New Mexico Administrative Code

All mortgage loans which are included in any mortgage pass-through security purchased by the council shall contain the following minimum criteria: A. be originated by a qualified mortgage lender; B. be secured by a single family residence; C. be a conventional mortgage; D. have a…

A. A commitment fee or fees shall be established and collected by the authority from each mortgage lender filing an application in such amount or amounts as the authority may deem appropriate. All or a portion of the commitment fee shall be nonrefundable. The commitment fee or fe…

The yield to the severance tax permanent fund on the mortgage pass-through security purchased by the council pursuant to the provisions of the Pass-through Securities Investment Act shall be set from time to time by the council in accordance with the Pass-through Securities Inves…

The council rules and regulations may be amended by the council at any time and from time to time.

These rules and regulations apply to the purchase of the conventional mortgage pass-through certificates in the original amount of up to $87,000,000, reduced by the principal amount of the certificate authorized by and delivered pursuant to the council's rule 84-1 [now 2.60.23 NM…

These council rules and regulations are issued under and pursuant to Section 10 of Chapter 306 of the Laws of 1983 of the state of New Mexico, being Section 7-27-5.3 NMSA 1978, (the "Pass-through Securities Investment Act").

[RESERVED]

[Filed March 28, 1985]

These council rules and regulations are established to effectuate, and shall be applied so as to accomplish, the general purposes of the Pass-through Securities Investment Act and the following specific objectives: A. the expansion of the supply of funds in the state available fo…

The following words and terms as used in these council rules and regulations shall have the following meanings: A. "Application" shall mean an application to sell mortgage loans filed by a mortgage lender with the authority in response to an invitation. B. "Authority" shall mean …

A mortgage lender which desires to participate in the STM program shall meet the following criteria: A. If a commercial bank, its deposits must be insured by FDIC; if a savings institution, its deposits must be insured by FSLIC; and if a credit union, its deposits must be insured…

A. Funds available to the authority by reason of the sale of its mortgage pass-through securities shall be allocated by the authority based upon instructions from the council among eligible mortgage lenders submitting applications. A preference will be given to mortgage lenders w…

State Investment council.

A. Principal Objectives: Based upon the two purpose statements in Section II [now Section 2.60.25.9 NMAC] above, the principal objectives of both funds are: (1) the preservation of capital in real terms, while providing reasonable levels of income distribution to the beneficiarie…

The most important component of investment strategy is the portfolio asset mix, or the resource allocations between the various classes of securities available to the council for investment purposes. A. Current asset allocations and authorization: The council has currently author…

The following general operating policies and procedures will be observed by the council staff in implementing the directives contained in this document. Specific operating procedures for daily investment office activities will be found in the state investment office operations ma…

A. Constitutional and statutory restrictions: The only short term securities purchased are those specifically authorized in the New Mexico statutes. Currently, commercial paper (CP), repurchase agreements (repos), and banker's acceptances (BA) are specifically identified in Secti…

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 mill…

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 a…

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 intend…

[RESERVED]

[RESERVED]

[Permanent.]

[Filed December 13, 1990]

[RESERVED]

[RESERVED]

A. As established by the New Mexico State Constitution and statutes, the New Mexico state investment office (office) manages two permanent trust funds under the directions of the New Mexico state investment council (council) and the state investment officer (SIO). These trust fun…

A. Permanent fund: The purpose of the permanent fundis to hold in trust royalties and other funds received from state lands and to make distributions of income earned on these funds to the common schools and other designated institutions of the state. Since the fund is considered…

State Investment Council.

[RESERVED]

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 …

[Permanent]

[Filed July 12, 1989]

[RESERVED]

[RESERVED]

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 …

A. A corporation which meets the qualifications set forth in Parts I and II [now 2.60.26.3 NMAC and 2.60.26.8 NMAC], above, may request that the state investment council make a purchase of bonds, notes, debentures or other evidence of indebtedness pursuant to Section 7-27-5.4(B) …

State Investment Council.

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 su…

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 c…

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 h…

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 qu…

[RESERVED]

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 e…

[Permanent]

[Filed January 17, 1990]

[RESERVED]

[RESERVED]

A. It is the state investment council's objective in making resources available for the purchase of participations in loans to achieve a yield consistent with the safety and soundness of such investments. With this in mind, the state investment officer may purchase from eligible …

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 comp…