reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 30 - Colonias Infrastructure › Section 6-30-2 - Findings and purpose.

A. The legislature finds that:
(1) colonias lack basic infrastructure resulting in poor social, health and economic conditions;
(2) adequate infrastructure such as water and wastewater systems, solid waste disposal facilities, flood and drainage control, roads and housing infrastructure are essential to improved health, safety and welfare of all New Mexicans, including residents of the colonia communities;
(3) local efforts and resources have been insufficient to develop and maintain a consistent and adequate level of infrastructure;
(4) addressing the urgent need of replacing, improving and developing infrastructure through the use of an alternative financing mechanism is a long-term cost savings benefit to both the state and the communities; and
(5) adequate infrastructure development allows colonia residents to achieve the basic conditions necessary to improve the quality of their lives.
B. The purposes of the Colonias Infrastructure Act are to:
(1) ensure adequate financial resources for infrastructure development for colonia recognized communities;
(2) provide for the planning and development of infrastructure in an efficient and cost-effective manner; and
(3) develop infrastructure projects to improve quality of life and encourage economic development.
History:
Laws 2010, ch. 10, § 2.
ANNOTATIONS
Effective dates.
— Laws 2010, ch. 10, § 11 made the Colonias Infrastructure Act effective July 1, 2011.
Funding colonias infrastructure projects does not implicate the anti-donation clause.
— The anti-donation clause is not implicated where the New Mexico finance authority and the colonias infrastructure board (board), created pursuant to the Colonias Infrastructure Act, 6-30-1 to 6-30-8 NMSA 1978, provide financial assistance to qualifying entities, as defined by the Colonias Infrastructure Act, for colonias infrastructure projects, even if the funds are subsequently provided to private entities, because the financial assistance is being transferred from the board, an agency of the state, to qualifying entities, also political subdivisions of the state.
Housing Infrastructure and the Anti-Donation Clause
(10/31/17), Att'y Gen. Adv. Ltr. 2017-06.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 30 - Colonias Infrastructure › Section 6-30-3 - Definitions.

As used in the Colonias Infrastructure Act:
A. "authority" means the New Mexico finance authority;
B. "board" means the colonias infrastructure board;
C. "colonia" means a rural community with a population of twenty-five thousand or less located within one hundred fifty miles of the United States-Mexico border that:
(1) has been designated as a colonia by the municipality or county in which it is located because of a:
(a) lack of potable water supply;
(b) lack of adequate sewage systems; or
(c) lack of decent, safe and sanitary housing;
(2) has been in existence as a colonia prior to November 1990; and
(3) has submitted appropriate documentation to the board to substantiate the conditions of this subsection, including documentation that supports the designation of the municipality or county;
D. "financial assistance" means providing grants or loans on terms and conditions approved by the authority;
E. "project fund" means the colonias infrastructure project fund;
F. "qualified entity" means a county, municipality or other entity recognized as a political subdivision of the state;
G. "qualified project" means a capital outlay project selected by the board for financial assistance that is primarily intended to develop colonias infrastructure. A qualified project may include a water system, a wastewater system, solid waste disposal facilities, flood and drainage control, roads or housing infrastructure; but "qualified project" does not include general operation and maintenance, equipment, housing allowance payments or mortgage subsidies; and
H. "trust fund" means the colonias infrastructure trust fund.
History:
Laws 2010, ch. 10, § 3.
ANNOTATIONS
Cross references.
— For the New Mexico finance authority,
see
6-21-4 NMSA 1978.
Effective dates.
— Laws 2010, ch. 10, § 11 made the Colonias Infrastructure Act effective July 1, 2011.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 30 - Colonias Infrastructure › Section 6-30-4 - Colonias infrastructure board created.

A. The "colonias infrastructure board" is created.
B. The board shall consist of seven voting members as follows:
(1) the secretary of finance and administration or the secretary's designee from the department of finance and administration;
(2) the secretary of environment or the secretary's designee from the department of environment;
(3) the chief executive officer of the authority or the chief executive officer's designee from the authority;
(4) one member appointed by the president pro tempore of the senate;
(5) one member appointed by the minority leader of the senate;
(6) one member appointed by the speaker of the house of representatives; and
(7) one member appointed by the minority leader of the house of representatives.
C. The members appointed pursuant to Paragraphs (4) through (7) of Subsection B of this section shall be appointed with the advice and consent of the senate, serve at the pleasure of the appointing authority, be residents of the colonias area and have experience in capital project development or administration, and they may receive per diem and mileage as provided for nonsalaried public officers in the Per Diem and Mileage Act [10-8-1 to 10-8-8 NMSA 1978] but shall receive no other compensation, perquisite or allowance.
D. There shall be five advisory, nonvoting members of the board as follows:
(1) the executive director of the south central council of governments or the director's designee;
(2) the executive director of the southwest New Mexico council of governments or the director's designee;
(3) the executive director of the southeastern New Mexico economic development district or the director's designee;
(4) the executive director of the New Mexico association of counties or the director's designee; and
(5) the executive director of the New Mexico mortgage finance authority or the director's designee.
E. The board shall choose a chair and vice chair from among its members and such other officers as it deems necessary. A majority of members constitutes a quorum for the transaction of business. The affirmative vote of at least a majority of a quorum shall be necessary for an action to be taken by the board. The board shall meet whenever a voting member submits a request in writing to the chair, but not less than quarterly.
F. All meetings of the board shall be open to the public and subject to the Open Meetings Act [Chapter 10, Article 15 NMSA 1978] and, at each meeting, the board shall provide an opportunity for public comment.
History:
Laws 2010, ch. 10, § 4.
ANNOTATIONS
Cross references.
— For the department of finance and administration,
see
9-6-3 NMSA 1978.
For the department of environment,
see
9-7A-4 NMSA 1978.
For the New Mexico finance authority,
see
6-21-4 NMSA 1978.
Effective dates.
— Laws 2010, ch. 10, § 11 made the Colonias Infrastructure Act effective July 1, 2011.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 30 - Colonias Infrastructure › Section 6-30-5 - Board; duties.

