reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 25 - NEW MEXICO STATE INVESTMENT COUNCIL STATEMENT OF INVESTMENT POLICY › Section 2.60.25.14 - EQUITY INVESTMENT

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Constitutional and statutory restrictions:
(1)
				The New Mexico state permanent fund may invest in "common and preferred stocks
				and convertible issues of any corporation organized and operating within the
				United States; provided that it has a minimum net worth of twenty-five million
				dollars ($25,000,000) and securities listed on one or more national stock
				exchanges; and provided further that the fund shall not own more than five
				percent of the voting stock of any company. Common stocks should represent a
				diversified portfolio with an above average current yield and the prospect for
				dividend increases and capital appreciation" (Section
				6-8-9 F. NMSA 1978).
				Such investments are subject also to the restriction that common stocks
				purchased must be those of corporations having a 10 year consecutive dividend
				history at the date of purchase (New Mexico Constitution, Article XII, Section
				7).
(2) Dividend income shall be
				distributed to the permanent fund's beneficiaries but capital gain proceeds
				shall be retained as part of the fund. (Section
				6-8-12 NMSA
				1978).
(3) Commissions paid for the
				purchase and sale of any security shall not exceed brokerage rates prescribed
				and approved by national stock exchanges or by industry practice. (Section
				6-8-9 NMSA
				1978).
(4) Similar statutes apply
				to the severance tax permanent fund and are contained in Section
				7-27-5.1 NMSA 1978. The
				STPF is additionally limited in that common stocks, at the time of purchase,
				may not exceed 20 percent of the book value of the fund.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 25 - NEW MEXICO STATE INVESTMENT COUNCIL STATEMENT OF INVESTMENT POLICY › Section 2.60.25.15 - FIXED INCOME INVESTMENT

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Constitutional and statutory restrictions: The New Mexico Constitution and
				statutes contain numerous provisions to insure the safety of the two funds'
				assets. These provisions include limits on quality, types of securities, and
				total corporate securities. Bonds must be rated at least A in the PF (Section
				6-8-9 NMSA 1978), and at
				least BBB in the STPF (Section
				7-27-5.1 NMSA 1978). No
				more than 50 percent of the funds may be invested in corporate securities (both
				stocks and bonds). The majority of the fixed income portfolios consist of
				government and corporate bonds with very high quality ratings. Both Funds
				currently have an average quality rating of AA+ or better. If any questions
				arise concerning the eligibility of a particular security type for investment,
				an opinion is obtained from the state attorney general's office.
B. Council goals and policies:
(1) The council has adopted the following
				goals for the management of the fixed income portfolios:
(a) preservation of capital through the
				maintenance of a well-diversified portfolios of fixed income investments with
				high credit quality; and
(b)
				maximization of the portfolios' current income.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 25 - NEW MEXICO STATE INVESTMENT COUNCIL STATEMENT OF INVESTMENT POLICY › Section 2.60.25.16 - DIFFERENTIAL RATE INVESTMENT

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Constitutional and statutory restrictions: The severance tax permanent fund may
				be invested in a series of investments that are identified in Section
				7-27-5
				NMSA 1978 as "differential rate" investments. Differential rate (DR)
				investments are defined as those investments intended to stimulate the economy
				of New Mexico. DR investments are authorized in Sections
				7-27-5.2 through
				7-27-5.5,
				7-27-5.7, and
				7-27-5.13
				through
				7-27-5.17
				NMSA 1978. As a permanent trust fund and in accordance with Section
				6-8-7
				NMSA 1978, differential rate investments, as with all investments of the fund,
				are subject to the prudent man rule and must provide reasonable diversification
				and reasonable yield.
B. Council
				goals and policies:
(1) The council has
				adopted the following goals for the management of the differential rate
				portfolio:
(a) to insure that credit quality
				is maintained and risk is minimized;
(b) to maintain a diversified portfolio of
				investments that are distributed among the various programs and throughout the
				state and its economic sectors;
(c)
				to stimulate the economy of New Mexico on a continuing basis;
(d) to expand business activity in the
				state;
(e) to promote the creation
				and preservation of jobs; and
(f)
				to provide a reasonable yield.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 26 - GUIDELINES FOR NEW MEXICO BUSINESS INVESTMENTS IN BONDS › Section 2.60.26.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Pursuant to Section 7-27-5.4(B) NMSA 1978 no more than ten
				  percent of the book value of the severance tax permanent fund may be invested
				  in bonds, notes, debentures or other evidence of indebtedness, excluding
				  commercial paper, rated not less than BAA or Bbb or the equivalent or
				  guaranteed by an irrevocable letter of credit to the state of New Mexico issued
				  by a financial institution or corporation rated A or the equivalent by a
				  national rating service of any corporation organized and operating within the
				  United States, excluding regulated public utility corporations, which, as a
				  condition of receiving the proceeds of such evidence of indebtness, will use
				  such proceeds to establish or expand business outlets or ventures in New
				  Mexico, provided that:
A. the
				investment in the bonds, notes or debentures or other evidence of indebtedness
				of any one corporation shall not exceed one hundred percent of the cost of the
				expansion venture or new outlet, or twenty million dollars ($20,000,000),
				whichever is less;
B. the rate of
				interest to be paid on the bonds, notes or debentures or other evidence of
				indebtedness shall be equivalent to the yield available on United States
				treasury issues of a comparable maturity plus fifty to one hundred basis
				points;
C. the indebtedness shall
				be approved prior to purchase by the council.
D. the guidelines for initiation of the
				purchase by the council of the bonds, notes, debentures or other evidence of
				indebtedness and the terms thereof will be established by the
				council.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 26 - GUIDELINES FOR NEW MEXICO BUSINESS INVESTMENTS IN BONDS › Section 2.60.26.8 - INVESTMENT MANAGEMENT POLICY

