reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 24 - Industrial and Agricultural Finance Authority › Section 58-24-9 - Required determinations of the authority.

The authority may not issue bonds until the board has determined that:
A. the funds available in the private banking system in the state for project loans are inadequate to meet the demand; and
B. the issuance of the bonds will alleviate such inadequacy.
History:
Laws 1983, ch. 300, § 9.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 24 - Industrial and Agricultural Finance Authority › Section 58-24-10 - Planning, zoning and building laws.

All projects and facilities shall be subject to any applicable master plan, official map, zoning regulation, building code, ordinance and other laws and regulations governing land use or planning or construction of the municipality or county in which the project or facility is or is to be located.
History:
Laws 1983, ch. 300, § 10.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 24 - Industrial and Agricultural Finance Authority › Section 58-24-12 - Notice; public hearing; approval.

If and to the extent deemed necessary by the authority to comply with the provisions of Section 103(k) of the Internal Revenue Code of 1954, the authority shall hold public hearings in connection with the issuance of bonds or notes and shall obtain the written approval of the governor of the state prior to the issuance of bonds or notes. The governor of the state is authorized to give such approval, but such approval shall not give rise to any pecuniary liability with respect to the bonds or notes on the part of the state. The internal revenue service shall be notified of the issuance of all bonds or notes. Except for the foregoing, no other notice, consent or approval by any governmental body or public officer shall be required as a prerequisite to the issuance, sale or delivery of any bonds or notes of the authority or to the making of any lender loans or the purchase or making of project loans pursuant to the provisions of the Industrial and Agricultural Finance Authority Act.
History:
Laws 1983, ch. 300, § 12.
ANNOTATIONS
Cross references.
— For Section 103(k) of the Internal Revenue Code, now of 1986,
see
26 U.S.C. § 103(k).
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 24 - Industrial and Agricultural Finance Authority › Section 58-24-13 - Remedies of bondholders and noteholders.

Any holder of bonds or notes issued pursuant to the Industrial and Agricultural Finance Authority Act or a trustee under a trust agreement or trust indenture entered into pursuant to that act, except to the extent that his rights are restricted by any bond resolution, may protect and enforce, by any suitable form of legal proceedings, any rights under the laws of this state or granted by the bond resolution. Such rights include the right to compel the performance of all duties of the authority required by the Industrial and Agricultural Finance Authority Act or the bond resolution and to enjoin unlawful activities.
History:
Laws 1983, ch. 300, § 13.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 24 - Industrial and Agricultural Finance Authority › Section 58-24-14 - State, county and municipalities not liable on bonds and notes.

The bonds, notes and other obligations of the authority shall not be a debt of the state or of any county or municipality, and neither the state nor any county or municipality shall be liable thereon.
History:
Laws 1983, ch. 300, § 14.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 24 - Industrial and Agricultural Finance Authority › Section 58-24-15 - Agreement of the state.

The state does hereby pledge to and agree with the holders of any bonds or notes issued under the Industrial and Agricultural Finance Authority Act that the state will not limit or alter the rights hereby vested in the authority to fulfill the terms of any agreements made with the holders thereof or in any way impair the rights and remedies of such holders until such bonds or notes together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceedings by or on behalf of such holders, are fully met and discharged. The authority is authorized to include this pledge and agreement of the state in any agreement with the holders of such bonds or notes.
History:
Laws 1983, ch. 300, § 15.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 24 - Industrial and Agricultural Finance Authority › Section 58-24-16 - Bonds and notes; legal investments for public officers and fiduciaries.

The bonds and notes of the authority are hereby made securities in which all insurance companies and associations and other persons carrying on insurance business, all banks, bank and trust companies, trust companies, private banks, savings banks, savings and loan associations, building and loan associations, investment companies and other persons carrying on a banking business, all administrators, guardians, executors, trustees and other fiduciaries, and all other persons whatsoever who are now or may hereafter be authorized to invest in bonds or other obligations of the state may properly and legally invest funds including capital in their control or belonging to them.
History:
Laws 1983, ch. 300, § 16.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 24 - Industrial and Agricultural Finance Authority › Section 58-24-17 - Tax exemption.