The board shall:
A. promulgate such rules as are necessary to govern the acceptance, evaluation and prioritization of applications submitted by qualified entities for financial assistance;
B. after applications have been processed and evaluated by the authority, prioritize the qualified projects for financial assistance; and
C. upon such terms and conditions as are established by the authority, recommend the prioritized projects to the authority for financial assistance for:
(1) planning, designing, constructing, improving or expanding a qualified project;
(2) developing engineering feasibility reports for qualified projects;
(3) inspecting construction of qualified projects;
(4) providing professional services;
(5) completing environmental assessments or archaeological clearances and other surveys for qualified projects;
(6) acquiring land, water rights, easements or rights of way; or
(7) paying legal costs and fiscal agent fees associated with development of qualified projects.
History:
Laws 2010, ch. 10, § 5.
ANNOTATIONS
Effective dates.
— Laws 2010, ch. 10, § 11 made the Colonias Infrastructure Act effective July 1, 2011.
Funding colonias infrastructure projects does not implicate the anti-donation clause.
— The anti-donation clause is not implicated where the New Mexico finance authority and the colonias infrastructure board (board), created pursuant to the Colonias Infrastructure Act, 6-30-1 to 6-30-8 NMSA 1978, provide financial assistance to qualifying entities, as defined by the Colonias Infrastructure Act, for colonias infrastructure projects, even if the funds are subsequently provided to private entities, because the financial assistance is being transferred from the board, an agency of the state, to qualifying entities, also political subdivisions of the state.
Housing Infrastructure and the Anti-Donation Clause
(10/31/17), Att'y Gen. Adv. Ltr. 2017-06.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 30 - Colonias Infrastructure › Section 6-30-6 - Authority; duties.

The authority shall:
A. provide staff support to the board;
B. administer the project fund;
C. at the direction of the board, process, review and evaluate applications for financial assistance from qualified entities; and
D. at the direction of the board, administer qualified projects that receive financial assistance.
History:
Laws 2010, ch. 10, § 6.
ANNOTATIONS
Effective dates.
— Laws 2010, ch. 10, § 11 made the Colonias Infrastructure Act effective July 1, 2011.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 30 - Colonias Infrastructure › Section 6-30-7 - Colonias infrastructure trust fund; created; investment; distribution.

A. The "colonias infrastructure trust fund" is created in the state treasury. The trust fund shall consist of money that is appropriated, donated or otherwise allocated to it. Money in the trust fund shall be invested by the state investment officer in the manner that land grant permanent funds are invested pursuant to Chapter 6, Article 8 NMSA 1978. Income from investment of the trust fund shall be credited to the fund. Money in the trust fund shall not be expended for any purpose, but an annual distribution from the trust fund shall be made to the project fund pursuant to this section.
B. On July 1 of each year in which adequate money is available in the trust fund, an annual distribution shall be made from the trust fund to the project fund in the amount of ten million dollars ($10,000,000) until the distribution is less than an amount equal to four and seven-tenths percent of the average of the year-end market values of the trust fund for the immediately preceding five calendar years. Thereafter, the amount of the annual distribution shall be four and seven-tenths percent of the average of the year-end market values of the trust fund for the immediately preceding five calendar years.
History:
Laws 2010, ch. 10, § 7.
ANNOTATIONS
Effective dates.
— Laws 2010, ch. 10, § 11 made the Colonias Infrastructure Act effective July 1, 2011.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 30 - Colonias Infrastructure › Section 6-30-8 - Colonias infrastructure project fund; created; purpose; appropriations.

