reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 20 - Private Activity Bonds › Section 6-20-5 - Request for allocation.

A request for allocation may be submitted to the board at any time and shall consist of the following:
A. a letter from the issuing authority or, in the case of a project, a letter from bond counsel for the issuing authority or the user stating the amount of the state ceiling requested in dollars;
B. in the case of a project, a copy of the inducement resolution, certified by an official of the issuing authority, and a statement of bond counsel for the issuing authority or the user that the bonds to be issued are private activity bonds;
C. with respect to a request submitted on or after July 1 in any calendar year, in the case of a project, a project plan containing the following, if applicable:
(1) a description of the project and its specific location;
(2) the estimated number of jobs, both construction and permanent, that can be filled by persons who are residents of the state at the time of submission of the request for allocation;
(3) the current use or conditions of the project site;
(4) the maximum amount of the bonds to be issued;
(5) a proposed starting date and estimated completion date of the construction project;
(6) information relating to the feasibility of the proposed project, showing that the project will generate revenues and cash flow sufficient to make payments under the lease or installment sale agreement;
(7) the amount and source of private capital that will be used for the project in addition to bond financing;
(8) conceptual site plans for the project and a map locating the project area;
(9) in the case of qualified residential rental projects, so-called multifamily housing, an explanation of why the housing needs of individuals whose income will make them eligible under Section 142(d) of the code are not being met by existing multifamily housing;
(10) any other information that the user believes will aid the board in considering the request for allocation; and
(11) any other information specifically requested by the board;
D. in the case of a project, a commitment letter from the proposed purchaser or underwriter of the bonds;
E. in the case of a mortgage credit certificate election, a letter from the issuing authority stating that a qualified mortgage credit certificate program has been adopted by the issuing authority; and
F. such applicable application, allocation and extension fees as are required by rule of the board.
History:
Laws 1988, ch. 46, § 5; 2005, ch. 153, § 1.
ANNOTATIONS
Compiler's notes.
— The phrase "Section 142(d) of the code" means 26 U.S.C.S. § 142(d).
See
6-20-2 NMSA 1978.
The 2005 amendment,
effective June 17, 2005, added Subsection F to provide that a request for allocation shall include the applicable fees required by rule of the board.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 20 - Private Activity Bonds › Section 6-20-6 - Allocation.

After considering a request for allocation, the board may within a reasonable time, as determined by the board, issue an allocation; provided, however, that an allocation requested by an issuing authority pursuant to Subsection A or B of Section 3 [6-20-3 NMSA 1978] of the Private Activity Bond Act shall be issued by the board within a reasonable time after a request for allocation is submitted to the board. An allocation shall state the amount, in dollars, of the state ceiling allocated, and shall state the allocation expiration date.
History:
Laws 1988, ch. 46, § 6.
ANNOTATIONS
Applicability.
— Laws 1988, ch. 46, § 12, effective March 4, 1988, makes the Private Activity Bond Act effective retroactive to January 1, 1988, and applicable to all private activity bonds issued after that date.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 20 - Private Activity Bonds › Section 6-20-7 - Carryforward election allocations.

An issuing authority may submit to the board a request for carryforward election allocation with respect to private activity bonds proposed to be issued to finance bonds for a specified carryforward purpose. The date for submission of such requests shall be established by the board annually. A separate request must be submitted for each carryforward purpose, except that a request for carryforward election allocation with respect to qualified student loan bonds or qualified mortgage bonds may cover all proposed issuances of student loan bonds and qualified mortgage bonds. Not later than December 26 of a calendar year or the next business day if December 26 is a holiday, the board shall issue carryforward election allocations in amounts determined by the board, to the extent that sufficient amounts are available in the state private activity bond fund and the requirements of the Private Activity Bond Act are satisfied. A request for carryforward election allocation shall contain the same information and materials required to be included in a request for allocation.
History:
Laws 1988, ch. 46, § 7.
ANNOTATIONS
Applicability.
— Laws 1988, ch. 46, § 12, effective March 4, 1988, makes the Private Activity Bond Act effective retroactive to January 1, 1988, and applicable to all private activity bonds issued after that date.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 20 - Private Activity Bonds › Section 6-20-8 - Confirmation of issuance of private activity bonds and mortgage credit certificate election.

