Chapter 58 — Chapter 58

All projects and facilities shall be subject to any applicable master plan, official map, zoning regulation, building code, ordinance and other laws and regulations governing land use or planning or construction of the municipality or county in which the project or facility is or…

A. The authority may from time to time issue its bonds and notes in such principal amounts as, in the opinion of the board, shall be necessary to provide sufficient funds for achieving the corporate purposes thereof, the payment of interest on bonds and notes of the authority, th…

If and to the extent deemed necessary by the authority to comply with the provisions of Section 103(k) of the Internal Revenue Code of 1954, the authority shall hold public hearings in connection with the issuance of bonds or notes and shall obtain the written approval of the gov…

Any holder of bonds or notes issued pursuant to the Industrial and Agricultural Finance Authority Act or a trustee under a trust agreement or trust indenture entered into pursuant to that act, except to the extent that his rights are restricted by any bond resolution, may protect…

notes. The bonds, notes and other obligations of the authority shall not be a debt of the state or of any county or municipality, and neither the state nor any county or municipality shall be liable thereon. History: Laws 1983, ch. 300, § 14.

The state does hereby pledge to and agree with the holders of any bonds or notes issued under the Industrial and Agricultural 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 th…

and fiduciaries. The bonds and notes of the authority are hereby made securities in which all insurance companies and associations and other persons carrying on insurance business, all banks, bank and trust companies, trust companies, private banks, savings banks, savings and loa…

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 the economy, and that these purposes are public purposes and the authority will be…

Neither the members of the board nor any person acting in its behalf, while acting within the scope of their authority, shall be subject to any personal liability resulting from carrying out any of the powers given in the Industrial and Agricultural Finance Authority Act. History…

All state officers and all state agencies may render such services to the authority within their respective functions as may be requested by the authority. History: Laws 1983, ch. 300, § 19.

A. The legislature hereby finds and declares that: (1) the high cost and lack of availability of industrial loans for small- and medium-sized businesses make it difficult for many of these industrial and agricultural enterprises in New Mexico to hold or increase their present emp…

Any action or proceeding to which the authority or the people of the state may be a party in which any question arises as to the validity of the Industrial and Agricultural Finance Authority Act shall be preferred over all other civil cases in all courts of the state and shall be…

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 shall have bonds, notes and other obligations outstanding, unless adequate provision has been made for the payment thereof. Upon …

A. If any member, officer or employee of the board shall have an interest, either direct or indirect, in any contract to which the authority is or is to be a party or in any lender requesting a loan from or offering to sell loans to the authority, such interest shall be disclosed…

The foregoing sections [58-24-1 to 58-24-22 NMSA 1978] of the Industrial and Agricultural Finance Authority Act shall be deemed to provide an additional and alternative method for the doing of things authorized thereby and shall be regarded as supplemental and additional to power…

The Industrial and Agricultural Finance Authority Act, being necessary for the welfare of the state and its inhabitants, shall be liberally construed to effect the purposes thereof. History: Laws 1983, ch. 300, § 27.

As used in the Industrial and Agricultural Finance Authority Act: A. "authority" means the New Mexico industrial and agricultural finance authority created by the Industrial and Agricultural Finance Authority Act; B. "board" means the board of directors of the authority; C. "bond…

compensation. A. There is created a public body politic and corporate to be known as the "New Mexico industrial and agricultural finance authority." The authority is hereby constituted a public instrumentality, and the exercise by the authority of the powers conferred by the Indu…

The authority shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of the Industrial and Agricultural Finance Authority Act, including, but without limiting the generality of the foregoing, the power: A. to sue and be sued; B. …

A. The authority may: (1) make, and undertake commitments to make, lender loans and project loans under terms and conditions requiring the proceeds thereof to be used to finance an industrial, commercial or agricultural project or facility. Project loan commitments and project lo…

A. The authority may combine for the purposes of a single offering of bonds more than one project. B. The authority shall inform a sponsor of a project or facility in appropriate cases of available federal programs to guarantee or otherwise assist in financing certain types of ac…

A. Subject to prior review by an interim committee designated by the New Mexico legislative council, the board shall adopt and may from time to time modify or repeal rules and regulations: (1) for determining criteria for the classification and setting of priorities of commercial…

The authority may not issue bonds until the board has determined that: A. the funds available in the private banking system in the state for project loans are inadequate to meet the demand; and B. the issuance of the bonds will alleviate such inadequacy. History: Laws 1983, ch. 3…

A. A financial institution may provide a written employment reference in response to the request of another financial institution for that information if a copy of that reference is mailed to the last known address of the applicant for employment. A financial institution shall no…

This act [58-26-1 to 58-26-8 NMSA 1978] may be cited as the "Interstate Depository Institutions Act". History: Laws 1988, ch. 5, § 1.