A. The "colonias infrastructure project fund" is created in the authority and shall be administered by the authority.
B. The project fund shall consist of:
(1) distributions from the trust fund;
(2) payments of principal and interest on loans for qualified projects;
(3) other money appropriated by the legislature or distributed or otherwise allocated to the project fund for the purpose of supporting qualified projects;
(4) the proceeds of severance tax bonds appropriated to the fund for qualified projects; and
(5) income from investment of the project fund that shall be credited to the project fund.
C. Except for severance tax bond proceeds required to revert to the severance tax bonding fund, balances in the project fund at the end of a fiscal year shall not revert to any other fund.
D. The project fund may consist of subaccounts as determined to be necessary by the authority.
E. The authority may establish procedures and adopt rules as required to:
(1) administer the project fund;
(2) originate grants or loans for qualified projects recommended by the board;
(3) recover from the project fund the costs of administering the fund and originating the grants and loans; and
(4) govern the process through which qualified entities may apply for financial assistance from the project fund.
History:
Laws 2010, ch. 10, § 8.
ANNOTATIONS
Effective dates.
— Laws 2010, ch. 10, § 11 made the Colonias Infrastructure Act effective July 1, 2011.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 31 - Economic Development Grants › Section 6-31-1 - Short title.

Sections 1 through 6 [6-31-1 to 6-31-6 NMSA 1978] of this act may be cited as the "Economic Development Grant Act".
History:
Laws 2014, ch. 58, § 1.
ANNOTATIONS
Emergency clauses.
— Laws 2014, ch. 58, § 8, contained an emergency clause and was approved March 10, 2014.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 31 - Economic Development Grants › Section 6-31-2 - Purpose.

The purpose of the Economic Development Grant Act is to provide matching state grants to local and regional economic development agencies to expand the economic development and job-creation capacities of those agencies through employment of economic development professionals.
History:
Laws 2014, ch. 58, § 2.
ANNOTATIONS
Emergency clauses.
— Laws 2014, ch. 58, § 8, contained an emergency clause and was approved March 10, 2014.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 31 - Economic Development Grants › Section 6-31-3 - Definitions.

As used in the Economic Development Grant Act:
A. "commission" means the economic development commission; and
B. "department" means the economic development department.
History:
Laws 2014, ch. 58, § 3.
ANNOTATIONS
Emergency clauses.
— Laws 2014, ch. 58, § 8, contained an emergency clause and was approved March 10, 2014.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 31 - Economic Development Grants › Section 6-31-4 - Economic development grant program; created; oversight.

A. The "economic development grant program" is created in the department. The commission shall oversee the program, and the department shall provide administrative assistance to the commission as needed.
B. The commission shall:
(1) establish and publish deadlines and guidelines for the submission of grant applications;
(2) develop procedures for receipt, review and approval of grant applications;
(3) receive, review and approve grant applications;
(4) award grants to local and regional economic development agencies for up to fifty percent of the cost to the agencies to hire economic development professionals;
(5) monitor local and regional economic development agencies' use of grant money by reviewing annual reports submitted by those agencies to the commission to ensure that grants are used consistently with the agencies' grant applications; and
(6) perform other duties as necessary to carry out the provisions of the Economic Development Grant Act.
History:
Laws 2014, ch. 58, § 4.
ANNOTATIONS
Emergency clauses.
— Laws 2014, ch. 58, § 8, contained an emergency clause and was approved March 10, 2014.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 31 - Economic Development Grants › Section 6-31-5 - Grant applications; grant recipients; requirements.

A. A local or regional economic development agency may submit an application to the commission for an economic development grant. An applying agency shall comply with deadlines and guidelines published by the commission. A grant application shall include a statement of:
(1) the amount of money that the local or regional economic development agency has allocated to employ economic development professionals;
(2) the amount of matching grant money that the local or regional economic development agency requests; and
(3) the ways that the local or regional economic development agency's employment of one or more economic development professionals will expand the agency's economic development or job-creation efforts in the agency's local area or region or in the state.
B. During the time that one or more economic development professionals are employed by a local or regional economic development agency using grant money, the agency shall report annually to the commission. A report shall include:
(1) the name, dates of employment and professional credentials of each economic development professional employed by the local or regional economic development agency using grant money; and
(2) detailed information about each economic development professional's role and contributions to the local or regional economic development agency, including:
(a) new jobs in the agency's local area or region or in the state that are attributable to the professional's efforts;
(b) the number of cases that the professional completed;
(c) the number of cases that the professional managed;
(d) the number of job-creation leads generated by the professional; and
(e) the number of job-creation projects sourced through the professional's marketing efforts.
History:
Laws 2014, ch. 58, § 5.
ANNOTATIONS
Emergency clauses.
— Laws 2014, ch. 58, § 8, contained an emergency clause and was approved March 10, 2014.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 31 - Economic Development Grants › Section 6-31-6 - Economic development grant fund created.

The "economic development grant fund" is created in the state treasury. The fund consists of appropriations, gifts, grants and donations to the fund and income from investment of the fund. Money in the fund shall not revert to any other fund at the end of a fiscal year. The department shall administer the fund, and money in the fund is appropriated to the department to provide matching funds to local and regional development agencies as approved by the commission. Money in the fund shall be disbursed on warrants signed by the secretary of finance and administration pursuant to vouchers signed by the secretary of economic development or the secretary's authorized representative.
History:
Laws 2014, ch. 58, § 6.
ANNOTATIONS
Emergency clauses.
— Laws 2014, ch. 58, § 8, contained an emergency clause and was approved March 10, 2014.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 32 - Small Business Recovery and Stimulus › Section 6-32-1 - Short title.