Within seven business days after an issuing authority issues any private activity bonds or makes a mortgage credit certificate election, the issuing authority or, in the case of a project, bond counsel for the issuing authority or the user, shall advise the board by letter of the date the bonds were issued and the total aggregate amount of the issue or, in the case of a mortgage credit certificate election, the date and the amount of the election.
History:
Laws 1988, ch. 46, § 8.
ANNOTATIONS
Applicability.
— Laws 1988, ch. 46, § 12, effective March 4, 1988, makes the Private Activity Bond Act effective retroactive to January 1, 1988, and applicable to all private activity bonds issued after that date.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 20 - Private Activity Bonds › Section 6-20-9 - Assignments of allocations and carryforward election allocations.

Allocations and carryforward election allocations are not assignable by an issuing authority.
History:
Laws 1988, ch. 46, § 9.
ANNOTATIONS
Applicability.
— Laws 1988, ch. 46, § 12, effective March 4, 1988, makes the Private Activity Bond Act effective retroactive to January 1, 1988, and applicable to all private activity bonds issued after that date.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 20 - Private Activity Bonds › Section 6-20-10 - Extensions.

The allocation expiration date may be extended by the board for each allocation; provided, however, that the allocation expiration date for any allocation shall automatically be extended for thirty days with respect to that part of the allocation used by an issuing authority for private activity bonds which have been sold but not issued on or before the allocation expiration date.
History:
Laws 1988, ch. 46, § 10.
ANNOTATIONS
Applicability.
— Laws 1988, ch. 46, § 12, effective March 4, 1988, makes the Private Activity Bond Act effective retroactive to January 1, 1988, and applicable to all private activity bonds issued after that date.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 20 - Private Activity Bonds › Section 6-20-11 - Administrative duties of the board.

The board:
A. shall maintain the official state records pertaining to the state ceiling, requests for allocation submitted, requests for carryforward election allocations submitted, allocations issued, carryforward election allocations issued, confirmations submitted and any other records required for administration of the Private Activity Bond Act;
B. may issue, on behalf of the governor, any certification required by the code or the regulations setting forth information concerning the state ceiling and Section 146 of the code; and
C. may, by rule, require a reasonable application fee, allocation deposit and extension fee to be paid by the issuing authority. Application and extension fees collected by the board shall be deposited in the general fund. Allocation deposits shall be held by the board in a liability suspense account and after a determination has been made by the board that the allocation has been used for the intended purpose, may, at the discretion of the board, be refunded in whole or in part to the applicant. Otherwise, the allocation deposit shall be deposited in the general fund.
History:
Laws 1988, ch. 46, § 11; 2005, ch. 153, § 2.
ANNOTATIONS
Compiler's notes.
— The phrase "Section 146 of the code" means 26 U.S.C.S. § 146.
See
6-20-2 NMSA 1978.
The 2005 amendment,
effective June 17, 2005, added Subsection C to require the board to require by rule for application and extension fees and an allocation deposit; to require that fees be deposited in the general fund and that allocation deposits be held in a liability suspense fund which may be refunded to the applicant when the board determines that the allocation has been used for its intended purpose.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-1 - Short title.

Chapter 6, Article 21 NMSA 1978 may be cited as the "New Mexico Finance Authority Act".
History:
Laws 1992, ch. 61, § 1; 2003, ch. 325, § 1.
ANNOTATIONS
Compiler's notes.
— The New Mexico Finance Authority Act, enacted by Laws 1992, ch. 61, is compiled as 6-21-1 to 6-21-5, 6-21-6, 6-21-7 to 6-21-31 NMSA 1978.
The 2003 amendment,
effective June 20, 2003, substituted "Chapter 6, Article 21 NMSA 1978" for "Sections 1 through 29 of this act".
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-2 - Legislative findings; declaration of purpose.

A. The legislature finds that:
(1) there are necessary state and local capital improvement and infrastructure needs that cannot be met with existing capital financing methods and funding sources;
(2) there is no coordinating entity or process for accomplishing long-term state and local capital planning, needs assessment or inventory of needs; setting priorities; and making more effective use of existing capital financing methods and funding sources;
(3) the uncertain nature of revenues available from the proceeds of severance tax bonds and other state and local revenues have frustrated state and local government efforts to finance needed state and local capital projects; and
(4) in order to meet public capital and infrastructure needs, a central state mechanism to coordinate the planning and financing of public projects is necessary.
B. It is the purpose of the New Mexico Finance Authority Act to create a governmental instrumentality to coordinate the planning and financing of state and local public projects, to provide for long-term planning and assessment of state and local capital needs and to improve cooperation among the executive and legislative branches of state government and local governments in financing public projects.
C. It is the further purpose of the New Mexico Finance Authority Act to provide financing for public projects in a manner that will not impair the capacity of the public project revolving fund to provide future financing to qualified entities for public projects. Funding shall not be provided from the public project revolving fund unless revenues in an amount sufficient to avoid a negative impact on the financing capacity of the public project revolving fund are contemporaneously pledged or dedicated for deposit to the public project revolving fund. Pursuant to Section 6-21-6.1 NMSA 1978, the authority may provide funding from the public project revolving fund for the purposes of the Wastewater Facility Construction Loan Act [Chapter 74, Article 6A NMSA 1978], the Rural Infrastructure Act [Chapter 75, Article 1 NMSA 1978], the Solid Waste Act [74-9-1 to 74-9-42 NMSA 1978] or the Drinking Water State Revolving Loan Fund Act [6-21A-1 to 6-21A-9 NMSA 1978].
History:
Laws 1992, ch. 61, § 2; 2000, ch. 80, § 1.
ANNOTATIONS
The 2000 amendment,
effective March 7, 2000, added Subsection C.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-5.1 - Bonds for county correctional facility loans.

