A. The authority shall:

(1) advise the governor, the economic development department, the legislature and the New Mexico finance authority oversight committee on methods, proposals, programs and initiatives that may stimulate investment in bioscience industries and provide additional employment opportunities for New Mexico residents;

(2) make and execute all contracts and other instruments necessary or convenient to the exercise of its powers and duties;

(3) create programs to expand bioscience economic opportunities within New Mexico, including potential means of providing financial assistance and incentives for bioscience industries and facilities;

(4) create avenues of communication between New Mexico and representatives of bioscience industries;

(5) promote legislation that will further the goals of the authority and development of bioscience industries and facilities;

(6) oversee, produce or cause to have produced promotional literature related to explanation and fulfillment of the authority's goals;

(7) identify science and technology trends that are significant to bioscience enterprises and act as a clearinghouse for bioscience enterprise issues and information;

(8) coordinate and expedite the involvement of the state executive branch's bioscience-related development efforts;

(9) perform or cause to be performed environmental, transportation, communication, land use and other technical studies necessary or advisable for bioscience projects or programs; and

(10) actively recruit industries and establish programs that will result in the location and relocation of new bioscience industries in the state.

B. The authority may:

(1) solicit and accept federal, state, local and private grants of funds, property or financial or other aid in any form for the purpose of carrying out the provisions of the Bioscience Authority [Development] Act; and

(2) act as an applicant for bioscience facilities and assist in carrying out all tasks and functions for the acquisition or construction of bioscience facilities, including filing all necessary documents and follow-up of such filings with appropriate agencies.

C. In exercising its authority, the authority shall not incur debt as a general obligation of the state or pledge the full faith and credit of the state to repay debt.

History: Laws 2017, ch. 134, § 5.

Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.

Effective dates. — Laws 2017, ch. 134 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 16, 2017, 90 days after the adjournment of the legislature.