Chapter 6, Article 32 NMSA 1978 may be cited as the "Small Business Recovery and Stimulus Act".
History:
Laws 2020 (1st S.S.), ch. 6, § 1; 2021, ch. 5, § 1.
ANNOTATIONS
The 2021 amendment,
effective March 3, 2021, changed the name of the "Small Business Recovery Act of 2020" to the "Small Business Recovery and Stimulus Act"; changed "Section 1 through 7 of this act" to "Chapter 6, Article 32 NMSA 1978", after "Recovery", added "and Stimulus", and after "Act", deleted "of 2020".
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 32 - Small Business Recovery and Stimulus › Section 6-32-3 - Small business recovery loan fund; created; funding schedule.

A. The "small business recovery loan fund" is created in the authority. The fund consists of appropriations, gifts, grants, deposits, transfers and donations to the fund. Money in the fund is appropriated to the authority to administer the provisions of the Small Business Recovery and Stimulus Act. The authority shall administer the fund. Balances remaining in the fund as of December 31, 2023 and not identified by the authority as necessary to administer the Small Business Recovery and Stimulus Act over the life of the loans provided pursuant to that act shall revert to the severance tax permanent fund. The authority may expend no more than two percent of the state investment council's commitment pursuant to Section 7-27-5.15 NMSA 1978 for administering the Small Business Recovery and Stimulus Act.
B. On March 3, 2021, the authority and the state investment council shall coordinate to develop a funding schedule to ensure that sufficient funding, as provided for in Section 7-27-5.15 NMSA 1978, is made available to the authority to carry out the provisions of the Small Business Recovery and Stimulus Act.
History:
Laws 2020 (1st S.S.), ch. 6, § 3; 2021, ch. 5, § 3; 2022, ch. 25, § 1.
ANNOTATIONS
The 2022 amendment,
effective May 18, 2022, extended the reversion date of unencumbered money in the Small Business Recovery Loan Fund; in Subsection A, after "December 31", deleted "2022" and added "2023"; and in Subsection B, deleted "Upon the effective date of this 2021 act" and added "On March 3, 2021".
The 2021 amendment,
effective March 3, 2021, extended the deadline for balances in the fund to revert to the severance tax permanent fund, changed the amount that the New Mexico finance authority may expend for administering the Small Business Recovery and Stimulus Act, and changed "Small Business Recovery Act of 2020" to "Small Business Recovery and Stimulus Act" throughout; in Subsection A, after "remaining in the fund", deleted "at the end of fiscal year 2022" and added "as of December 31, 2022 and not identified by the authority as necessary to administer the Small Business Recovery and Stimulus Act over the life of the loans provided pursuant to that act", after "expend no more than", changed "one" to "two", and after "percent of the", deleted "balance of the fund" and added "state investment council's commitment pursuant to Section 7-27-5.15 NMSA 1978"; in Subsection B, after "effective date of this", changed "2020" to "2021", after "Section", deleted "10 of this 2020 act" and added "7-27-5.15 NMSA 1978".
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 32 - Small Business Recovery and Stimulus › Section 6-32-5 - Repayment.

A. Small business recovery loans shall be made for loan periods not to exceed ten years, as determined by the authority. The loans shall bear an annual interest rate equal to one-half of the
Wall Street Journal
prime rate on the date the loan is made; provided that no interest shall accrue during the first year of the loan.
B. Interest shall begin to accrue on a small business recovery loan on the first anniversary of the funding date of the loan. Thereafter, for the next two years, the authority shall require interest-only payments on a schedule determined by the authority. Beginning on the third anniversary of the funding date of the loan, payment on the outstanding principal and interest on the loan shall be due on a schedule determined by the authority for the remainder of the loan period.
C. Receipts from the repayment of principal or interest accrued on the loans made pursuant to the Small Business Recovery and Stimulus Act shall be transferred from the authority to the state investment council and deposited in the severance tax permanent fund.
D. No provision in a small business recovery loan or the evidence of indebtedness of the loan shall include a penalty or premium for prepayment of the balance of the indebtedness.
History:
Laws 2020 (1st S.S.), ch. 6, § 5; 2021, ch. 5, § 5.
ANNOTATIONS
The 2021 amendment,
effective March 3, 2021, increased the loan periods for small business recovery loans, provided that no interest shall accrue during the first year of a small business recovery loan, and changed the repayment terms for small business recovery loans; in Subsection A, after "shall be made for", deleted "an initial loan period of three" and added "loan periods not to exceed ten", after "years,", added "as determined by the authority", and after the semicolon, added "provided that no interest shall accrue during the first year of the loan"; completely rewrote Subsection B; and in Subsection C, changed "Small Business Recovery Act of 2020" to Small Business Recovery and Stimulus Act", and after "shall be", added "transferred from the authority to the state investment council and".
Temporary provisions.
— Laws 2021, ch. 5, § 8, provided that for any small business recovery loan provided pursuant to the New Mexico Small Business Recovery Act of 2020 made prior to March 3, 2021, the New Mexico finance authority shall permit the recipient of that loan to refinance the loan subject to terms consistent with Laws 2021, ch. 5.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 32 - Small Business Recovery and Stimulus › Section 6-32-6 - Repealed.