The authority may issue bonds for a county to design, construct, equip, furnish and otherwise improve a county correctional facility pursuant to the County Correctional Facility Gross Receipts Tax Act only after a majority of the qualified electors of the county has voted to allow the county to impose a county correctional facility gross receipts tax in the amount needed to repay bonds issued by the authority for the purpose of designing, constructing, equipping, furnishing and otherwise improving a county correctional facility.
History:
Laws 1998, ch. 65, § 1; 2019, ch. 212, § 208.
ANNOTATIONS
The 2019 amendment,
effective April 3, 2019, deleted "registered" preceding "qualified electors".
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-5.2 - Report to legislature; authorizing instrument; delegation of authority for public securities issuances.

By September 30 of each year, the authority shall report to the New Mexico finance authority oversight committee about the authority's public securities issuances, completed in the prior twelve months, that involved a delegation of authority through an authorizing instrument pursuant to Section 2 [6-14-10.2 NMSA 1978] of this 2017 act.
History:
Laws 2017, ch. 120, § 3.
ANNOTATIONS
Effective dates.
— Laws 2017, ch. 120, § 4 made Laws 2017, ch. 120, § 3 effective July 1, 2017.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-6.2 - Expired.

History:
Laws 1999, ch. 4, § 2; 2002, ch. 52, § 1.
ANNOTATIONS
Expired provisions.
— The provisions of 6-21-6.2 NMSA 1978, as enacted by Laws 1999, ch. 4, § 2, relating to the public project revolving fund and emergency public projects, expired on June 30, 2005. For provisions of the former section,
see
the 2019 NMSA on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-6.4 - Local government planning fund; creation; administration; purposes.

A. The "local government planning fund" is created within the authority and shall be administered by the authority. The authority shall adopt rules necessary to administer the fund.
B. The following shall be deposited directly into the local government planning fund:
(1) the net proceeds from the sale of bonds issued pursuant to the provisions of Section 6-21-6.1 NMSA 1978 for the purposes of the local government planning fund and payable from the public project revolving fund;
(2) money appropriated by the legislature to implement the provisions of this section; and
(3) any other public or private money dedicated to the fund.
C. Money in the local government planning fund is appropriated to the authority to make grants to qualified entities; to evaluate and to estimate the costs of implementing the most feasible alternatives for infrastructure, water and wastewater public project needs or to develop water conservation plans, long-term master plans, economic development plans or energy audits; and to pay the administrative costs of the local government planning program.
D. The authority shall adopt rules governing the terms and conditions of grants made from the local government planning fund.
E. The authority may make grants from the local government planning fund to qualified entities without specific authorization by law for each grant.
History:
Laws 2002, ch. 26, § 2; 2005, ch. 180, § 1; 2012, ch. 49, § 1.
ANNOTATIONS
The 2012 amendment,
effective March 6, 2012, expanded the purpose of the local government planning fund to include infrastructure and energy audits; removed the requirement that certain grants be repaid; in Subsection C, after "feasible alternatives for", deleted "meeting" and added "infrastructure" and after "economic development plans", added "or energy audits"; and in Subsection D, deleted the former second sentence, which provided that the qualified entity had to agree to reimburse the fund when financing from any other source was received by the qualified entity.
Appropriations.
— Laws 2012, ch. 49, § 2, effective March 6, 2012, appropriated $2,000,000 from the public project revolving fund to the local government planning fund for expenditure in fiscal year 2012 and subsequent fiscal years to fund local government planning for water or wastewater system development, economic development or long-term water management and water conservation strategies.
The 2005 amendment,
effective July 1, 2005, changed the name of the "water and wastewater planning fund" to the "local government planning fund"; provided in Subsection C that money in the fund is appropriated for grants to evaluate and estimate the costs to develop water conservation plans, long-term master plans or economic development plans; and provided in Subsection D that the qualified entity must agree to reimburse the fund when financing from any source other than the authority is received by the entity.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-6.5 - New Mexico finance authority revenue bonds; purposes.

