Board of Directors.
The Board shall constitute the Board of Directors of any PID formed pursuant to this Section. The Board shall keep the following records, which shall be open to public inspection: minutes of all meetings of the Board when acting for the PID; all resolutions; all PID accounts showing all money received and disbursed; the PID annual budget; and all other records required to be maintained by law. The Board shall appoint the County Clerk and County Treasurer to act as the clerk and treasurer for the PID.

Implementation of the PID, SGMP, CIP, Official Map, SLDC, Area or Community Plans. 
Following formation of any PID, the Board shall administer in a reasonable manner and implement the PID general plan, the CIP, the SLDC, any area plan prepared by the developer for the PID or any applicable community plan for the public infrastructure improvements of the PID.

Perpetual Succession.
All PIDs shall have perpetual existence until terminated pursuant to NMSA 1978, section 5-11-24 of the Public Improvement District Act.

Dissolution of a PID.
A PID shall be dissolved by the Board upon a determination that each of the following conditions exist:

All improvements owned by the PID have been, or provision has been made for all improvements to be, conveyed to the County;

All obligations of the PID pursuant to any voluntary development agreement with the County have been satisfied; and

All property in the PID that is subject to the lien of PID taxes or special levies shall remain subject to the lien for the payment of general obligation bonds and special levy bonds, notwithstanding dissolution of the PID. The PID shall not be dissolved if any revenue bonds of the PID remain outstanding unless a sufficient amount of money, together with investment income thereon, is available to make all payments due on the revenue bonds, either at maturity or prior redemption, and such money has been deposited with a trustee or escrow agent and pledged to the payment and redemption of the bonds. The PID may continue to operate after dissolution only as needed to collect money and make payments on any outstanding bonds.

Recording Documents.
The Administrator shall file and record with the County Clerk the resolution ordering formation of the PID, the general plan of the PID and the canvass of any general obligation bond election. If the formation of the PID has been approved by at least a three-fourths majority of the votes cast at the election, the Board shall cause a copy of the resolution ordering formation of the PID to be delivered to the Administrator, County Assessor, County Clerk and to the local government division of the state department of finance and administration. A notice of the formation showing the number and date of the resolution and giving a description of the land included in the PID shall be recorded with the County clerk.

See § 12.7.10 Public Infrastructure Improvements.

Contracts. The Board may enter into contracts to carry out any of the PID’s authorized powers, including the planning, design, engineering, financing, construction and acquisition of public improvements for the PID, with a contractor, an owner or other person or entity, on such terms and with such persons as the Board determines to be appropriate.

See § 12.7.14 Statutory Bond, Notice, Hearing, Election and Debt Limitation Requirements.

Feasibility Study.
Before constructing or acquiring any public infrastructure, the Board shall, pursuant to NMSA 1978, section 5-11-3 of the Public Improvement District Act, cause a study of the feasibility and benefits of the public infrastructure to be prepared, which shall include a description of the public infrastructure improvement to be constructed or acquired, the enhanced services to be provided and the estimated costs thereof, if any, and other information reasonably necessary to understand the project, a map showing, in general, the location of the project within the PID, an estimate of the cost to construct, acquire, operate and maintain the project, an estimated schedule for completion of the project, a map or description of the area to be benefited by the project, and a plan for financing the project. For public infrastructure improvement projects undertaken by a PID after formation, the Board shall hold a public hearing on the study and provide notice of the hearing by publication not less than two weeks in advance of the public hearing in a newspaper of general circulation. After the hearing, the Board may reject, amend or approve the report. If the report is amended substantially, a new hearing shall be held before approval. If the report is approved, the Board shall adopt a resolution approving the public infrastructure, identifying the areas benefitted the expected method of financing and an appropriate system of providing revenues to operate and maintain the project.

See § 12.7: PUBLIC IMPROVEMENT DISTRICTS (PIDS) for complete information.