History:
Laws 2020 (1st S.S.), ch. 6, § 6; repealed by Laws 2021, ch. 5, § 9.
ANNOTATIONS
Repeals.
— Laws 2021, ch. 5, § 9 repealed 6-32-6 NMSA 1978, as enacted by Laws 2020 (1st S.S.), ch. 6, § 6, relating to small business technical assistance, service providers, effective March 3, 2021. For provisions of former section,
see
the 2020 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 32 - Small Business Recovery and Stimulus › Section 6-32-7 - Reports; confidentiality.

A. Prior to October 1, 2021 and each October 1 for the proceeding four years, the authority shall submit a report to the legislature, the legislative finance committee, the New Mexico finance authority oversight committee, the revenue stabilization and tax policy committee and any other appropriate legislative interim committee. The report shall provide details regarding the loans made pursuant to the Small Business Recovery and Stimulus Act. The report shall include:
(1) the total number of loans made pursuant to that act;
(2) the total number of loan applications;
(3) the average amount of money provided to loan applicants;
(4) the total number of loans and the amount of those loans, if any, in a delinquent status or default;
(5) the total number of loan recipients that are in the process of filing or have filed for bankruptcy;
(6) the total number of employees currently employed by a business that received a loan; and
(7) an overview of the industries and types of business entities represented by loan recipients.
B. Information obtained by the authority regarding individual loan applicants, including information used to analyze an application, is confidential and not subject to inspection pursuant to the Inspection of Public Records Act [Chapter 14, Article 2 NMSA 1978]; provided that nothing in this section shall prevent the authority from disclosing broad demographic information and information relating to the total amount of loans made, the total outstanding balance of loans made pursuant to the Small Business Recovery and Stimulus Act and the names of the loan recipients.
History:
Laws 2020 (1st S.S.), ch. 6, § 7; 2021, ch. 5, § 6.
ANNOTATIONS
The 2021 amendment,
effective March 3, 2021, provided that information obtained by the New Mexico finance authority to analyze an application is confidential, and made technical amendments; changed each occurrence of "Small Business Recovery Act of 2020" to "Small Business Recovery and Stimulus Act" throughout; and in Subsection B, after "individual loan applicants", added "including information used to analyze an application".
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 33 - Venture Capital Program › Section 6-33-1 - Short title.

Chapter 6, Article 33 NMSA 1978 may be cited as the "Venture Capital Program Act".
History:
Laws 2022, ch. 21, § 1; 2023, ch. 127, § 1.
ANNOTATIONS
The 2023 amendment,
effective June 16, 2023, deleted "This act" and added "Chapter 6, Article 33 NMSA 1978".
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 33 - Venture Capital Program › Section 6-33-2 - Definitions.

As used in the Venture Capital Program Act:
A. "authority" means the New Mexico finance authority;
B. "New Mexico business" means, in the case of a corporation or limited liability company, a business with its principal office and a majority of its full-time employees located in New Mexico or, in the case of a limited partnership, a business with its principal place of business and at least eighty percent of its assets located in New Mexico; and
C. "venture private equity fund" means an entity that makes, manages or sources potential investments in New Mexico businesses and that:
(1) has as its primary business activity the investment of funds in return for equity in or debt of businesses for the purpose of providing capital for start-up, expansion, product or market development, recapitalization or business purposes in early stages of development;
(2) holds out prospects for capital appreciation from such investments;
(3) has at least one full-time manager with at least three years of professional experience in assessing the growth prospects of businesses or evaluating business plans; and
(4) accepts investments only from accredited investors, as that term is defined in the federal Securities Act of 1933, as amended, and rules and regulations promulgated pursuant to that section, or federally recognized Indian nations, tribes and pueblos with at least five million dollars ($5,000,000) in overall investment assets.
History:
Laws 2022, ch. 21, § 2; 2023, ch. 127, § 2.
ANNOTATIONS
Cross references.
— For the federal Securities Act of 1933,
see
15 U.S.C.
The 2023 amendment,
effective June 16, 2023, revised the definition of "venture private equity fund"; and in Subsection C, deleted former Paragraph C(4), which provided "is committed to investing or helps secure investing by others, in an amount at least equal to the total investment made by the authority in that fund pursuant to the Venture Capital Program Act, in New Mexico businesses and that hold promise for attracting additional capital from individual or institutional investors nationwide for businesses in New Mexico; and", and redesignated Paragraph C(5) as Paragraph C(4)..
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 33 - Venture Capital Program › Section 6-33-3 - Venture capital program fund.