The New Mexico finance authority may issue and sell revenue bonds payable from the public project revolving fund in compliance with the New Mexico Finance Authority Act in installments or at any one time in an amount not to exceed one million dollars ($1,000,000), the net proceeds of which shall be deposited in the water and wastewater planning fund and used for the purposes of the fund.
History:
Laws 2002, ch. 26, § 3.
ANNOTATIONS
Emergency clauses.
— Laws 2002, ch. 26, § 4 contained an emergency clause and was approved March 4, 2002.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-6.6 - Repealed.

History:
Laws 2003, ch. 325, § 3; repealed by Laws 2006, ch. 65, § 4.
ANNOTATIONS
Repeals.
— Laws 2006, ch. 65, § 4, repealed 6-21-6.6 NMSA 1978, as enacted by 2003, ch. 325, § 3, relating to authorization for urgent economic development public projects, effective June 30, 2009. For provisions of former section,
see
the 2005 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-6.9 - Local transportation project revenue bonds; issuance.

A. The authority may issue and sell local transportation project revenue bonds in compliance with the New Mexico Finance Authority Act in an amount outstanding at any one time of not more than twenty million dollars ($20,000,000) payable from the local transportation infrastructure fund. The bonds may be issued at times and on terms established by the authority.
B. The net proceeds from the sale of local transportation project revenue bonds are appropriated to the local transportation infrastructure fund for local transportation projects described in Section 6-21-6.8 NMSA 1978.
C. As security for the payment of the principal, interest or premium, if any, on local transportation project revenue bonds issued by the authority, the authority is authorized to pledge, transfer and assign:
(1) any obligation that is payable to the authority for deposit into the local transportation infrastructure fund;
(2) money in the local transportation infrastructure fund or a subaccount of that fund; and
(3) one-half of the annual administrative fee received by the authority for issuing state transportation bonds pursuant to Sections 67-3-59.3 and 67-3-59.4 NMSA 1978.
D. All local transportation project revenue bonds issued by the authority shall be obligations of the authority payable solely from the revenues, income and money of the authority deposited into the local transportation infrastructure fund. The bonds shall not create an obligation, debt or liability of the state and no breach of any pledge, obligation or agreement of the authority shall impose a pecuniary liability or charge upon the general credit or taxing power of the state or any political subdivision of the state.
E. Any law authorizing or affecting the imposition or distribution of the annual administrative fee received by the authority for issuing state transportation revenue bonds pursuant to Sections 67-3-59.3 and 67-3-59.4 NMSA 1978 or that affects the annual administrative fee shall not be amended, repealed or otherwise directly or indirectly modified so as to impair or reduce debt service coverage for any outstanding local transportation project revenue bonds that may be secured by a pledge of those annual administrative fee revenues, unless the local transportation project revenue bonds have been discharged in full or provisions have been made for a full discharge.
F. The authority may purchase local transportation project revenue bonds with money in the public project revolving fund pursuant to the provisions of Section 6-21-6 NMSA 1978.
History:
Laws 2005, ch. 262, § 2.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 262 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 17, 2005, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-6.11 - Rural county cancer treatment fund created; purpose; appropriation.