A. It is hereby determined that the creation of the authority is in all respects for the benefit of the people of the state, for the improvement of their health and welfare and for the promotion of the economy, and that these purposes are public purposes and the authority will be performing an essential governmental function in the exercise of the powers conferred upon it by the Industrial and Agricultural Finance Authority Act, and the state covenants with the purchasers and all subsequent holders and transferees of bonds and notes issued by the authority, in consideration of the acceptance of and payment for the bonds and notes, that the bonds and notes of the authority issued pursuant to that act and the income therefrom shall at all times be free from taxation by the state, except for estate or gift taxes and taxes on transfers.
B. The property, income and operations of the authority shall be exempt from taxation of every kind and nature.
History:
Laws 1983, ch. 300, § 17.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 24 - Industrial and Agricultural Finance Authority › Section 58-24-18 - Limitation of liability.

Neither the members of the board nor any person acting in its behalf, while acting within the scope of their authority, shall be subject to any personal liability resulting from carrying out any of the powers given in the Industrial and Agricultural Finance Authority Act.
History:
Laws 1983, ch. 300, § 18.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 24 - Industrial and Agricultural Finance Authority › Section 58-24-20 - Court proceedings; preference; venue.

Any action or proceeding to which the authority or the people of the state may be a party in which any question arises as to the validity of the Industrial and Agricultural Finance Authority Act shall be preferred over all other civil cases in all courts of the state and shall be heard and determined in preference to all other civil business pending therein irrespective of position on the calendar. The same preference shall be granted upon application of counsel to the authority in any action or proceeding questioning the validity of the Industrial and Agricultural Finance Authority Act in which he may be allowed to intervene. The venue of any such action or proceeding or any other action or proceeding against the authority shall be laid in the county in which the principal office of the authority is located.
History:
Laws 1983, ch. 300, § 20.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 24 - Industrial and Agricultural Finance Authority › Section 58-24-21 - Corporate existence.

The authority and its corporate existence shall continue until terminated by law, provided that no such law shall take effect so long as the authority shall have bonds, notes and other obligations outstanding, unless adequate provision has been made for the payment thereof. Upon termination of the existence of the authority, all its rights and properties in excess of its obligations shall pass to and be vested in the state.
History:
Laws 1983, ch. 300, § 21.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 24 - Industrial and Agricultural Finance Authority › Section 58-24-22 - Conflicts of interest.

A. If any member, officer or employee of the board shall have an interest, either direct or indirect, in any contract to which the authority is or is to be a party or in any lender requesting a loan from or offering to sell loans to the authority, such interest shall be disclosed to the board in writing and shall be set forth in the minutes of the board. The member, officer or employee having such interest shall not participate in any action by the board with respect to such contract or lender.
B. Nothing in this section shall be deemed or construed to limit the right of any member, officer or employee of the authority to:
(1) acquire an interest in bonds or notes of the authority; or
(2) have an interest in any banking institution in which the funds of the authority are or are to be deposited or which is or is to be acting as trustee or paying agent under any trust indenture to which the authority is a party.
History:
Laws 1983, ch. 300, § 22.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 24 - Industrial and Agricultural Finance Authority › Section 58-24-23 - Cumulative authority.

The foregoing sections [58-24-1 to 58-24-22 NMSA 1978] of the Industrial and Agricultural Finance Authority Act shall be deemed to provide an additional and alternative method for the doing of things authorized thereby and shall be regarded as supplemental and additional to powers conferred by other laws and shall not be regarded as in derogation of any powers now existing; provided that the issuance of bonds or notes under the provisions of the Industrial and Agricultural Finance Authority Act need not comply with the requirements of any other law applicable to the issuance of bonds or notes.
History:
Laws 1983, ch. 300, § 23.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 24 - Industrial and Agricultural Finance Authority › Section 58-24-24 - Liberal interpretation.

The Industrial and Agricultural Finance Authority Act, being necessary for the welfare of the state and its inhabitants, shall be liberally construed to effect the purposes thereof.
History:
Laws 1983, ch. 300, § 27.
ANNOTATIONS
Severability clauses.
— Laws 1983, ch. 300, § 28, provides for the severability of the act if any part or application thereof is held invalid.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 25 - Employment References › Section 58-25-1 - Financial institutions; reference.

A. A financial institution may provide a written employment reference in response to the request of another financial institution for that information if a copy of that reference is mailed to the last known address of the applicant for employment. A financial institution shall not be liable in a civil action for providing an employment reference in accordance with the requirements of this section unless there is proof by clear and convincing evidence that the information in that reference is false and that the financial institution had actual knowledge of its falsity.
B. As used in this section:
(1) "employment reference" means a written statement of the involvement or suspected involvement by the applicant for employment in a theft, embezzlement, misappropriation or violation of financial institution's laws or regulations which has been reported to federal authorities pursuant to federal financial institution's regulations; and
(2) "financial institution" means a New Mexico bank, savings and loan association or credit union or an employee of that bank, savings and loan association or credit union.
History:
Laws 1987, ch. 195, § 1.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 26 - Interstate Depository Institutions › Section 58-26-1 - Short title.