Current through Register Vol. 35, No. 13, July 16, 2024
The terms and conditions of each particular financing
				  situation will be approved by the council prior to the purchase of the bond,
				  note, debenture or other evidence. In particular the council must
				  approve:
A. the maturity of investment
				which shall not exceed twenty years;
B. the rate of interest to be paid on the
				indebtedness which shall be set at the equivalent to the yield available on
				U.S. treasury notes or bonds of a comparable maturity plus fifty to one hundred
				basis points, after taking into account the credit rating and credit history of
				the borrower, the terms of any letter of credit, call and put provisions of the
				bonds and any other terms or conditions which effect the creditworthiness
				and/or value of the investment;
C.
				the terms of any letter of credit used to secure an investment which must be
				irrevocable, unconditional, payable to the New Mexico state investment council
				and extend for the life of the investment or if renewable during the term of
				the investment contain provisions allowing the council to draw the letter of
				credit for the outstanding unpaid principal balance of the indebtedness upon
				receiving notice at least 60 days prior to expiration that the letter of credit
				will not be renewed; and
D. the
				conditions of each investment which may include call protection for five or
				more years and if the indebtedness is a rated issue include provisions allowing
				the council to put the investment back to the borrower, if a minimum rating of
				BAA or the equivalent cannot be maintained.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 27 - INVESTMENT POLICY AND GUIDELINES ON PARTICIPATION LOANS SECTION 7-25-5.1 MARKET RATE INVESTMENTS › Section 2.60.27.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
State Investment Council.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 27 - INVESTMENT POLICY AND GUIDELINES ON PARTICIPATION LOANS SECTION 7-25-5.1 MARKET RATE INVESTMENTS › Section 2.60.27.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
[RESERVED]
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 27 - INVESTMENT POLICY AND GUIDELINES ON PARTICIPATION LOANS SECTION 7-25-5.1 MARKET RATE INVESTMENTS › Section 2.60.27.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Pursuant to Section
				  7-27-5.1 A NMSA 1978
				  Subparagraph 10, the severance tax permanent fund may be invested in
				  participation interests in New Mexico real property-related business loans if
				  the proceeds of such loans will be or are being used by the borrower to either
				  commence or expand operations in New Mexico. The loans purchased may be in
				  amounts from five hundred thousand to two million dollars. The minimum loan
				  amount may be met by the packaging of up to five separate loans which otherwise
				  meet the requirements of the program.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 27 - INVESTMENT POLICY AND GUIDELINES ON PARTICIPATION LOANS SECTION 7-25-5.1 MARKET RATE INVESTMENTS › Section 2.60.27.4 - DURATION