A. The "venture capital program fund" is created in the authority. The fund consists of appropriations, gifts, grants, deposits, transfers, donations and money earned from investment of the fund and otherwise accruing to the fund. The authority shall administer the fund. Money in the fund is appropriated to the authority for investment in New Mexico businesses and venture private equity funds pursuant to the Venture Capital Program Act and to pay the cost of administering that act. Balances remaining in the fund at the end of a fiscal year shall not revert. Money from the fund may be drawn only on warrants approved by the chief executive officer of the authority pursuant to vouchers signed by the chief financial officer of the authority.
B. The authority shall adopt rules governing the terms and conditions of investments made from the venture capital program fund. The authority may make investments from the venture capital program fund as permitted pursuant to Subsection A of Section 4 [6-33-4 NMSA 1978] of the Venture Capital Program Act without specific authorization by law.
History:
Laws 2022, ch. 21, § 3.
ANNOTATIONS
Effective dates.
— Laws 2022, ch. 21, § 8 made Laws 2022, ch. 21, § 3 effective July 1, 2022.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 33 - Venture Capital Program › Section 6-33-4 - Investments; qualifications; board approval.

A. In making investments pursuant to the Venture Capital Program Act, the authority shall make:
(1) investments in venture private equity funds; or
(2) early stage investments in New Mexico businesses whose investments or enterprises enhance the economic development objectives of the state.
B. The authority is authorized to make investments in New Mexico businesses to create new job opportunities and to support new, emerging or expanding businesses in a manner consistent with the constitution of New Mexico if:
(1) an investment in any one business does not exceed ten percent of the balance of the venture capital program fund;
(2) an investment in any one industry does not exceed thirty percent of the balance of the venture capital program fund; and
(3) the investments represent no more than fifty-one percent of the total investment capital in a business; provided, however, that nothing in this subsection prohibits the ownership of more than fifty-one percent of the total investment capital in a New Mexico business if the additional ownership interest:
(a) is due to foreclosure or other action by the authority pursuant to agreements with the business or other investors in that business;
(b) is necessary to protect the investment; and
(c) does not require an additional investment of the fund.
C. In making investments pursuant to the Venture Capital Program Act, the authority may make differential rate investments for economic development purposes.
D. The authority shall make investments pursuant to the Venture Capital Program Act only upon approval of the board of directors of the authority and within guidelines and policies established by the board.
History:
Laws 2022, ch. 21, § 4; 2023, ch. 127, § 3.
ANNOTATIONS
The 2023 amendment,
effective June 16, 2023, revised investment guidelines; in Subsection B, deleted former Paragraph B(1), which provided "the investments are made in conjunction with cooperative investment agreements with parties that have demonstrated abilities and relationships in making investments in new, emerging or expanding businesses", and redesignated former Paragraph B(2) as Paragraph B(1), and added a new Paragraph B(2); and added a new Subsection C and redesignated former Subsection C as Subsection D..
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 33 - Venture Capital Program › Section 6-33-5 - Budget.

The authority shall annually prepare a budget for administering and investing all funds managed by the venture capital program, which shall be reviewed and approved by the board of directors of the authority. Funds provided for the operating budget of the venture capital program may be made from the assets of the venture capital program fund or any other funds managed by the authority, as authorized by law.
History:
Laws 2022, ch. 21, § 5; 2023, ch. 127, § 4.
ANNOTATIONS
The 2023 amendment,
effective June 16, 2023, eliminated bond requirements for New Mexico finance authority employees; and deleted Subsection A.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 33 - Venture Capital Program › Section 6-33-6 - Compromise; adjustment.

In the event of default in the payment of principal of or interest on an investment made, the authority is authorized to institute proper proceedings to collect matured interest and principal; the authority may, after consultation with the board of directors of the authority, accept for exchange purposes refunding bonds or other evidences of indebtedness at interest rates to be agreed upon with the obligor. The authority, after consultation with the board of directors of the authority, is authorized to adjust past-due interest or principal in default.
History:
Laws 2022, ch. 21, § 6.
ANNOTATIONS
Effective dates.
— Laws 2022, ch. 21, § 8 made Laws 2022, ch. 21, § 6 effective July 1, 2022.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 33 - Venture Capital Program › Section 6-33-7 - Reports.

No later than July 1 of each year, the authority shall submit a report to the legislative finance committee, the revenue stabilization and tax policy committee and any other appropriate interim legislative committee. The report shall provide for the prior calendar year the amounts invested in each venture private equity fund, as well as information about the objectives of the funds, the companies in which each venture private equity fund is invested and how each venture private equity investment enhances the economic development objectives of the state. Each report shall also provide the amounts invested in each New Mexico business during the prior calendar year.
History:
Laws 2022, ch. 21, § 7.
ANNOTATIONS
Effective dates.
— Laws 2022, ch. 21, § 8 made Laws 2022, ch. 21, § 7 effective July 1, 2022.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 33 - Venture Capital Program › Section 6-33-8 - Proprietary information; confidentiality.

