a mortgage or a mortgage and deed of trust or the pledge and hypothecation of any assets as collateral security;
D. “project” means any land and building or other improvements thereon, to be located within the district in whole or in part, and all real and personal properties deemed necessary in connection with a project, whether or not now in existence, which shall be suitable for use by the following or by any combination thereof:
(1) any industry for the manufacturing, processing or assembling of any agricultural or manufactured products;
(2) any commercial enterprise involved in storing, warehousing, distributing or selling products of agriculture, mining or industry, but which does not include facilities designed for the sale of goods or commodities at retail or distribution to the public of electricity, gas, water or telephone or other services commonly classified as public utilities;
(3) any business in which all or part of the activities of the business involves the supplying of services to the general public or to governmental agencies or to a specific industry or customer, but does not include establishments primarily engaged in the sale of goods or commodities at retail;
(4) any private institution of higher education or any nonprofit corporation engaged in health care services, including nursing homes; or
(5) any water distribution or irrigation system, including without limitation, pumps, distribution lines, transmission lines, towers, dams and similar facilities and equipment designed to provide water to any commercial agricultural activity;
E. “property” means any land, improvements thereon, buildings and any improvements thereto, machinery and equipment of any and all kinds necessary to the project; and
F. “qualified elector” means a natural person resident in a proposed or existing district who is registered to vote in state general elections.