This act [58-26-1 to 58-26-8 NMSA 1978] may be cited as the "Interstate Depository Institutions Act".
History:
Laws 1988, ch. 5, § 1.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 26 - Interstate Depository Institutions › Section 58-26-2 - Purpose of act.

The purpose of the Interstate Depository Institutions Act is to attract capital to New Mexico through interstate acquisitions and mergers of financial institutions to enhance economic development for the benefit of all New Mexicans. At the same time, the legislature encourages any such mergers or acquisitions to provide for local management discretion so that consumers may deal directly with lenders who understand their financial circumstances and needs.
The Interstate Depository Institutions Act is designed to encourage aggressive, spirited competition in the financial arenas to offer lower interest rates, increased capital availability, cooperative risk-taking by lenders and competition in the financial market place. The legislature has as its goal the availability of financial resources to all its citizens no matter their race, color, creed, national origin or geographic location within the state.
History:
Laws 1988, ch. 5, § 2.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 26 - Interstate Depository Institutions › Section 58-26-3 - Definitions.

As used in the Interstate Depository Institutions Act:
A. "bank" means:
(1) an insured bank as defined in Section 3(h) of the Federal Deposit Insurance Act; or
(2) any institution that is eligible to make application to become an insured bank pursuant to Section 5 of the Federal Deposit Insurance Act excepting and excluding an institution created or incorporated under the federal Edge Act (Federal Reserve Banks);
B. "control" means the power, directly or indirectly, to either direct or exercise a controlling influence over the management or policies of a depository institution or a holding company, elect a majority of the directors of a depository institution or a holding company, or vote twenty-five percent or more of any class of voting securities of a depository institution or a holding company;
C. "depository institution" means any bank or savings institution;
D. "director" means the director of the financial institutions division of the regulation and licensing department;
E. "domestic depository institution" means a depository institution whose home office is located in New Mexico and whose operations are principally conducted in New Mexico;
F. "domestic holding company" means a holding company whose subsidiary depository institutions' operations are principally conducted in New Mexico;
G. "financial institution" means any depository institution or credit union;
H. "holding company" means any person, other than an individual, that has the power, to control a depository institution;
I. "interstate acquisition" means any transaction pursuant to which an out-of-state depository institution or an out-of-state holding company acquires control of, merges with or acquires all or substantially all of the assets of a domestic depository institution or domestic holding company;
J. "out-of-state depository institution" means any depository institution whose home office is located in a state other than New Mexico or whose operations are principally conducted in a state other than New Mexico;
K. "out-of-state holding company" means a holding company whose subsidiary depository institutions' operations are principally conducted in a state other than New Mexico;
L. "operations are principally conducted" means the state where the largest percentage of the aggregate deposits of a depository institution or of all depository institution subsidiaries of a holding company are held; and
M. "savings institution" means a state or federal savings and loan association, state or federal savings bank, building and loan, savings and loan or homestead association or cooperative bank, the accounts of which are insured by the federal savings and loan insurance corporation.
History:
Laws 1988, ch. 5, § 3.
ANNOTATIONS
Cross references.
— For Sections 3(h) and 5 of the Federal Deposit Insurance Act,
see
12 U.S.C. §§ 1813(h) and 1815 respectively.
For the Edge Act (Federal Reserve Banks),
see
12 U.S.C. § 611.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 26 - Interstate Depository Institutions › Section 58-26-4 - Interstate acquisitions permitted.

Notwithstanding the provisions of Section 58-5-11 NMSA 1978 restricting interstate acquisition:
A. interstate acquisitions of domestic depository institutions that are savings institutions or domestic holding companies whose subsidiary depository institutions are savings institutions are permitted by out-of-state depository institutions and out-of-state holding companies effective January 1, 1989; provided, however, until July 1, 1992, if a domestic depository institution is to be so acquired, the acquired institution shall have been continuously operated for at least five years, or if a domestic holding company is to be so acquired, at least one of its subsidiary depository institutions shall have been continuously operated for at least five years; and
B. an interstate acquisition pursuant to this section may not otherwise be contrary to law and shall not result in undue concentration of deposits totaling forty percent or more of the total deposits in all financial institutions in New Mexico.
History:
Laws 1988, ch. 5, § 4; 1989, ch. 16, § 1; 1996, ch. 2, § 13.
ANNOTATIONS
Cross references.
— For the Interstate Bank Acquisition Act,
see
58-1B-1 NMSA 1978.
For the Interstate Bank Branching Act,
see
58-1C-1 NMSA 1978.
The 1996 amendment,
effective June 1, 1996, deleted former Subsection B relating to interstate acquisitions of domestic depository institutions and redesignated former Subsection B as Subsection C.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 26 - Interstate Depository Institutions › Section 58-26-5 - Interstate acquisitions; notice.