The "rural county cancer treatment fund" is created in the New Mexico finance authority. The fund is composed of appropriations, donations, distributions pursuant to Section 7-1-6.11 NMSA 1978 and money earned from investment of the fund and otherwise accruing to the fund. Money in the fund is appropriated to the New Mexico finance authority to provide a revenue stream to finance the design, construction, equipping and furnishing of additions and improvements to cancer treatment facilities in class B counties. Balances remaining in the fund at the end of a fiscal year shall not revert. The New Mexico finance authority shall administer the fund, and money from the fund may be drawn only on warrants signed by the executive director of the New Mexico finance authority pursuant to vouchers signed by the chief financial officer or the officer's authorized representative.
History:
Laws 2006, ch. 89, § 4; 2013, ch. 14, § 2.
ANNOTATIONS
The 2013 amendment,
effective June 14, 2013, authorized the use of funds to finance the design, equipping and furnishing of additions and improvements to cancer treatment facilities in class B counties; in the third sentence, after "to finance the", added "design" and after "construction", deleted "of" and added "equipping and furnishing of additions and improvements"; and in the fifth the sentence, after "pursuant to vouchers signed by the", deleted "executive director" and added "chief financial officer or the officer's authorized representative".
Bond authorization.
— Laws 2013, ch. 14, § 1, effective June 14, 2013, amended Laws 2006, ch. 89, § 1, as amended by Laws 2007, ch. 215, § 1, to authorize the New Mexico finance authority to issue revenue bonds for the regional cancer treatment center at the Gila regional medical center in Grant county and the Nor-Lea General Hospital in Lea county.
Laws 2008, ch. 60, § 1, effective May 14, 2008, amended Laws 2006, ch. 89, § 1, as amended by Laws 2007, ch. 215, § 1, to authorize the New Mexico finance authority to issue additional revenue bonds for the regional cancer treatment center at the Nor-Lea General Hospital in Lea county.
Laws 2007, ch. 215, § 1, amended laws 2006, ch. 89, §1, to increase the authorization to sell revenue bonds for the cancer treatment center at the Gila regional medical center from $2,500,000 to $3,000,000.
Laws 2006, ch. 89, §1, effective May 17, 2006, authorized the New Mexico finance authority to issue and sell revenue bonds for the propose of designing, constructing, equipping and furnishing additions and improvements to a regional cancer treatment center at the Gila regional medical center in Grant county and subsequently rural cancer treatment facilities in class B counties.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-6.13 - Metropolitan court bond guarantee fund.

A. The "metropolitan court bond guarantee fund" is created in the authority. The fund is comprised of appropriations, donations, transfers pursuant to Section 3-18-17 NMSA 1978 and money earned from investment of the fund and otherwise accruing to the fund. Money in the fund is appropriated to the authority as a credit enhancement to the distributions from the court facilities fund in order to guarantee and secure the payment of principal, interest, premiums and expenses on bonds issued pursuant to Section 34-9-16 NMSA 1978 and Laws 2000, Chapter 5, Section 2. Balances remaining in the fund at the end of a fiscal year shall not revert. The authority shall administer the fund, and money from the fund may be drawn only on warrants signed by the chief executive officer of the authority pursuant to vouchers signed by the chief executive officer.
B. Before each due date for payments of principal, interest, premiums or expenses on bonds issued pursuant to Section 34-9-16 NMSA 1978 and Laws 2000, Chapter 5, Section 2, the authority shall determine if the distributions from the court facilities fund will be sufficient to meet the amount due. If the authority determines that distributions from the court facilities fund are not sufficient to meet the total amount due, any insufficient amount shall be paid immediately from the metropolitan court bond guarantee fund. After each due date for a payment on the bonds, the authority shall determine the amount necessary to reserve in the metropolitan court bond guarantee fund as security for future payments and transfer any balance, above the amount reserved, to the traffic safety bureau of the department of transportation. The amounts transferred are appropriated to the bureau for expenditure on statewide efforts to prevent or reduce incidents of driving while intoxicated.
C. Upon payment of all principal, interest, premiums and expenses on bonds guaranteed and secured by amounts in the metropolitan court bond guarantee fund, the authority shall certify to the administrative office of the courts that all obligations for bonds have been fully discharged. Upon the certification, the director of the administrative office of the courts shall cease transferring amounts to the metropolitan court bond guarantee fund and transfer those amounts to the traffic safety bureau of the department of transportation. Such amounts are appropriated to the bureau for the purposes specified in Subsection B of this section.
History:
Laws 2008, ch. 91, § 2.
ANNOTATIONS
Temporary provisions.
— Laws 2008, ch. 91, § 3 provided that the provisions of Laws 2008, ch. 91 apply prospectively to all municipal ordinances enacted before or after July 1, 2008.
Effective dates.
— Laws 2008, ch. 91, § 4 made this section effective July 1, 2008.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-7 - Public project finance program; duties of authority.

The authority has the following duties:
A. to develop and administer a program to assist qualified entities individually or jointly in financing public projects;
B. to establish a process and procedures for review and assessment of public project needs in the state and report to the New Mexico finance authority oversight committee, the legislature and the governor the authority's public project financing and repayment agreement recommendations; and
C. to cooperate with and exchange services and information with any federal, state or local governmental agency.
History:
Laws 1992, ch. 61, § 7.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-9 - Public project financing; powers of qualified entities.