The purpose of the Interstate Depository Institutions Act is to attract capital to New Mexico through interstate acquisitions and mergers of financial institutions to enhance economic development for the benefit of all New Mexicans. At the same time, the legislature encourages an…

As used in the Interstate Depository Institutions Act: A. "bank" means: (1) an insured bank as defined in Section 3(h) of the Federal Deposit Insurance Act; or (2) any institution that is eligible to make application to become an insured bank pursuant to Section 5 of the Federal …

Notwithstanding the provisions of Section 58-5-11 NMSA 1978 restricting interstate acquisition: A. interstate acquisitions of domestic depository institutions that are savings institutions or domestic holding companies whose subsidiary depository institutions are savings institut…

At least ninety days prior to any interstate acquisition permitted by the Interstate Depository Institutions Act, the out-of-state depository institution or out-of-state holding company seeking to make an interstate acquisition shall file a notice of intent to make an interstate …

Until July 1, 1992, no out-of-state depository institution or out-of-state holding company may form a new depository institution in New Mexico. After July 1, 1992, an out-of-state depository institution or out-of-state holding company may form a new depository institution in New …

Nothing contained in the Interstate Depository Institutions Act shall be construed to alter, amend or otherwise affect the powers and duties of the director as established by law. History: Laws 1988, ch. 5, § 7.

Nothing in the Interstate Depository Institutions Act shall be construed to modify or repeal the financial institution branching laws of this state or the provisions of Section 58-5-11 NMSA 1978. History: Laws 1988, ch. 5, § 8. ARTICLE 27 Border Development

Chapter 58, Article 27 NMSA 1978 may be cited as the "Border Development Act". History: Laws 1991, ch. 131, § 1; 2009, ch. 44, § 1.

A. The authority shall: (1) advise the governor and the governor's staff and the New Mexico finance authority oversight committee on methods, proposals, programs and initiatives involving the New Mexico-Chihuahua border area that may further stimulate the border economy and provi…

ANNOTATIONS Repeals. — Laws 2003, ch. 123, § 7 repeals 58-27-11 NMSA 1978, being Laws 1991, ch. 131, § 11, as amended, relating to the additional powers of the border authority, effective June 20, 2003. For provisions of former section, see the 2002 NMSA 1978 on NMOneSource.com.

A. The authority shall hire an executive director who shall employ the necessary professional, technical and clerical staff to enable the authority to function efficiently. B. The executive director of the authority shall direct the affairs and business of the authority, subject …

The authority shall be located in the New Mexico-Chihuahua border area. History: Laws 1991, ch. 131, § 13.

Unless prohibited by law, the authority may fix, alter, charge and collect tolls, fees or rentals and may impose any other charges for the use of or for services rendered by any authority facility, program or service. History: Laws 1991, ch. 131, § 14; 1995, ch. 192, § 8; 2003, c…

revenue bonds. A. The authority may act as an issuing authority for the purposes of the Private Activity Bond Act [6-20-1 to 6-20-11 NMSA 1978]. B. The authority may issue revenue bonds for authority projects. With the exception of the port of entry or foreign trade zone, the bor…

A. Authority revenue bonds: (1) may have interest, appreciated principal value or any part thereof payable at intervals determined by the authority; (2) may be subject to prior redemption or mandatory redemption at the authority's option at the time and upon the terms and conditi…

If the authority borrows money from a financial institution or other entity: A. the interest, principal payments or any part thereof shall be payable at intervals as may be determined by the authority; B. the loan shall mature at any time not exceeding thirty years from the date …

ANNOTATIONS Repeals. — Laws 1995, ch. 192, § 22, repeals 58-27-16.2 NMSA 1978, as enacted by Laws 1993, ch. 335, § 9, providing for the use of proceeds from borrowed funds, effective June 16, 1995. For provisions of former section, see the 1994 NMSA 1978 on NMOneSource.com.

The bonds may be secured by a trust indenture between the authority and a corporate trustee that 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,…

obligations; authorization; authentication. A. Revenue bonds or refunding revenue bonds issued as authorized in the Border Development Act and other loans to the authority are: (1) not general obligations of the state, any other agency of the state or of the authority; and (2) pa…

The principal of and interest on any bonds, notes or other certificates of indebtedness issued pursuant to the provisions of the Border Development Act shall be secured by a pledge of the revenues out of which the bonds shall be made payable, may be secured by a mortgage, deed of…

A. Prior to approving a resolution for the issuance of bonds or the closing of a loan for any project, the authority shall determine and find the following in the resolution approving the issuance of the bonds or the closing of the loan: (1) if the resolution is for the issuance …

By enacting the Border Development Act, it is the purpose of the legislature to: A. encourage and foster development of the state, its cities and counties by developing port facilities at international ports of entry; B. actively promote and assist public and private sectors' inf…

The proceeds from the sale of any bonds issued under authority of the Border Development Act shall be applied only for the purpose for which the bonds were issued; provided, however, that any accrued interest and premiums received in any such sale shall be applied to the payment …

A. The authority may issue refunding revenue bonds for the purpose of refinancing, paying and discharging all or any part of outstanding authority revenue bonds of any one or more or all outstanding issues: (1) for the acceleration, deceleration or other modification of payment o…

A. Refunding bonds issued pursuant to the Border Development Act shall be authorized by resolution of the authority. Any bonds that are refunded under the provisions of this section shall be paid at maturity or on any permitted prior redemption date in the amounts, at the time an…