2023 New Mexico Statutes › Chapter 3 - Municipalities › Article 60A - Metropolitan Redevelopment › Section 3-60A-27 - Definitions. (Effective July 1, 2024.)

As used in the Redevelopment Bonding Law:
A. "finance" or "financing" means the issuing of bonds by a local government and the use of substantially all of the proceeds from the bonds pursuant to a financing agreement with the user to pay or to reimburse the user or its designee for the costs of the acquisition or construction of a project, whether these costs are incurred by the local government, the user or a designee of the user; provided that title to or in the project may at all times remain in the user, and, in such case, the bonds of the local government may be secured by mortgage or other lien upon the project or upon any other property of the user, or both, granted by the user or by a pledge of one or more notes, debentures, bonds or other secured or unsecured debt obligations of the user, as the governing body deems advisable, but no local government shall be authorized hereby to pledge any of its property or to otherwise secure the payment of any bonds with its property, except that the local government may pledge the revenues from the project;
B. "financing agreement" includes a lease, sublease, installment purchase agreement, rental agreement, option to purchase or any other agreement or any combination thereof entered into in connection with the financing of a project pursuant to the Metropolitan Redevelopment Code [Chapter 3, Article 60A NMSA 1978];
C. "mortgage" means a deed of trust or any other security device for both real and personal property;
D. "ordinance" means an ordinance of a local government financing or refinancing an activity involving or affecting improvement or improvements;
E. "project" means an activity that can be funded or refinanced by revenue bonds issued pursuant to the Redevelopment Bonding Law [3-60A-26 through 3-60A-46 NMSA 1978] for the purpose of acquiring, improving, rehabilitating, conserving, financing, refinancing, erecting or building new or improved facilities on land, building or buildings or any other improvement or improvements, site or any other activity authorized by the Metropolitan Redevelopment Code for projects or activities located within the boundaries of a metropolitan redevelopment area. The revenue bonds may be used for the projects hereafter enumerated for any purpose or use in such project, except that no funds shall be used for inventories, raw materials or other working capital, whether or not in existence, suitable or used for or in connection with any of the following projects:
(1) manufacturing, industrial, commercial or business enterprises, including without limitation enterprises engaged in storing, warehousing, distributing, selling or transporting any products of industry, commerce, manufacturing or business or any utility plant;
(2) hospital, health care or nursing home facilities, including without limitation clinics and outpatient facilities and facilities for the training of hospital, health care or nursing home personnel;
(3) residential facilities intended for use as the place of residence by the owners or intended occupants;
(4) sewage or solid waste disposal facilities;
(5) facilities for the furnishing of water, if available, on reasonable demand to members of the general public;
(6) facilities for the furnishing of energy or gas;
(7) sports and recreational facilities;
(8) convention or trade show facilities;
(9) research, product testing and administrative facilities;
(10) creative enterprises or industries;
(11) cultural facilities as defined in the Local Economic Development Act [Chapter 5, Article 10 NMSA 1978]; and
(12) public infrastructure in state-authorized main street projects or arts and cultural districts;
F. "revenue bonds" means bonds, notes or other securities evidencing an obligation and issued pursuant to the powers granted by the Metropolitan Redevelopment Code by a local government for purposes authorized by that code;
G. "user" means one or more persons who enter into a financing agreement with a local government relating to a project, except that the user need not be the person actually occupying, operating or maintaining the project; and
H. "utility plant" means any facility used for or in connection with the generation, production, transmission or distribution of electricity; the production, manufacture, storage or distribution of gas; the transportation or conveyance of gas, oil or other fluid substance by pipeline; or the diverting, developing, pumping, impounding, distributing or furnishing of water.
History:
Laws 1979, ch. 391, § 27; 2018, ch. 60, § 25; 2023, ch. 112, § 8.
ANNOTATIONS
The 2023 amendment,
effective July 1, 2024, revised the definition of "finance" or "financing"; and in Subsection A, after "may pledge the", deleted "property of the project or".