Information obtained by the authority in order to make investments from the venture capital program fund, which information is proprietary, technical, trade secret or business information, shall be confidential and not subject to inspection pursuant to the Inspection of Public Records Act [Chapter 14, Article 2 NMSA 1978].
History:
Laws 2023, ch. 127, § 5.
ANNOTATIONS
Effective dates.
— Laws 2023, ch. 127 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 16, 2023, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 34 - Opportunity Enterprise › Section 6-34-1 - Short title.

This act [6-34-1 to 6-34-15 NMSA 1978] may be cited as the "Opportunity Enterprise Act".
History:
Laws 2022, ch. 57, § 1.
ANNOTATIONS
Effective dates.
— Laws 2022, ch. 57, § 16 made Laws 2022, ch. 57, § 1 effective July 1, 2022.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 34 - Opportunity Enterprise › Section 6-34-2 - Definitions.

As used in the Opportunity Enterprise Act:
A. "authority" means the New Mexico finance authority;
B. "board" means the opportunity enterprise review board;
C. "department" means the economic development department;
D. "economic development opportunities" means the advancement of an environmentally sustainable economic development goal of the state as determined by the authority, in coordination with the department, and includes the creation of jobs, the provision of needed services and commodities to diverse communities across the state and the increase of tax and other revenue collections resulting from the enterprise development project;
E. "enterprise assistance" means opportunity enterprise financing, an opportunity enterprise lease or an opportunity enterprise loan;
F. "enterprise development project" means the purchase, planning, designing, building, surveying, improving, operating, furnishing, equipping or maintaining of land, buildings or infrastructure to create or expand economic development opportunities within the state;
G. "fund" means the opportunity enterprise revolving fund;
H. "opportunity enterprise partner" means a domestic corporation, a general partnership, a limited liability company, a limited partnership, a public benefit corporation, a nonprofit entity or other private business entity or combination thereof that the authority determines is or will be engaged in an enterprise that creates or expands economic development opportunities within the state and is eligible for enterprise assistance pursuant to the Opportunity Enterprise Act;
I. "opt-in agreement" means an agreement entered into among the authority, the department and a county, municipality or school district that ensures compliance with all local zoning, permitting and other land use rules and that provides for payments in lieu of taxes to the county, municipality or school district; and
J. "payment in lieu of taxes" means the total annual payment paid as compensation for the tax impact of an enterprise development project, in an amount negotiated and determined in the opt-in agreement among the authority, the department and the county, school district or, if applicable, municipality where the enterprise development project is located in the same proportional amount as property tax revenues are normally distributed to those recipients.
History:
Laws 2022, ch. 57, § 2.
ANNOTATIONS
Effective dates.
— Laws 2022, ch. 57, § 16 made Laws 2022, ch. 57, § 2 effective July 1, 2022.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 34 - Opportunity Enterprise › Section 6-34-3 - New Mexico finance authority; powers; duties.

To create or expand economic development opportunities within the state, the authority may:
A. acquire, whether by construction, purchase, gift or lease, and hold title to or other interest in an enterprise development project;
B. provide opportunity enterprise financing to opportunity enterprise partners and collect costs and fees associated with that financing;
C. enter into a contract to lease property to an opportunity enterprise partner and collect rent, costs and fees associated with that lease;
D. make loans to opportunity enterprise partners and collect payments, including principal, interest costs and fees associated with that loan;
E. sell or otherwise dispose of any property obtained as a result of an enterprise development project; provided that proceeds received shall be deposited in the fund;
F. make, execute and enforce all contracts necessary to carry out the provisions of the Opportunity Enterprise Act;
G. take legal action available to the authority to recover public money or other public resources if an opportunity enterprise partner defaults on its obligations to the authority;
H. enter into joint powers agreements or other agreements with a state agency or governmental entity, as the authority determines to be appropriate for such purpose;
I. adopt rules relating to the use of the fund necessary to carry out the provisions of the Opportunity Enterprise Act subject to approval of the New Mexico finance authority oversight committee; and
J. enter into opt-in agreements where the enterprise development project is located to facilitate the development of an enterprise development project; provided that if included in the opt-in agreement, the authority shall make payments in lieu of taxes to a county, municipality or school district to offset the tax impact of an enterprise development project.
History:
Laws 2022, ch. 57, § 3.
ANNOTATIONS
Effective dates.
— Laws 2022, ch. 57, § 16 made Laws 2022, ch. 57, § 3 effective July 1, 2022.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 34 - Opportunity Enterprise › Section 6-34-4 - Economic development department; powers; duties.