At least ninety days prior to any interstate acquisition permitted by the Interstate Depository Institutions Act, the out-of-state depository institution or out-of-state holding company seeking to make an interstate acquisition shall file a notice of intent to make an interstate acquisition with the director. The director shall promulgate the form for such notice. Unless the shareholders of the domestic depository institution or domestic holding company sought to be accquired [acquired] have approved the interstate acquisition as required by applicable law, the director shall immediately notify any domestic depository institution or domestic holding company sought to be acquired in an interstate acquisition of the filing of any such notice and shall provide a copy of the notice to such domestic depository institution or domestic holding company.
History:
Laws 1988, ch. 5, § 5.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 26 - Interstate Depository Institutions › Section 58-26-6 - Formation of new depository institutions.

Until July 1, 1992, no out-of-state depository institution or out-of-state holding company may form a new depository institution in New Mexico. After July 1, 1992, an out-of-state depository institution or out-of-state holding company may form a new depository institution in New Mexico, provided that the new depository institution has a minimum capital stock structure of at least seven million five hundred thousand dollars ($7,500,000), inclusive of common capital and surplus and undivided profits.
History:
Laws 1988, ch. 5, § 6.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 26 - Interstate Depository Institutions › Section 58-26-8 - Existing law.

Nothing in the Interstate Depository Institutions Act shall be construed to modify or repeal the financial institution branching laws of this state or the provisions of Section 58-5-11 NMSA 1978.
History:
Laws 1988, ch. 5, § 8.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-1 - Short title.

Chapter 58, Article 27 NMSA 1978 may be cited as the "Border Development Act".
History:
Laws 1991, ch. 131, § 1; 2009, ch. 44, § 1.
ANNOTATIONS
Cross references.
— For additional powers conferred on counties with respect to projects,
see
4-59-4 NMSA 1978.
For the duties and general powers of the secretary of economic development,
see
9-15-6 NMSA 1978.
For New Mexico trade promotion,
see
9-15-28 NMSA 1978.
The 2009 amendment,
effective June 19, 2009, added the chapter and article reference to the act.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-2 - Legislative purpose.

By enacting the Border Development Act, it is the purpose of the legislature to:
A. encourage and foster development of the state, its cities and counties by developing port facilities at international ports of entry;
B. actively promote and assist public and private sectors' infrastructure development to attract new industries and businesses, thereby creating new job opportunities in the state while resolving transportation and logistical problems that may arise as ports of entry develop; and
C. create the statutory framework that will enable the state to design, finance, construct, equip and operate port facilities necessary to ensure the timely, planned and efficient development of the border area between New Mexico and the Mexican state of Chihuahua.
History:
Laws 1991, ch. 131, § 2.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-4 - Border authority created; membership.

A. The "border authority" is created. The authority is a state agency and is administratively attached to the economic development department.
B. The authority consists of seven voting members, six of whom shall be appointed by the governor. No more than three of those appointed shall belong to the same political party. The seventh member shall be the secretary of economic development or the secretary's designee. The voting members appointed by the governor shall be confirmed by the senate. The lieutenant governor shall serve as a nonvoting ex-officio member. The chair may appoint a nonvoting advisory committee to provide advice and recommendations on authority matters.
C. The six voting members of the authority appointed by the governor shall be citizens of the state and shall serve for terms of four years except for the initial appointees who shall be appointed so that the terms are staggered after initial appointment. Initial appointees shall serve terms as follows: two members for two years, two members for three years and two members for four years.
History:
Laws 1991, ch. 131, § 4; 1995, ch. 192, § 2; 2003, ch. 123, § 1.
ANNOTATIONS
Cross references.
— For the Procurement Code,
see
13-1-28 NMSA 1978.
The 2003 amendment,
effective June 20, 2003 rewrote Subsection A to such an extent that a detailed comparison is impracticable; in Subsection B, inserted "of those appointed" following "more than three" near the beginning, deleted "department" following "economic development" near the middle and inserted "or the secretary's designee" at the end of the present third sentence.
The 1995 amendment,
effective June 16, 1995, added the third sentence in Subsection A; in Subsection B, substituted "seven" for "thirteen", substituted the language beginning "six of whom" and ending "on authority matters" for "six ex officio and seven appointed", and deleted "Additionally, based upon the recommendations of the voting members, there shall be an unlimited number of nonvoting advisory members. Except for those members serving ex officio, all members shall be appointed by the governor" following "on authority matters"; deleted former Subsections C, D and E relating to appointment of members and ex officio members; redesignated former Subsection F as Subsection C, and in Subsection C, substituted "six" for "seven", inserted "shall be citizens of the state and" following "governor", and substituted "two members for four years" for "three members for four years".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-5 - Authority; members' compensation.