Current through Register Vol. 35, No. 13, July 16, 2024
[Permanent]
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 27 - INVESTMENT POLICY AND GUIDELINES ON PARTICIPATION LOANS SECTION 7-25-5.1 MARKET RATE INVESTMENTS › Section 2.60.27.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
[Filed January 17, 1990]
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 27 - INVESTMENT POLICY AND GUIDELINES ON PARTICIPATION LOANS SECTION 7-25-5.1 MARKET RATE INVESTMENTS › Section 2.60.27.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
[RESERVED]
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 27 - INVESTMENT POLICY AND GUIDELINES ON PARTICIPATION LOANS SECTION 7-25-5.1 MARKET RATE INVESTMENTS › Section 2.60.27.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
[RESERVED]
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 27 - INVESTMENT POLICY AND GUIDELINES ON PARTICIPATION LOANS SECTION 7-25-5.1 MARKET RATE INVESTMENTS › Section 2.60.27.9 - UNDERWRITING GUIDELINES ON LOAN PARTICIPATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
The selling institution shall provide copies of the necessary
				  documentation, so that the state investment officer can perform an independent
				  analysis of the credit quality of the obligation to be purchased, document the
				  obligation, thoroughly analyze collateral, and maintain complete and current
				  credit information on the borrower throughout the term of the loan. The
				  decision of the state investment officer as to whether or not a loan
				  participation should be purchased shall be final.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 27 - INVESTMENT POLICY AND GUIDELINES ON PARTICIPATION LOANS SECTION 7-25-5.1 MARKET RATE INVESTMENTS › Section 2.60.27.10 - LOAN DOCUMENTATION REQUIRED PRIOR TO COMMITMENT

Current through Register Vol. 35, No. 13, July 16, 2024
A. Formal loan request or loan application,
				stating purpose, description of collateral offered, terms and
				conditions.
B. Copies of financial
				statements, income statements and balance sheets covering the latest 3 fiscal
				years; If not available audited proforma statements may be substituted for all
				but the most recent fiscal year.
C.
				A current credit bureau report on borrower(s), plus a credit history on current
				obligations for all borrowings outstanding, including accrual status, and the
				status of principal and interest payments.
D. Appraisal on the real estate by an MAI or
				other qualified, approved appraisers. Appraisal should include an evaluation of
				other comparable properties.
E.
				Copies of loan agreements that have been negotiated between the selling
				institution and the borrower.
F.
				Liquidity ratios, and other ratios if available from selling institutions,
				which indicate that the business will be able to meet maturing and current
				obligations. The preferred ratios would be quick ratios and current
				ratios.
G. Cash flow projections
				indicating the borrower has adequate revenues to satisfactorily operate the
				business and to service the loan.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 27 - INVESTMENT POLICY AND GUIDELINES ON PARTICIPATION LOANS SECTION 7-25-5.1 MARKET RATE INVESTMENTS › Section 2.60.27.11 - FINAL DOCUMENTS BEFORE CLOSING

Current through Register Vol. 35, No. 13, July 16, 2024
A. Commitment by the state investment council
				stating all terms, conditions, final required documents, servicing fees and
				period of commitment.
B. Original
				participation agreement signed by purchaser and seller on the standard form
				approved by the Attorney General.
C. Certified copy of the original executed
				note and mortgage filed within the county where property is located.
D. Title insurance policy showing the loan to
				be first in priority upon the mortgaged property with the exception of items
				normally excluded from the scope of such policies.
E. Evidence of fire and hazard insurance
				coverage on the mortgaged premises, in an amount equal to the lesser of the
				loan balance or the insurable value on the improvements, with a loss payable
				clause in favor of the originating institution, plus flood insurance, where the
				premises are located in a flood hazard area.
F. Survey by a registered land surveyor
				verifying that the property is actually located where it is proported to be,
				and that the improvements do not encroach on adjoining property.
G. Corporate resolution designating an
				individual to sign for the corporation authorized by its' board of
				directors.
H. Quarterly financial
				statements, income statements and balance sheets for the latest twelve month
				fiscal period preceding the loan date and an annual financial statement for the
				most recent fiscal year. A certification from the originating financial
				institution that they have reviewed the financial statements, income statements
				and balance sheet and that to the best of their knowledge the statements are an
				accurate representation of the borrower's financial condition.
I. Copies of documentation showing compliance
				with applicable special State and Federal laws or regulations governing the
				borrower's business.
J. Continuing
				guarantees on closely held corporations to prevent transfer of assets from the
				corporation to avoid debt repayment. The need for personal guarantees shall be
				determined upon the recommendation of the selling institution consistent with
				their standard loan requirements.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 27 - INVESTMENT POLICY AND GUIDELINES ON PARTICIPATION LOANS SECTION 7-25-5.1 MARKET RATE INVESTMENTS › Section 2.60.27.12 - GENERAL DEFINITIONS, INTERPRETATIONS AND LOAN CHECKLIST