A qualified entity may:
A. obligate itself to pay to the authority at periodic intervals a sum sufficient to pay all or part of debt service or other obligation, including fees and other charges imposed by the authority with respect to bonds issued by the authority to fund a public project, and to make such payments to the authority for deposit in the fund or account designated by the authority;
B. fulfill any obligation to pay the authority by the issuance of bonds in accordance with the laws authorizing such issuance by the qualified entity; provided that notwithstanding the provisions of any law to the contrary, such bonds may be sold at private sale to the authority at the price and upon the terms and conditions the qualified entity shall determine;
C. levy, collect and pay to the authority and obligate itself to continue to levy, collect and pay to the authority the proceeds from one or more sources of funds or revenues, including but not limited to charges, licenses, permits, taxes, user or other fees, special assessments or other funds or revenue available to the qualified entity, in accordance with the laws authorizing imposition or levy thereof by the qualified entity;
D. undertake and obligate itself to pay its contractual obligation to the authority solely from the proceeds from any of the sources specified in Subsection C of this section or, in accordance with the laws authorizing issuance of bonds by a qualified entity, impose upon itself a general obligation to impose a property tax to pay bonds held by the authority which may be additionally secured by a pledge of any of the sources specified in Subsection C of this section; provided, however, that any general obligation involving property tax revenues is subject to applicable constitutional debt requirements;
E. lease buildings, facilities and other real and personal property from the authority; and
F. enter into agreements, perform acts and delegate functions and duties that the qualified entity determines are necessary or desirable to enable the authority to assist the qualified entity in financing a public project.
History:
Laws 1992, ch. 61, § 9; 2001, ch. 294, § 5.
ANNOTATIONS
The 2001 amendment,
effective April 5, 2001, added Subsection E and redesignated the subsequent subsection.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-10 - Purchases in name of authority; documentation.

A. All tangible and intangible property, real and personal property and securities purchased, held or owned at any time by the authority shall at all times be purchased and held in the name of the authority or may be mortgaged, assigned or otherwise encumbered as security for the repayment of bonds issued by the authority.
B. All securities purchased at any time by the authority, upon delivery to the authority, shall be accompanied by all documentation required by the authority and shall include an approving opinion of recognized bond counsel and certification and guarantee of signatures and disclosure of any pending litigation.
History:
Laws 1992, ch. 61, § 10; 2001, ch. 294, § 6; 2010, ch. 16, § 1.
ANNOTATIONS
The 2010 amendment,
effective May 19, 2010, in Subsection B, after "certification and guarantee of signatures", deleted "and certification as to no litigation pending as of the date of delivery of the securities challenging the validity or issuance of such securities" and added "and disclosure of any pending litigation".
The 2001 amendment,
effective April 5, 2001, in Subsection A, added "tangible and intangible property, real and personal property and" near the beginning of the subsection, and the language beginning "or may be mortgaged" to the end of the subsection.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-12 - Bonds; authorization for issuance; terms and conditions.

A. Bonds of the authority shall be authorized by resolution of the authority and may be issued in one or more series. The bonds shall bear the dates, be in the form, be issued in the denominations, have terms and maturities, bear interest at rates and be payable and evidenced in the manner and times as the resolution of the authority or the trust agreement securing the bonds provides. The bonds may be redeemed with or without premiums prior to maturity, may be ranked or assigned priority status and may contain provisions not inconsistent with this subsection.
B. The bonds issued by the authority may be sold at any time at private or public sale at prices agreed upon by the authority.
C. Bonds may be issued pursuant to the New Mexico Finance Authority Act without obtaining the consent of any agency of the state and without any other proceeding or condition other than the proceedings or conditions specified in that act.
D. The bonds issued by the authority are negotiable instruments for all purposes of the Uniform Commercial Code [Chapter 55 NMSA 1978], subject only to the provisions of the bonds for registrations.
E. Any resolution for the issuance of bonds shall provide that each bond authorized shall recite that it is issued by the authority. The recital shall clearly state that the bonds are in full compliance with all of the provisions of the New Mexico Finance Authority Act.
History:
Laws 1992, ch. 61, § 12.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-13 - Bonds secured by trust indenture.

The bonds may be secured by a trust indenture between the authority and a corporate trustee which 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 money. The authority may provide by the trust indenture for the payment of the proceeds of the bonds and the revenue to the trustee under the trust indenture or other depository for disbursement with such safeguards as the authority determines are necessary.
History:
Laws 1992, ch. 61, § 13.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-14 - Publication of notice; validation; limitation of action.