Appointed voting members of the authority shall be reimbursed for expenses in accordance with those provisions of the Per Diem and Mileage Act [10-8-1 to 10-8-8 NMSA 1978] that apply to nonsalaried public officers unless a different provision of that act applies to a specific member, in which case that member shall be paid under the applicable provision. Members and advisors shall receive no other compensation, perquisite or allowance for serving as a member of or advisor to the authority.
History:
Laws 1991, ch. 131, § 5; 1995, ch. 192, § 3.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, deleted "Members and Advisors" following "Authority" in the section heading, and substituted "Appointed voting members of the authority" for "Members and advisors to the border authority whether voting or nonvoting" at the beginning of the section.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-6 - Officers of the authority.

The secretary of economic development shall serve as the chairman of the authority. Authority members shall elect any other officers from the membership that the authority determines appropriate.
History:
Laws 1991, ch. 131, § 6; 1992, ch. 46, § 1; 1995, ch. 192, § 4.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, substituted "The secretary of economic development shall serve as the chairman of the authority" for "The governor shall appoint the chairman of the authority".
The 1992 amendment,
effective May 20, 1992, deleted "from among his appointees" following "authority" at the end of the first sentence.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-7 - Executive committee of the authority.

The chairman and four other authority voting members appointed by him shall constitute the border authority executive committee. The committee shall have such powers and duties as delegated to it by the authority. The executive director of the authority shall be a nonvoting member of the executive committee.
History:
Laws 1991, ch. 131, § 7.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-8 - Vacancies on authority.

If a vacancy occurs among the appointed voting members of the authority, the governor shall appoint a replacement to serve out the term of the former member. If an appointed member's term expires, he shall continue to serve until he is reappointed or another person is appointed to replace him.
History:
Laws 1991, ch. 131, § 8.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-9 - Meetings and records of the authority.

A. The authority shall meet at the call of the chairman and shall meet in regular session at least once every three months.
B. The authority shall maintain written minutes of all meetings of the authority. It shall maintain such other records as would be appropriate for a public governmental entity to maintain, including financial transaction records in compliance with law and adequate to provide an accurate record for audit purposes pursuant to the Audit Act [12-6-1 to 12-6-14 NMSA 1978].
History:
Laws 1991, ch. 131, § 9.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-11 - Repealed.

ANNOTATIONS
Repeals.
— Laws 2003, ch. 123, § 7 repeals 58-27-11 NMSA 1978, being Laws 1991, ch. 131, § 11, as amended, relating to the additional powers of the border authority, effective June 20, 2003. For provisions of former section,
see
the 2002 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-12 - Authority staff; contracts.

A. The authority shall hire an executive director who shall employ the necessary professional, technical and clerical staff to enable the authority to function efficiently.
B. The executive director of the authority shall direct the affairs and business of the authority, subject to the policies, control and direction of the authority.
C. The authority may contract with any other competent private or public organization or individual to assist in the fulfillment of its duties.
History:
Laws 1991, ch. 131, § 12; 1995, ch. 192, § 7.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, added Subsection B, redesignated former Subsection B as Subsection C, and inserted "or individual" in Subsection C.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-14 - Authority fees and charges.

Unless prohibited by law, the authority may fix, alter, charge and collect tolls, fees or rentals and may impose any other charges for the use of or for services rendered by any authority facility, program or service.
History:
Laws 1991, ch. 131, § 14; 1995, ch. 192, § 8; 2003, ch. 123, § 3.
ANNOTATIONS
The 2003 amendment,
effective June 20, 2003 substituted "Unless prohibited" for "Under such terms and conditions as may be prescribed" at the beginning of the section.
The 1995 amendment,
effective June 16, 1995, inserted "or" between "fees" and "rentals", added "program or service" at the end of the first sentence, and deleted the former second sentence which read "All tolls, fees, rents and other charges imposed by the authority and all grants, gifts and bequests received by the authority shall be deposited in the border authority fund."
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-15 - Border authority; bonding authority; power to issue revenue bonds.