A. For the purpose of recommending enterprise development projects to the board for enterprise assistance, the department and the board shall coordinate to:
(1) survey potential opportunity enterprise partners and enterprise development projects;
(2) provide outreach services to local governments and potential opportunity enterprise partners for the purpose of making recommendations regarding enterprise assistance; and
(3) evaluate potential opportunity enterprise partners and formulate recommendations regarding suitability for enterprise assistance.
B. The department may, when applicable, enter into opt-in agreements with the authority and the county, school district or, if applicable, municipality where the enterprise development project is located for the purpose of facilitating the development of the enterprise development project.
History:
Laws 2022, ch. 57, § 4.
ANNOTATIONS
Effective dates.
— Laws 2022, ch. 57, § 16 made Laws 2022, ch. 57, § 4 effective July 1, 2022.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 34 - Opportunity Enterprise › Section 6-34-5 - Opportunity enterprise review board; created; membership.

A. The "opportunity enterprise review board" is created. The authority shall provide necessary administrative services to the board.
B. The board is composed of the following twelve members:
(1) the secretary of economic development or the secretary's designee;
(2) the secretary of finance and administration or the secretary's designee;
(3) the secretary of general services or the secretary's designee;
(4) the state treasurer or the state treasurer's designee;
(5) the state auditor or the state auditor's designee;
(6) one representative appointed by the council of government organizations within the state; and
(7) six public members appointed by the New Mexico legislative council who shall have experience in any one or more of the following:
(a) the banking and finance industry;
(b) commercial or industrial credit;
(c) private equity, venture capital or mutual fund investments;
(d) commercial real estate development;
(e) engineering, construction and construction management;
(f) organized labor;
(g) urban planning; or
(h) environmentally sustainable construction and development.
C. Members of the board appointed pursuant to Paragraphs (6) and (7) of Subsection B of this section shall serve for staggered terms of six years; provided that the initial term of members appointed pursuant to Paragraph (7) of Subsection B of this section may be for a term of less than six years, as determined by the New Mexico legislative council, to ensure staggered membership of the board. Members of the board shall serve until their successors are appointed. A member of the board appointed pursuant to Paragraph (6) or (7) of Subsection B of this section may be removed from the board by the appointing authority for failure to attend three consecutive meetings or other cause. A vacancy on the board of an appointed member shall be filled by appointment by the original appointing authority for the remainder of the unexpired term of office; provided that a member who is removed pursuant to this section shall be ineligible for reappointment.
D. Members of the board appointed pursuant to Paragraphs (6) and (7) of Subsection B of this section shall:
(1) be governed by the provisions of the Governmental Conduct Act [Chapter 10, Article 16 NMSA 1978]; and
(2) not hold any office or employment in a political party.
E. The members shall select a chair, vice chair and other officers that the board deems necessary, who shall serve a term of two years. The board shall maintain minutes of all meetings of the board, and all meetings shall be held pursuant to the Open Meetings Act [Chapter 10, Article 15 NMSA 1978].
History:
Laws 2022, ch. 57, § 5.
ANNOTATIONS
Effective dates.
— Laws 2022, ch. 57, § 16 made Laws 2022, ch. 57, § 5 effective July 1, 2022.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 34 - Opportunity Enterprise › Section 6-34-6 - Opportunity enterprise review board; powers.

A. The board shall:
(1) meet quarterly and at the call of the chair;
(2) receive executed contracts for enterprise assistance;
(3) recommend to the authority application forms and procedures for approval of enterprise assistance;
(4) develop standards and procedures for the approval of proposed contracts for enterprise assistance;
(5) make recommendations to the authority of potential enterprise development projects;
(6) determine whether the use of enterprise assistance is a prudent expenditure of public funds and report to the legislature annually on that determination; and
(7) make recommendations to the authority of potential rulemaking, application or lending changes to ensure transparent and efficient processes for carrying out the provisions of the Opportunity Enterprise Act.
B. The board and the department shall coordinate to:
(1) provide outreach services to local governments and potential opportunity enterprise partners;
(2) evaluate opportunity enterprise partners and eligible enterprise development projects for suitability for enterprise assistance; and
(3) obtain input and information relevant to carrying out the purposes of the Opportunity Enterprise Act from recipients of enterprise assistance, local governments and local communities.
History:
Laws 2022, ch. 57, § 6.
ANNOTATIONS
Effective dates.
— Laws 2022, ch. 57, § 16 made Laws 2022, ch. 57, § 6 effective July 1, 2022.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 34 - Opportunity Enterprise › Section 6-34-7 - Rulemaking; board.

The board shall adopt rules necessary to carry out the provisions of the Opportunity Enterprise Act to:
A. establish procedures for applying and qualifying for enterprise assistance;
B. establish economic development goals for the state in consultation with the department;
C. govern the application procedures and requirements for enterprise assistance;
D. determine how to select and prioritize applications for enterprise assistance to be funded by the authority; and
E. provide safeguards to protect public money and other public resources subject to the Opportunity Enterprise Act.
History:
Laws 2022, ch. 57, § 7.
ANNOTATIONS
Effective dates.
— Laws 2022, ch. 57, § 16 made Laws 2022, ch. 57, § 7 effective July 1, 2022.