Rancho Santa Teresa Public Improvement District and Puesta Del Sol Public Improvement District ("District") are political subdivisions of the State of New Mexico duly created and existing pursuant to the Public Improvement District Act, NMSA 1978, Sections 5-11-1 through 5-11-27 (2001, as amended through 2019), and City of Sunland Park City ("City") Council Resolution 2022-37 adopted on July 19, 2022 (the "Formation Resolution"). In addition to forming the District, the Formation Resolution also authorized the imposition and collection of a Special Levy against real property in the District, all of which will benefit from the Special Levy, to be used for the purposes, among others, of paying the principal of and interest on such bonds and notes.
Governmental activities include District's basic activities to reimburse the developer for the construction of certain public infrastructure improvements as provided in the Act and the governing documents of the District, including the Development Agreement among the District, the Developer and the City.