Current through Register Vol. 35, No. 13, July 16, 2024
A. APPRAISALS: An
				objective appraisal is necessary to document the value of the collateral. Care
				is required to be sure the appraisal is objective, and reasonably reflects true
				market values.
B. TITLE POLICY:
				Title companies' primary business is insuring that security interests have been
				correctly perfected and that there exists no prior ownership interests. The
				title company guarantees that there will be no losses due to prior claims on
				the property. The exception clause to the property title should be read
				carefully. A title company may issue what appears to be a perfectly good title
				policy, but if it contains many exceptions in reality the title is not insured
				at all.
C. SECURITY AGREEMENTS: A
				security agreement is a legal document that outlines the secured party's right
				to non-real property not in the physical possession of the secured party. The
				security agreement must be used with at least one other document to perfect a
				collateral position. Usually the other document is a financing
				statement.
D. FINANCING STATEMENTS:
				A financing statement never stands alone. There must always be a security
				agreement backing the financing statement. The financing statement legally
				notifies all potential creditors of a secured party's position.
E. ASSIGNMENT OF A SECURED INTEREST: The
				secured party may assign all or part of their security interest in the
				collateral either before or after filing the financing statement. However, to
				be effective against persons other than the secured party, the assignment
				should be made a matter of record.
(1) If the
				assignment is made before filing, the financing statement may disclose the
				amount of the security interest in the collateral described in the statement by
				an indication in the statement of the name and address of the assignee, or by
				including the assignment itself, or a copy thereof, on the face or back of the
				statement.
(2) If the assignment
				occurs after filing, and it is made a matter of record by the filing, in the
				place where the original financing statement was filed, of a separate written
				statement of assignment signed by the secured party of record and the debtor,
				the file number and the date of filing of the financing statement, the name and
				address of the assignee, and a description of the collateral assigned must be
				included.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 27 - INVESTMENT POLICY AND GUIDELINES ON PARTICIPATION LOANS SECTION 7-25-5.1 MARKET RATE INVESTMENTS › Section 2.60.27.13 - RATIO ANALYSIS

Current through Register Vol. 35, No. 13, July 16, 2024
Ratios are mainly indicators and as such should not be
				  accepted nor used as absolute measurements. They are useful in pointing up
				  areas of strength and weakness in statements. Many ratios are purely
				  quantitative by nature and should not in any way be interpreted as measures of
				  quality. A series of ratios over several periods of time is useful in pointing
				  out trends in financing and operations. Ratios computed for any given company
				  should be compared to industry ratios. If available, all significant variations
				  should be investigated and explained. The following are basic ratios:
A. QUICK RATIO:
(1) Method of computation: The total of cash,
				short-term marketable securities and net receivables for the company is divided
				by the total of current liabilities.
(2) Result: The ratio measures short-term
				liquidity available to meet current debt.
(3) Principle: Also known as the acid test or
				liquidity ratio, it is of particular benefit to short-term creditors, as it
				expresses the extent to which cash and those assets most readily convertible
				into cash can meet the demands of current liabilities. Any value of less than 1
				to 1 implies a reciprocal "dependency" on inventory or other current assets to
				liquidate short term debts.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 28 - GUIDELINES FOR ACCEPTABLE COLLATERAL UNDER SECTION 7-27-5.2(B) › Section 2.60.28.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
[Filed January 13, 1988]
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 28 - GUIDELINES FOR ACCEPTABLE COLLATERAL UNDER SECTION 7-27-5.2(B) › Section 2.60.28.8 - GUIDELINES FOR ACCEPTABLE COLLATERAL UNDER SECTION 7-27-5.2(B)

Current through Register Vol. 35, No. 13, July 16, 2024
[repealed] The following associated items shall be delivered
				  to the state's custodian to qualify a promissory note secured by a first
				  mortgage as acceptable collateral for deposits of the severance tax permanent
				  fund made pursuant to Section 7-25-5.2(B) NMSA 1978 [repealed]:
A. original promissory note, evidencing first
				lien;
B. original
				mortgage;
C. copy of title
				insurance policy;
D. copy of hazard
				insurance policy current at time collateral is pledged
E. insurance (by F.H.A. or V.A. or a private
				mortgage insurance company authorized to do business in the state of New
				Mexico) against default by a mortgagor whose outstanding principal balance is
				in excess of 80 percent of the appraised valuation or sales price
F. endorsement by pledg or financial
				institution of the promissory note to the state;
G. properly executed and recorded assignment
				of mortgage to the state;
H. copy
				of the original, signed appraisal associated with each endorsed promissory
				note;
I. In addition, substitutions
				shall be required for any mortgage that becomes 60 days delinquent.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 29 - COLLATERAL POLICY FOR NEW MEXICO BANKS › Section 2.60.29.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  7-27-5.2 [repealed], and
				  including but not limited to, Sections
				  6-10-10,
				  6-10-16,
				  6-10-17,
				  6-10-18,
				  6-10-20,
				  6-10-24.1,
				  6-10-29
				  and
				  6-10-35
				  NMSA 1978.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 29 - COLLATERAL POLICY FOR NEW MEXICO BANKS › Section 2.60.29.8 - COLLATERAL POLICY FOR NEW MEXICO BANKS

