New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 5 - FINANCING APPROVALS › Section 2.61.5.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
A. Section
				6-12A-5
				NMSA 1978 provides that the state treasurer may, with the approval of the
				Board, issue anticipation notes pursuant to the Short-Term Cash Management Act,
				Sections
				6-12A-1 to
				6-12A-15
				NMSA 1978.
B. Section
				6-13-17
				NMSA 1978 provides that state institutions may not issue or sell bonds pursuant
				to the Institutional Bond Act, sections
				6-13-1 to
				6-13-26
				NMSA 1978, until the issue has been approved by the unanimous vote of the
				board.
C. Section
				6-17-3
				NMSA 1978 provides that before a board of regents may issue income-producing
				project revenue bonds, the form of such bonds or other evidence of
				indebtedness, the time for which same shall run and times when payment of
				principal thereof shall be made, which shall be in yearly amounts as to payment
				of principal beginning not later than two years from and after the time when
				such money is borrowed and continuing to the end of the time for which the same
				shall run, and the manner and amount for which same shall be sold, and whether
				to be sold at public or private sale, and the amount which is to be so borrowed
				for each specific purpose, shall be approved by the board.
D. Section
				6-17-9
				NMSA 1978 provides that before the issuance of income-producing project bonds
				under sections
				6-17-1
				to
				6-17-13
				NMSA 1978, except
				6-17-1.1 NMSA 1978,
				or system revenue bonds under section 6-17-14(D) NMSA 1978, the board must
				approve the borrowing of such money and the amount to be borrowed.
E. Sections
				16-6-15 and
				16-6-16
				NMSA 1978 provide that the New Mexico state fair, with the prior approval of
				the board, may issue negotiable bonds, negotiate loans and renegotiate
				loans.
F. Section
				17-1-18 NMSA
				1978 provides that prior to the issuance of bonds by the state game commission,
				the board must approve the purposes stated by the commission and the amount of
				each bond issue.
G. Section
				19-10B-5
				NMSA 1978 provides that the commissioner of public lands may issue revenue
				bonds to provide funds for the design, development, acquisition and
				implementation of the ONGARD system, subject to the approval of the terms,
				covenants and conditions of the bonds by the board.
H. Section 67-3-59.1(F) NMSA 1978 provides
				that the state highway commission may issue bonds to finance state highway
				projects, subject to the limitations contained in the section and subject to
				the approval of the issuance of the bonds and the principal amount and interest
				rate or maximum net effective interest rate on the bonds by the
				board.
I. Section
				16-2-22 NMSA
				1978 provides that whenever the secretary of the energy, minerals and natural
				resources department determines by written order that it is necessary to raise
				funds to provide for developing, operating and maintaining state parks or
				recreation areas, the state parks division of the energy, minerals and natural
				resources department may issue and sell bonds of the state as provided in the
				State Park and Recreation Bond Act, sections
				16-2-20 to
				16-2-29
				NMSA 1978. The purposes for which the bonds are to be issued and the amount of
				each bond issue must be approved by the board before the issuance of the
				bonds.
J. Section
				72-14-13
				NMSA 1978 provides that the interstate stream commission may issue water
				conservation revenue bonds subject to the limitations of that section and
				subject to the approval of the board in accordance with the board's adopted
				policies and procedures on financing approvals.
K. Section
				72-14-36
				NMSA 1978 provides that the interstate stream commission may issue special
				water revenue bonds for the purpose of building, operating and maintaining dams
				on the Canadian river or its tributaries between Conchas dam and the Texas
				border. Pursuant to section
				72-14-42 NMSA
				1978, special water revenue bonds may not be issued and sold until after the
				issue is approved by a majority of the board.
L. Section
				6-18-8.1
				provides that a public body that has issued or proposes to issue bonds may
				enter into contracts to exchange interest rates if the governing body of that
				public issuer finds that such a contract would be in the best interests of that
				public body and if the board reviews and approves the contract and determines,
				in its discretion, that the contract results in a long-term financial benefit
				for the public body.
M. Section
				6-14-3(B) NMSA 1978 provides that a public body may not issue its public
				securities as provided in Section 6-14-3(A) NMSA 1978 at any net effective
				interest rate in excess of twelve percent a year, except for general obligation
				bonds which shall have a net effective interest rate of not more than ten
				percent a year, unless the board, at any time prior to delivery of the public
				securities approves such higher net effective interest rate in writing, based
				upon the determination of the board that the higher rate is reasonable under
				existing or anticipated bond market conditions.