The bill amends the Spaceport Development Act to clarify definitions and limit fees charged by the Spaceport Authority in New Mexico. It modifies the definition of "project" to specify that it includes a parcel of land, building, or other improvements associated with a spaceport, and introduces new provisions regarding the authority's ability to charge fees. Specifically, the bill stipulates that annual rental fees for projects must be fixed and not vary based on market conditions or usage, and that annual fees for general services must be at least seventy percent of the project's rental fee.

Additionally, the bill outlines the powers and duties of the Spaceport Authority, including hiring an executive director, advising the governor on space-related initiatives, and overseeing the development of space-related projects. It also allows the authority to solicit grants and accept financial aid while prohibiting it from incurring debt as a general obligation of the state. The provisions of this act will apply to contracts executed on or after its effective date.

Statutes affected:
introduced version: 58-31-3, 58-31-5