Current through Register Vol. 35, No. 13, July 16, 2024
A. In the exercise of its authority under
				Sections
				7-27-5.2 [repealed], and
				including but not limited to, Sections
				6-10-10,
				6-10-16,
				6-10-17,
				6-10-18,
				6-10-20,
				6-10-24.1,
				6-10-29
				and
				6-10-35
				NMSA 1978, the state investment council (the "council") desires to minimize
				potential risks to existing and future bank deposits of severance tax permanent
				funds under its authority. As a first step towards achieving this objective, it
				hereby directs the state investment officer to conduct a risk assessment of
				banks holding deposits of severance tax permanent fund monies under the
				council's authority. The risk-assessment will include a determination of each
				bank's primary capital to asset ratio, its net operating income/total average
				assets and its non-performing loans/primary capital. If a bank's primary
				capital to asset ratio is 6 percent or greater, its net operating income/total
				average asset is .61 percent or greater and its non-performing loans/primary
				capital is 34.9 percent or less, then the bank shall be required to maintain
				collateral at the minimum level set forth in Section
				7-27-5.2 [repealed] or
				6-10-17
				NMSA 1978, as applicable. If a bank does not meet these three qualifications
				for a minimum level of collateral under Section
				7-27-5.2 [repealed] or
				6-10-17,
				the state investment officer is hereby directed to cease making any additional
				deposits of public money into the bank and to withdraw deposits as provided
				herein, unless the bank provides increased levels of collateral in accordance
				with the schedule set forth below.
B. The investment officer shall request
				increased collateral from any bank which holds a deposit of public money within
				the council's authority and does not meet the qualifications set forth above
				for a minimum level of collateral under Section
				7-27-5.2 [repealed] or
				6-10-17
				in accordance with the following schedule:
(1)
				If a bank's primary capital to asset ratio (as defined by the FDIC) is:
(a) 5 percent to 6 percent...... a bank shall
				be required to maintain collateral in the form of securities with an aggregate
				market value equal to 75 percent of the amount of the deposit, or mortgages
				with an aggregate market value equal to 90 percent of the amount of the
				deposit;
(b) less than 5
				percent..... a bank shall be required to maintain collateral in the form of
				securities with an aggregate market value equal to 100 percent of the amount of
				the deposit, or mortgages with an aggregate market value equal to 110 percent
				of the amount of the deposit.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 30 - COLLATERAL POLICY FOR NEW MEXICO SAVINGS AND LOAN ASSOCIATIONS › Section 2.60.30.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  7-27-5.2 [repealed], and
				  including but not limited to, Sections
				  6-10-10,
				  6-10-16,
				  6-10-17,
				  6-10-18,
				  6-10-20,
				  6-10-24.1,
				  6-10-29
				  and
				  6-10-35
				  NMSA 1978.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS › Part 32 - COMPLIANCE RULES › Section 2.60.32.8 - COMPLIANCE RULES