A. The authority may act as an issuing authority for the purposes of the Private Activity Bond Act [6-20-1 to 6-20-11 NMSA 1978].
B. The authority may issue revenue bonds for authority projects. With the exception of the port of entry or foreign trade zone, the border authority shall not be authorized to issue bonds for projects for a qualified entity, as defined in Section 6-21-3 NMSA 1978. Revenue bonds so issued may be considered appropriate investments for the severance tax permanent fund or collateral for the deposit of public funds if the bonds are rated not less than "A" by a national rating service and both the principal and interest of the bonds are fully and unconditionally guaranteed by a lease agreement executed by an agency of the United States government or by a corporation organized and operating within the United States, that corporation or the long-term debt of that corporation being rated not less than "A" by a national rating service. All bonds issued by the authority are legal and authorized investments for banks, trust companies, savings and loan associations and insurance companies.
C. The authority may pay from the bond proceeds all expenses, premiums and commissions that the authority may deem necessary or advantageous in connection with the authorization, sale and issuance of the bonds.
History:
Laws 1991, ch. 131, § 15; 1995, ch. 192, § 9.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, deleted "New Mexico" preceding "Private Activity Bond Act" in Subsection A, inserted the second sentence in Subsection B, and deleted "attorneys' fees, engineering fees, and architects' fees and" following "expenses" and substituted "that" for "which" following "commissions" in Subsection C.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-16 - Authority revenue bonds; terms.

A. Authority revenue bonds:
(1) may have interest, appreciated principal value or any part thereof payable at intervals determined by the authority;
(2) may be subject to prior redemption or mandatory redemption at the authority's option at the time and upon the terms and conditions with or without the payment of a premium as may be provided by resolution of the authority;
(3) may mature at any time not exceeding thirty years after the date of issuance;
(4) may be serial in form and maturity or may consist of one or more bonds payable at one time or in installments or may be in such other form as determined by the authority;
(5) may be in registered or bearer form or in book entry form through the facilities of a securities depository either as to principal or interest or both;
(6) shall be sold for cash at, above or below par and at a price that results in a net effective interest rate that conforms to the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978]; and
(7) may be sold at public or negotiated sale.
B. Subject to the approval of the state board of finance, the authority may enter into other financial arrangements if it determines that the arrangements will assist the authority.
History:
Laws 1991, ch. 131, § 16; 1995, ch. 192, § 11; 2003, ch. 123, § 4.
ANNOTATIONS
The 2003 amendment,
effective June 20, 2003 inserted "A." preceding "Authority revenue bonds" at the beginning of the section; redesignated former Subsections A through G as present Paragraphs A(1) through A(7); and inserted "B." preceding the former last paragraph in the section; and in present Subsection B, inserted "the authority" following "of finance" near the beginning, substituted "it" for "the authority" following "arrangements if" near the middle and deleted "in more effectively managing its interest costs or in more effectively managing its interest rate exposure" at the end.
The 1995 amendment,
effective June 16, 1995, deleted "Border" preceding "Authority" in the section heading, added "or mandatory redemption" in Subsection B; inserted "in" preceding "registered" and "or in book entry form through the facilities of a securities depository" following "form" in Subsection E, substituted "conforms to" for "does not exceed the maximum rate premitted by" in Subsection F, and added Subsection H.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-16.1 - Authority loans; terms.

If the authority borrows money from a financial institution or other entity:
A. the interest, principal payments or any part thereof shall be payable at intervals as may be determined by the authority;
B. the loan shall mature at any time not exceeding thirty years from the date of origination;
C. the principal amount of the loan shall not exceed the fair market value of the real or personal property to be acquired with the proceeds of the loan as evidenced by a certified appraisal in accordance with the Real Estate Appraisers Act [Chapter 61, Article 30 NMSA 1978]; and
D. the loan shall be subject to the approval of the state board of finance.
History:
1978 Comp., § 58-27-16.1, enacted by Laws 1993, ch. 335, § 4; 1995, ch. 192, § 12; 2003, ch. 123, § 5.
ANNOTATIONS
The 2003 amendment,
effective June 20, 2003, purported to amend this section but made no change to the section.
The 1995 amendment,
effective June 16, 1995, added "or other entity" at the end of the introductory language, deleted former Subsections C and D relating to a limitation on the maximum rate of interest and aquisition of property in fee simple, and redesignated former Subsections E and F as Subsections C and D.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-16.2 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1995, ch. 192, § 22, repeals 58-27-16.2 NMSA 1978, as enacted by Laws 1993, ch. 335, § 9, providing for the use of proceeds from borrowed funds, effective June 16, 1995. For provisions of former section,
see
the 1994 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-16.3 - Bonds secured by trust indenture.