A. After adoption of a resolution authorizing issuance of bonds, the authority shall publish notice of the adoption of the resolution once in a newspaper of general statewide circulation.
B. After the passage of thirty days from the publication required by Subsection A of this section, any action attacking the validity of the proceedings had or taken by the authority preliminary to and in the authorization and issuance of the bonds described in the notice is perpetually barred.
History:
Laws 1992, ch. 61, § 14.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-15 - Refunding bonds.

The authority is authorized to issue its bonds for the purpose of refunding any bonds then outstanding, including the payment of any redemption premiums thereon and any interest accrued or to accrue to the date of redemption of the outstanding bonds. Until the proceeds of the bonds issued for the purpose of refunding outstanding bonds are applied to the purchase or retirement of the outstanding bonds or the redemption of the outstanding bonds, the proceeds may be placed in escrow and be invested and reinvested. The interest, income and profits, if any, earned or realized on any such investment may, in the discretion of the authority, also be applied to the payment of the outstanding bonds to be refunded by purchase, retirement or redemption, as the case may be. After the terms of the escrow have been fully satisfied and carried out, any balance of such proceeds and interest, if any, earned or realized on the investments thereof may be returned to the authority for use by it in any lawful manner. All such bonds shall be issued and secured and shall be subject to the provisions of the New Mexico Finance Authority Act in the same manner and to the same extent as any other bonds issued pursuant to the New Mexico Finance Authority Act.
History:
Laws 1992, ch. 61, § 15.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-16 - Bond anticipation notes.

The authority is authorized to issue negotiable bond anticipation notes and may renew the same from time to time, but the maximum maturity of such notes, including renewals of such notes, shall not exceed ten years from the date of issue of the original notes. The notes shall be payable from any money of the authority available for them and not otherwise pledged from loans to or securities issued by a qualified entity or from the proceeds of sale of the bonds of the authority, the state or a qualified entity in anticipation of which such notes were issued. The notes may be issued for any purpose of the authority. All such notes shall be issued and secured and shall be subject to the provisions of the New Mexico Finance Authority Act in the same manner and to the same extent as bonds issued pursuant to the New Mexico Finance Authority Act.
History:
Laws 1992, ch. 61, § 16; 1995, ch. 141, § 18.
ANNOTATIONS
The 1995 amendment,
effective April 5, 1995, inserted "from loans to or securities issued by a qualified entity" and inserted "the state or a qualified entity" in the second sentence.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-17 - Remedies of bondholders.

Any holder of bonds issued pursuant to the New Mexico Finance Authority Act or a trustee under a trust indenture entered into pursuant to that act, except to the extent that his rights are restricted by any bond resolution or trust indenture authorized pursuant to the 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 or trust indenture authorized pursuant to the bond resolution. Such rights include the right to compel the performance of all duties of the authority required by the New Mexico Finance Authority Act or the bond resolution and to enjoin unlawful activities.
History:
Laws 1992, ch. 61, § 17.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-18 - Agreement of the state.

The state does hereby pledge to and agree with the holders of any bonds or notes issued under the New Mexico 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 those holders until the 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 those 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 the bonds or notes.
History:
Laws 1992, ch. 61, § 18.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-19 - Bonds; legal investments for public officers and fiduciaries.

The bonds issued under the authority of the New Mexico Finance Authority Act shall be legal investments in which all insurance companies, banks and savings and loan associations organized under the laws of the state, public officers and public bodies and all administrators, guardians, executors, trustees and other fiduciaries may properly and legally invest funds.
History:
Laws 1992, ch. 61, § 19.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-20 - 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 proposed projects or facilities pursuant to the New Mexico Finance Authority Act, 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 New Mexico Finance Authority Act. The state covenants with the purchasers and all subsequent holders and transferees of bonds issued by the authority, in consideration of the acceptance of and payment for the bonds, that the bonds issued pursuant to that act and the income from the bonds 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 1992, ch. 61, § 20.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-21 - Money of the authority; expenses; audit; annual report.