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				compliance rules set forth below are only applicable to purchase, sale, and
				short sale of (i.e., trades in) certain securities and securities-oriented
				options and warrants (derivatives). Compliance with these rules is required of
				all employees of the state investment office, including the state investment
				officer. All employees of the state investment office will be required to sign
				a statement attesting to their having read and understood the compliance rules
				and will at all times adhere to them. Such statements must be signed within ten
				working days of adoption of these rules or within ten working days of the start
				of an employment period, whichever is applicable. Failure to do so may be
				deemed cause for dismissal from employment.
B. The state investment officer shall appoint
				an employee of the state investment office to serve as compliance officer. The
				compliance officer shall monitor trading activities of all state investment
				office employees for adherence to the compliance rules. The compliance officer
				shall immediately report, in writing, to the state investment officer any
				infraction of the compliance rules. Such infraction may be deemed cause for
				dismissal from employment.
C. The
				compliance officer shall maintain a restricted list of company names. A
				company's name shall be added to the restricted list immediately upon:
(1) recommendation by a state investment
				office employee for inclusion of that company name on the state investment
				office securities buy/sell list; or
(2) recommendation by the advisor(s) to the
				state investment office for inclusion of that company name on the state
				investment office securities buy/sell list.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 3 - DEDICATION OF A PORTION OF THE STATE'S GROSS RECEIPTS TAX INCREMENT › Section 2.61.3.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
State Board of Finance, 181 Bataan Memorial Building, Santa
				  Fe, NM.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 3 - DEDICATION OF A PORTION OF THE STATE'S GROSS RECEIPTS TAX INCREMENT › Section 2.61.3.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
Tax increment development districts formed pursuant to the
				  Tax Increment for Development Act with respect to the state's dedication of a
				  portion of its gross receipts tax increment.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 3 - DEDICATION OF A PORTION OF THE STATE'S GROSS RECEIPTS TAX INCREMENT › Section 2.61.3.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section 5-15-2(A) NMSA 1978 states that the purpose of the
				  Tax Increment for Development Act is to create a mechanism for providing gross
				  receipts tax financing and property tax financing for public infrastructure for
				  the purpose of supporting economic development and job creation. Section
				  5-15-15(F) NMSA 1978 provides that the state board of finance, upon review of
				  the applicable tax increment development plan, may find that dedication of a
				  portion of the gross receipts tax increment for the purpose of securing gross
				  receipts tax increment bonds is reasonable and in the best interest of the
				  state and that the use of the state gross receipts tax is likely to stimulate
				  the creation of jobs, economic opportunities and general revenue for the state
				  through the addition of new businesses to the state and the expansion of
				  existing businesses within the state. Section 5-15-15(F) NMSA 1978 limits the
				  dedication to not more than seventy-five percent (75%) of the gross receipts
				  tax increment attributable to the imposition of the state gross receipts tax
				  within the district. Section
				  5-15-25.2
				  NMSA 1978 states that the state board of finance may approve the revision of
				  the base year used to determine a district's gross receipts tax increment once
				  during the lifetime of the district, if the revised year is a calendar year
				  that is completed, if no gross receipts tax increment bonds attributable to the
				  district have been issued, if there is no unresolved objection to the revision
				  by the developer or by a local government that has dedicated a tax increment to
				  the district, and upon a finding that the revision is reasonable and in the
				  best interest of the state.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 3 - DEDICATION OF A PORTION OF THE STATE'S GROSS RECEIPTS TAX INCREMENT › Section 2.61.3.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
October 15, 2008, unless a later date is cited at the end of
				  a section.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 3 - DEDICATION OF A PORTION OF THE STATE'S GROSS RECEIPTS TAX INCREMENT › Section 2.61.3.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
To establish rules and regulations governing the dedication
				  of a portion of the state's gross receipts tax increment provided for by the
				  Tax Increment for Development Act (Sections
				  5-15-1 through
				  5-15-28 NMSA
				  1978); to provide guidance as to board evaluation of district requests by
				  defining terms setting forth the bases upon which the required findings are to
				  be made, and outlining the methodological framework to be used; to set forth
				  procedures for submittals of applications for a dedication; and to establish
				  reporting requirements.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 3 - DEDICATION OF A PORTION OF THE STATE'S GROSS RECEIPTS TAX INCREMENT › Section 2.61.3.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Act" means the
				Tax Increment for Development Act, NMSA 1978, Sections
				5-15-1 through
				5-15-28(2006), as it may be amended.
B. "Application" means the submittal by the
				district, or, if the district is not yet formed, the owners of at least fifty
				percent (50%) of real property located within the boundaries of the area
				proposed for inclusion within the district, containing the information and
				materials required by this rule seeking a dedication by the board of a portion
				of the state's increment or approval of a revised base year.
C. "Base gross receipts taxes" means:
(1) the total amount of gross receipts taxes
				collected within a district, as estimated by the governing body that adopted a
				resolution to form that district, in consultation with the taxation and revenue
				department, in the calendar year preceding the formation of the district or, in
				the case of a district with a revised base year approved by the board, the
				calendar year approved by the board, when an area is added to an existing
				district, the amount of gross receipts taxes collected in the calendar year
				preceding the effective date of the modification of the tax increment
				development plan and designated by the governing body to be available as part
				of the gross receipts tax increment; and
(2) any amount of gross receipts taxes that
				would have been collected in such year if any applicable additional gross
				receipts taxes imposed after that year had been imposed in that year.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 3 - DEDICATION OF A PORTION OF THE STATE'S GROSS RECEIPTS TAX INCREMENT › Section 2.61.3.8 - BASES FOR DEDICATION OF A PORTION OF THE STATE'S INCREMENT AND REVISION OF BASE YEAR