The bonds may be secured by a trust indenture between the authority and a corporate trustee that may be either a bank having trust powers or a trust company. The trust indenture may contain reasonable provisions for protecting and enforcing the rights and remedies of bondholders, including covenants setting forth the duties of the authority in relation to the exercise of its powers and the custody, use and investment of the project revenues or other funds. The authority may provide in a trust indenture or otherwise for the payment of the proceeds of the bonds and the project revenue to the trustee under the trust indenture or other depository for disbursement with any safeguards the authority determines are necessary.
History:
Laws 1995, ch. 192, § 10.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-17 - Authority revenue bonds and borrowed funds not general obligations; authorization; authentication.

A. Revenue bonds or refunding revenue bonds issued as authorized in the Border Development Act and other loans to the authority are:
(1) not general obligations of the state, any other agency of the state or of the authority; and
(2) payable only from the proper pledged revenues. Each bond or loan shall state that it is payable solely from the proper pledged revenues and that the bondholders or lenders may not look to any other fund for the payment of the interest and principal of the bond or the loan.
B. Revenue or refunding bonds or loans may be authorized by resolution of the authority, which resolution shall be approved by a majority of the voting members of the authority and by the state board of finance.
C. The bonds or loans shall be executed by the chairman and secretary of the authority and may be authenticated by any public or private transfer agent or registrar, or its successor, named or otherwise designated by the authority. Bonds, notes or other certificates of indebtedness of the authority may be executed as provided under the Uniform Facsimile Signature of Public Officials Act [6-9-1 to 6-9-6 NMSA 1978], and the coupons, if any, shall bear the facsimile signature of the chairman of the authority.
History:
Laws 1991, ch. 131, § 17; 1993, ch. 335, § 5; 1995, ch. 192, § 13.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, in Paragraph (1) of Subsection A, inserted "general" preceding "obligations" and deleted "general obligations" preceding "of the authority"; in Paragraph (2) of Subsection A, substituted "payable" for "collectible" and deleted "and" following the first "revenues".
The 1993 amendment,
effective April 8, 1993, deleted "Border" preceding "Authority" and inserted "and borrowed funds" in the catchline; in Subsection A, inserted "and other loans to the authority" in the introductory language, "general obligations" in Paragraph (1), and "or loan", "or lenders", and "or the loan" in Paragraph (2); inserted "or loans" in Subsection B; and, in Subsection C, inserted "or loans" in the first sentence and substituted "Bonds, notes or other certificates of indebtedness of the authority" for "The bonds" in the second sentence.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-20 - Use of proceeds from sale of bonds.

The proceeds from the sale of any bonds issued under authority of the Border Development Act shall be applied only for the purpose for which the bonds were issued; provided, however, that any accrued interest and premiums received in any such sale shall be applied to the payment of the principal of or the interest on the bonds sold; and provided, further, that if for any reason any portion of such proceeds are not needed for the purpose for which the bonds were issued, then the balance of the proceeds shall be applied to the payment of the principal of or the interest on the bonds; and provided, further, that any portion of the proceeds from the sale of the bonds or any accrued interest and premium received in any such sale may, in the event the money will not be needed or cannot be effectively used to the advantage of the authority for the purposes provided herein, be invested in short-term, interest-bearing securities if such investment will not interfere with the use of the funds for the primary purpose of the project. The cost of acquiring any project shall be deemed to include the following:
A. the actual cost of construction of any part of a project, including architects', attorneys' and engineers' fees;
B. the purchase price of any part of a project that may be acquired by purchase;
C. the actual cost of the extension of any utility to the project site and all expenses in connection with the authorization, sale and issuance of the bonds to finance such acquisition; and
D. the interest on those bonds for a reasonable time prior to construction, during construction and not exceeding six months after completion of construction.
History:
Laws 1991, ch. 131, § 20; 1995, ch. 192, § 16.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, substituted "are not" for "shall not be" following "such proceeds" in the introductory pargraph, and deleted "that may be constructed" following "project" in Subsection A.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-21 - Border authority revenue bonds; refunding authorization.

