2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-8 - Public project finance program; loans; purchase or sale of securities.

To implement a program to assist qualified entities in financing public projects, the authority has the powers specified in this section; provided that the authority shall take no action concerning a project financed with money in the public project revolving fund unless the project is specifically authorized by law or authorized pursuant to other provisions of the New Mexico Finance Authority Act. The authority may:
A. make loans to qualified entities that establish one or more dedicated sources of revenue to repay the loan from the authority;
B. make, enter into and enforce all contracts necessary, convenient or desirable for the purposes of the authority or pertaining to:
(1) a loan to a qualified entity;
(2) a grant to a qualified entity from money available to the authority except money in the public project revolving fund;
(3) a purchase or sale of securities individually or on a pooled basis; or
(4) the performance of its duties and execution of its powers under the New Mexico Finance Authority Act;
C. purchase or hold securities at prices and in a manner the authority considers advisable, giving due consideration to the financial capability of the qualified entity, and sell securities acquired or held by it at prices without relation to cost and in a manner the authority considers advisable;
D. prescribe the form of application or procedure required of a qualified entity for a loan or purchase of its securities, fix the terms and conditions of the loan or purchase and enter into agreements with qualified entities with respect to loans or purchases;
E. charge for its costs and services in review or consideration of a proposed loan to a qualified entity or purchase by the authority of securities, whether or not the loan is made or the securities purchased;
F. fix and establish terms and provisions with respect to:
(1) a purchase of securities by the authority, including date and maturities of the securities;
(2) redemption or payment before maturity; and
(3) any other matters that in connection with the purchase are necessary, desirable or advisable in the judgment of the authority;
G. to the extent permitted under its contracts with the holders of bonds of the authority, consent to modification of the rate of interest, time and payment of installment of principal or interest, security or any other term of a bond, contract or agreement of any kind to which the authority is a party;
H. in connection with the purchase of any securities, consider the ability of the qualified entity to secure financing from other sources and the costs of that financing and the particular public project or purpose to be financed or refinanced with the proceeds of the securities to be purchased by the authority;
I. acquire fee simple, leasehold, mortgagor's or mortgagee's interests in real and personal property and to sell, mortgage, convey or lease that property for authority purposes; and
J. in the event of default by a qualified entity, enforce its rights by suit or mandamus or may use all other available remedies under state law.
History:
Laws 1992, ch. 61, § 8; 2000, ch. 80, § 4; 2001, ch. 294, § 4; 2003, ch. 325, § 2.
ANNOTATIONS
The 2003 amendment,
effective June 20, 2003, substituted "has the powers specified in this section; provided that the authority shall take no action concerning a project financed with money in the public project revolving fund unless the project is specifically authorized by law or authorized pursuant to other provisions of the New Mexico Finance Authority Act. The authority" for "subject to specific authorization by law for projects financed with money in the public project revolving fund" following "financing public projects, the authority" in the first paragraph of the section.
The 2001 amendment,
effective April 5, 2001, in Subsection I, substituted "fee simple" for "and hold title to or", "mortgagor's or mortgagee's interests" for "interest", added "mortgage", and substituted "authority purposes" for "the purpose of satisfying a default or enforcing the provisions of a loan agreement".
The 2000 amendment,
effective March 7, 2000, added "from money available to the authority except money in the public project revolving fund" at the end of Subsection B(2).