Current through Register Vol. 35, No. 13, July 16, 2024
In determining whether it can make the findings required for
				  dedication of up to seventy-five percent (75%) of the state's increment and
				  what percentage of the state's increment may be dedicated or for approval of
				  the revision of a district's base year the board will:
A. evaluate whether the project can occur in
				substantially the same form if the state's increment is not obtained or, in the
				case of a request for approval of a revised base year, if the base year is not
				revised;
B. determine that the
				following additional criteria are met:
(1) the
				project is expected to have a positive net revenue impact on the state general
				fund over a period of time approximately equal to the life of the bonds when
				calculated as described in this rule;
(2) the project is expected to generate new
				jobs and economic opportunities;
(3) the project incorporates adequate
				planning and resource allocation for workforce housing and schools;
(4) the portion of the state's increment
				requested is reasonable and fully justified by the analysis; and
(5) the developer has a proven record for
				success with similar developments; and
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 3 - DEDICATION OF A PORTION OF THE STATE'S GROSS RECEIPTS TAX INCREMENT › Section 2.61.3.10 - REPORTING REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Within
				fourteen (14) business days after a district issues any bonds, the district
				shall advise the board by letter of the date of issuance, the interest rate,
				and the total aggregate amount of each issue.
B. On or before June 1 of each year following
				the issuance of the bonds until bonds are fully defeased, a district that has
				received a dedication of a portion of the state's increment shall provide to
				the board employment reports, as available, setting forth in reasonable detail
				the numbers and types of jobs created within the district on a full-time
				equivalent basis during the preceding twelve (12) month period and the
				availability of workforce housing.
C. Within thirty (30) days of submitting any
				report or data required by the governing body, the New Mexico finance
				authority, the legislature, or any legislative committee, the district shall
				transmit copies of these reports or data to the board and the economic analysis
				unit of the department of finance and administration.
D. By November 1 of each year, a district
				that has an unexpired dedication of a portion of the state's gross receipts tax
				increment will submit a written report describing updates on the district,
				including but not limited to any changes to the plan that have occurred since
				board approval of the dedication of a portion of the state's increment,
				information on the infrastructure build-out, jobs created, employers, revenues
				and expenses, total debt outstanding, a status report of the district's
				achievements with respect to public facilities and community benefits, such as
				the provision of schools and workforce housing in the district, and any other
				information the applicant believes may be useful for the board.
E. A district must report any substantive
				changes to the plan to the board that occur after the dedication of a portion
				of the state's increment.
F.
				Subsections A through E of 2.61.3.10 NMAC apply to all districts that have
				received the state's gross receipts tax increment since the adoption of the Tax
				Increment for Finance Act in 2006 until the district is dissolved or the
				board's approval of the increment has expired.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 4 - DISTRIBUTION OF PRIVATE ACTIVITY BOND ALLOCATIONS › Section 2.61.4.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
State Board of Finance, 181 Bataan Memorial Building, Santa
				  Fe, New Mexico.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 4 - DISTRIBUTION OF PRIVATE ACTIVITY BOND ALLOCATIONS › Section 2.61.4.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  6-20-1 through
				  6-20-11
				  NMSA 1978 (Act).
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 4 - DISTRIBUTION OF PRIVATE ACTIVITY BOND ALLOCATIONS › Section 2.61.4.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
November 29, 1997 unless a different date is cited at the end
				  of a section or paragraph and applies to all private activity bonds issued
				  after this date.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 4 - DISTRIBUTION OF PRIVATE ACTIVITY BOND ALLOCATIONS › Section 2.61.4.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
To establish rules and regulations governing the distribution
				  of allocations of private activity bonds provided for by the Private Activity
				  Bond Act (Sections
				  6-20-1 through
				  6-20-11
				  NMSA 1978).
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 4 - DISTRIBUTION OF PRIVATE ACTIVITY BOND ALLOCATIONS › Section 2.61.4.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Allocation"
				means an allocation of the state ceiling issued by the board to an issuing
				authority to issue private activity bonds.
B. "Board" means the state board of
				finance.
C. "Bond counsel" means an
				attorney or a firm of attorneys listed in the most recently available
				"directory of municipal bond dealers of the United States", published by the
				bond buyer and commonly known as the "red book", in the section listing
				municipal bond attorneys of the United States or the successor publication
				thereto.
D. "Code" means the
				internal revenue code of 1986, as amended.
E. "Issuing authority" means the state, state
				agencies, counties and incorporated municipalities.
F. "Mortgage credit certificate election"
				means an election pursuant to Section 25(c)(2)(A)(ii) of the code, by an
				issuing authority not to issue qualified mortgage bonds which the issuing
				authority is otherwise authorized to issue, in exchange for the authority under
				Section 25 of the code to issue mortgage credit certificates in connection with
				a qualified mortgage credit certificate within the meaning of Section 25(c)(2)
				of the code.
G. "Private activity
				bond" means any bond or other obligation which is a qualified bond under
				Section 141 of the code which is not excluded by Section 146(g),(h) and (i) of
				the code, or a bond or other obligation issued under Section 1312 or 1313 of
				the Tax Reform Act of 1986; and the private activity portion of government use
				bonds allocated by an issuing authority to an issue under Section 141(b)(5) of
				the code.
H. "State agency" means
				the New Mexico finance authority, the New Mexico educational assistance
				foundation, the New Mexico mortgage finance authority and any other agency,
				authority, instrumentality, corporation or body, now existing or hereafter
				created, which under state law can issue private activity bonds on behalf of
				the state.
I. "State ceiling"
				means, for any calendar year, the amount as provided by Section 146(d) of the
				code.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 4 - DISTRIBUTION OF PRIVATE ACTIVITY BOND ALLOCATIONS › Section 2.61.4.9 - PRIVATE ACTIVITY BOND FEES CHARGED