A. The authority may issue refunding revenue bonds for the purpose of refinancing, paying and discharging all or any part of outstanding authority revenue bonds of any one or more or all outstanding issues:
(1) for the acceleration, deceleration or other modification of payment of such obligations, including without limitation any capitalization of any interest thereon in arrears or about to become due for any period not exceeding one year from the date of the refunding bonds;
(2) for the purpose of reducing interest costs or effecting other economies;
(3) for the purpose of modifying or eliminating restrictive contractual limitations pertaining to the issuance of additional bonds, otherwise concerning the outstanding bonds or to any facilities relating thereto; or
(4) for any combination of those purposes.
B. The authority may pledge irrevocably for the payment of interest and principal on refunding bonds the appropriate pledged revenues which may be pledged to an original issue of bonds.
C. Bonds for refunding and bonds for any purpose permitted by the Border Development Act may be issued separately or issued in combination in one series or more.
History:
Laws 1991, ch. 131, § 21.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-23 - Authority refunding revenue bonds; terms.

Authority refunding revenue bonds:
A. may have interest, appreciated principal value or any part thereof payable at intervals or at maturity as may be determined by the authority in the resolution;
B. may be subject to prior redemption at the authority's option at such time and upon such terms and conditions, with or without the payment of premiums, as may be provided by the resolution;
C. may be serial in form and maturity, may consist of a single bond payable in one or more installments, may be in both forms or may be in other forms as may be determined by the authority; and
D. shall be exchanged for the bonds and any mature unpaid interest being refunded at not less than par or sold at public or negotiated sale at, above or below par and at a price which results in a net effective interest rate which does not exceed the maximum permitted by the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978].
History:
Laws 1991, ch. 131, § 23; 1995, ch. 192, § 18.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, substituted "Authority refunding revenue bonds" for "Refunding border authority revenue bonds" in the section heading; in Subsection B, deleted "or times" following "time" and "premium or" preceding "premiums"; and in Subsection C, deleted "or" following "maturity", inserted "may be in both forms" following "installments", and deleted "such" preceding "other forms".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-24 - Exemption from taxation.

Bonds authorized pursuant to the Border Development Act and the income from those bonds, all mortgages or other security instruments executed as security for those bonds, all lease and installment purchase agreements made pursuant to the provisions of that act and revenue derived from any lease or sale by the authority shall be exempt from all taxation by the state or any subdivision thereof.
History:
Laws 1991, ch. 131, § 24; 1995, ch. 192, § 19.
ANNOTATIONS
The 1995 amendment,
effective June 16, 1995, inserted "and installment purchase" preceding "agreements", substituted "of that act" for "hereof", and deleted "of New Mexico" following "state".
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-25.1 - Border project fund; created; purpose; expenditures.

A. The "border project fund" is created in the state treasury.
B. The border project fund shall consist of:
(1) payments of principal and interest on loans for projects;
(2) the portion of the tolls, fees, rents, lease payments or other charges imposed, collected and received by the authority and distributed to the fund pursuant to Subsection F of Section 58-27-25 NMSA 1978;
(3) money from public or private sources and deposited into the fund pursuant to Paragraph (6) of Subsection B of Section 58-27-25 NMSA 1978;
(4) money appropriated by the legislature or distributed or otherwise allocated to the fund;
(5) the proceeds of severance tax bonds appropriated to the fund for projects; and
(6) income from investment of the fund, which shall be credited to the border project fund.
C. Except for severance tax bond proceeds required to revert to the severance tax bonding fund, balances in the border project fund at the end of a fiscal year shall not revert to any other fund.
D. The border project fund may consist of subaccounts as determined to be necessary by the authority.
E. The border project fund is appropriated to the authority for the following purposes:
(1) providing financial assistance to qualified entities for projects;
(2) costs incurred in the operation of a port of entry or related project pursuant to a joint powers agreement entered into with the federal government; or
(3) costs incurred in the joint funding or operation of a project as part of a joint venture, partnership or other business relationship with a qualified entity or private person.
F. The authority may establish procedures and adopt rules as required to:
(1) administer the border project fund;
(2) originate financial assistance for projects selected by the authority; and
(3) govern the process through which qualified entities may apply for financial assistance from the border project fund.
History:
1978 Comp., § 58-27-25.1, enacted by Laws 2011, ch. 59, § 4.
ANNOTATIONS
Effective dates.
— Laws 2011, ch. 59, § 5 made Laws 2011, ch. 59, § 4 effective July 1, 2011.
ANNOTATIONS