A. All money of the authority, except as otherwise authorized or provided in the New Mexico Finance Authority Act or in a bond resolution, trust indenture or other instrument under which bonds are issued, shall be deposited as soon as practical in a separate account or accounts in banks or trust companies organized under the laws of this state. All deposits of money shall be secured, if required by the authority, in such a manner as the authority determines to be prudent. Banks or trust companies are authorized to give security for deposits of the authority.
B. Subject to the provisions of any contract with bondholders, the authority shall prescribe a system of accounts.
C. Money held by the authority that is not needed for immediate disbursement, including any funds held in reserve, may be deposited with the state treasurer for short-term investment pursuant to Section 6-10-10.1 NMSA 1978 or may be invested in direct and general obligations of or obligations fully and unconditionally guaranteed by the United States, obligations issued by agencies of the United States, obligations of this state or any political subdivision of the state, interest-bearing time deposits, commercial paper issued by corporations organized and operating within the United States and rated "prime" quality by a national rating service, other investments permitted by Section 6-10-10 NMSA 1978 or as otherwise provided by the trust indenture or bond resolution, if the funds are pledged for or secure payment of bonds issued by the authority.
D. The authority shall have an audit of its books and accounts made at least once each year by the state auditor or by a certified public accounting firm whose proposal has been reviewed and approved by the state auditor. The cost of the audit shall be an expense of the authority. Copies of the audit shall be submitted to the governor and the New Mexico finance authority oversight committee and made available to the public.
E. The authority shall submit a report of its activities to the governor and to the legislature not later than December 1 of each year. Each report shall set forth a complete operating and financial statement covering its operations for that year.
History:
Laws 1992, ch. 61, § 21; 1995, ch. 141, § 19; 1996, ch. 28, § 2.
ANNOTATIONS
The 1996 amendment,
effective March 4, 1996, substituted "other investments permitted by Section 6-10-10 NMSA 1978" for "prime bankers' acceptances issued by money center" in Subsection C.
The 1995 amendment,
effective April 5, 1995, inserted "interest-bearing time deposits, commercial paper issued by corporations organized and operating within the United States and rated 'prime' quality by a national rating service, prime bankers' acceptances issued by money center" in Subsection C.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-22 - 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 has bonds or other obligations outstanding, unless adequate provision has been made for the payment of such obligations. 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 1992, ch. 61, § 22.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-23 - Prohibited actions.

The authority shall not:
A. lend money or make a grant other than to a qualified entity;
B. purchase securities other than from a qualified entity or other than for investment as provided in the New Mexico Finance Authority Act;
C. lease a public project to any entity other than a qualified entity; except that the authority may lease a public project to any entity following termination of a lease of the public project to a qualified entity if leasing the public project to an entity other than a qualified entity is necessary to avoid forfeiture or impairment of the public project or a default on bonds whose payment is secured, in whole or in part, by the public project or by lease rentals from the public project;
D. deal in securities within the meaning of or subject to any securities law, securities exchange law or securities dealers law of the United States or of the state or of any other state or jurisdiction, domestic or foreign, except as authorized in the New Mexico Finance Authority Act;
E. issue bills of credit or accept deposits of money for time on demand deposit or administer trusts or engage in any form or manner, or in the conduct of, any private or commercial banking business, or act as a savings bank or savings and loan association or any other kind of financial institution except as authorized in the New Mexico Finance Authority Act;
F. engage in any form of private or commercial banking business except as authorized in the New Mexico Finance Authority Act;
G. lend money, issue bonds, including public-private partnership project bonds, or make a grant for the promotion of gaming or a gaming enterprise or for development of infrastructure for a gaming facility; or
H. after December 31, 2005, except in case of an emergency, accept an application for financial assistance from a municipality, county or other covered entity for a water or wastewater project unless it is submitted with a water conservation plan or a water conservation plan is on file with the state engineer in accordance with the provisions of Section 3 [72-14-3.2 NMSA 1978] of this 2003 act.
History:
Laws 1992, ch. 61, § 23; 1995, ch. 141, § 20; 1996, ch. 75, § 2; 2001, ch. 294, § 8; 2003, ch. 138, § 4.
ANNOTATIONS
The 2003 amendment,
effective June 20, 2003, added Subsection H.
The 2001 amendment,
effective April 5, 2001, added the exception to Subsection C.
The 1996 amendment,
effective March 5, 1996, added Subsection G and made a stylistic change.
The 1995 amendment,
effective April 5, 1995, inserted "except as authorized in the New Mexico Finance Authority Act" in Subsections E and F.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-24 - Conflicts of interest; penalty.

A. If any member, officer or employee of the authority has an interest, either direct or indirect, in any contract to which the authority is or is to be a party, such interest shall be disclosed to the authority in writing and shall be set forth in the minutes of the authority. The member, officer or employee having such interest shall not participate in any action by the authority with respect to such contract.
B. Any person who has a conflict of interest as defined in this section and participates in any transaction involving such conflict of interest or fails to notify the authority of such conflict is guilty of a misdemeanor and upon conviction shall be sentenced to imprisonment in the county jail for a definite term of less than one year or to the payment of a fine of not more than one thousand dollars ($1,000), or to both.
History:
Laws 1992, ch. 61, § 24.