Current through Register Vol. 35, No. 13, July 16, 2024
The act provides, in Section
				  6-20-11
				  C
NMSA 1978, that the board may 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 deposited into a
				  suspense account and after a determination has been made that the allocation
				  has been used for the intended purpose, the board may direct the staff to
				  refund in whole or in part the allocation deposit without interest. Otherwise,
				  the allocation deposit shall be deposited in the general fund.
A. All fees shall be paid by bank cashier's
				check, certified check, money order, or by wire transfer in US funds.
B. An issuing authority will be required to
				pay an application fee, an allocation deposit, and an extension fee. The board
				shall charge the following fees:
(1)
				application fee for allocations valued at $15,000,000.00 or less:
				$750.00
(2) application fee for
				allocations valued at an amount greater than $15,000,000.00 and up to
				$30,000,000.00: $1,500.00
(3)
				application fee for allocations valued at an amount greater than
				$30,000,000.00: $3,000.00
(4)
				allocation deposit: $250.00 per million allocated
(5) extension fee: $750.00 if
				approved
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 5 - FINANCING APPROVALS › Section 2.61.5.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
Any financing which, by law, requires board of finance
				  approval and agreements to exchange interest rate cash flows or to limit
				  exposure which, by law, require board of finance approval.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 5 - FINANCING APPROVALS › Section 2.61.5.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule provides general guidance regarding the financial
				  and legal requirements for board approval of certain bond issues and exchange
				  agreements as required by state statute. The rule is intended to benefit the
				  state and its agencies and political subdivisions in their financing policies.
				  Board approval of a proposed bond issue or exchange agreement is not intended
				  to protect investors and does not evidence the soundness of any investment.
				  Board approval is based solely on information provided by the issuing authority
				  or public body. The board has no duty to independently investigate, and does
				  not independently investigate, the merits and risks involved in the financing,
				  although it may require review and analysis by its advisors, under the terms
				  and conditions set forth in Section 2.61.5.16 of this rule, whenever it deems
				  such review and analysis advisable.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 5 - FINANCING APPROVALS › Section 2.61.5.8 - FINANCING PLAN FOR ANTICIPATION NOTES

Current through Register Vol. 35, No. 13, July 16, 2024
A. In order to obtain approval of the
				issuance of anticipation notes, the board will require the state treasurer to
				prepare a financing plan for presentation to the board at a meeting of the
				board prior to the sale of the anticipation notes. The financing plan for
				anticipation notes shall address the following:
(1) Anticipation notes
(a) Debt structure and terms
(i) Maturity date of proposed
				issue.
(ii) Estimated interest rate
				on proposed bonds including true-interest-cost and coupon.
(iii) Table showing, for the applicable
				fiscal year, total future debt payments by;
(1) new issue,
(2) outstanding issues, and
(3) total debt payments (new and outstanding
				issues).
(iv) Estimated
				terms and conditions of bonds including covenant and call provisions, if
				applicable.
(v) Bond insurance or
				other credit enhancement costs and benefits, if applicable.
(vi) Maximum principal amount and the maximum
				interest rate allowed for bond sale.
(vii) Type of investments of proceeds, if
				applicable, the procedure to be used in selecting and purchasing the
				investments and representation that investment contracts will be competitively
				bid with documentation of the bidding process with at least three bona fide
				independent bidders.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 5 - FINANCING APPROVALS › Section 2.61.5.9 - FINANCING PLAN FOR STATE INSTITUTION BONDS

Current through Register Vol. 35, No. 13, July 16, 2024
A. In order to obtain approval of the
				issuance of state institution bonds, the board will require the issuing
				authority to prepare a financing plan for presentation to the board at a
				meeting of the board prior to the sale of the state institution bonds. The
				financing plan for state institution bonds shall address the following:
(1) Capital program
(a) Use of bond proceeds, including
				individual type and cost of capital projects that bond proceeds will be used
				for.
(b) Need for capital project
				in relation to agency or institution's long-term strategic plan.