Chapter 58 — Chapter 58

Authority refunding revenue bonds: A. may have interest, appreciated principal value or any part thereof payable at intervals or at maturity as may be determined by the authority in the resolution; B. may be subject to prior redemption at the authority's option at such time and u…

Bonds authorized pursuant to the Border Development Act and the income from those bonds, all mortgages or other security instruments executed as security for those bonds, all lease and installment purchase agreements made pursuant to the provisions of that act and revenue derived…

A. The "border authority fund" is created in the state treasury. Separate accounts within the fund may be created for any project. Money in the fund is appropriated to the authority for the purposes of carrying out the provisions of the Border Development Act. Money in the fund s…

A. The "border project fund" is created in the state treasury. B. The border project fund shall consist of: (1) payments of principal and interest on loans for projects; (2) the portion of the tolls, fees, rents, lease payments or other charges imposed, collected and received by …

oversight powers and duties. The New Mexico finance authority oversight committee shall serve as the oversight committee to the border authority. The New Mexico finance authority oversight committee shall: A. monitor and oversee the operation of the border authority; B. meet on a…

As used in the Border Development Act: A. "authority" means the border authority; B. "financial assistance" means grants and loans provided for projects to a qualified entity on terms and conditions approved by the authority; C. "mortgage" means a mortgage or a mortgage and deed …

A. The "border authority" is created. The authority is a state agency and is administratively attached to the economic development department. B. The authority consists of seven voting members, six of whom shall be appointed by the governor. No more than three of those appointed …

Appointed voting members of the authority shall be reimbursed for expenses in accordance with those provisions of the Per Diem and Mileage Act [10-8-1 to 10-8-8 NMSA 1978] that apply to nonsalaried public officers unless a different provision of that act applies to a specific mem…

The secretary of economic development shall serve as the chairman of the authority. Authority members shall elect any other officers from the membership that the authority determines appropriate. History: Laws 1991, ch. 131, § 6; 1992, ch. 46, § 1; 1995, ch. 192, § 4.

The chairman and four other authority voting members appointed by him shall constitute the border authority executive committee. The committee shall have such powers and duties as delegated to it by the authority. The executive director of the authority shall be a nonvoting membe…

If a vacancy occurs among the appointed voting members of the authority, the governor shall appoint a replacement to serve out the term of the former member. If an appointed member's term expires, he shall continue to serve until he is reappointed or another person is appointed t…

A. The authority shall meet at the call of the chairman and shall meet in regular session at least once every three months. B. The authority shall maintain written minutes of all meetings of the authority. It shall maintain such other records as would be appropriate for a public …

Sections 1 through 8 [58-28-1 to 58-28-8 NMSA 1978] of this act may be cited as the "Land Title Trust Fund Act". History: Laws 1997, ch. 118, § 1.

As used in the Land Title Trust Fund Act: A. "committee" means the land title trust fund advisory committee; B. "depository institution" means any bank, savings and loan association or credit union authorized by federal or state law to do business in New Mexico and insured by the…

The "land title trust fund" is created. The New Mexico mortgage finance authority shall be the trustee for the fund. The trustee shall deposit in the fund money received by it pursuant to the Low-Income Housing Trust Act [58-18B-1 to 58-18B-10 NMSA 1978]. History: Laws 1997, ch. …

transaction accounts; disposition of earned interest on certain accounts. A. A title company that maintains one or more trust accounts or escrow accounts into which customer funds are deposited for use in the purchase, sale or financing of real property located in New Mexico may …

A. Money from the fund and other sources may be used to finance in whole or in part any loans or grant projects that will provide housing for low-income persons and for other uses specified in this section. Money deposited into the fund may be used annually as follows: (1) no mor…

If any part of the Land Title Trust Fund Act is found to be in conflict with federal requirements that are a prescribed condition to the allocation of federal funds to the state, the conflicting part of that act is inoperative solely to the extent of the conflict and with respect…

Money from the fund may be used to match federal, local or private money to be used for projects authorized under the Land Title Trust Fund Act. History: Laws 1997, ch. 118, § 7.

functions. A. The "land title trust fund advisory committee" is created. The committee shall consist of seven persons: (1) the chairman of the trustee or his designee, who shall serve as chairman of the committee; (2) two representatives of the land title industry appointed by th…

Chapter 58, Article 29 NMSA 1978 may be cited as the "Small Business Investment Act". History: Laws 2000, ch. 97, § 3; 2003, ch. 399, § 4.

The purposes of the Small Business Investment Act are to: A. implement the provisions of Subsection D of Section 14 of Article 9 of the constitution of New Mexico to create new job opportunities by providing capital for land, buildings or infrastructure for facilities to support …

As used in the Small Business Investment Act: A. "board" means the corporation's board; B. "cooperative agreement" means an agreement entered into by the corporation with a party that: (1) has demonstrated the capability to provide business assistance to new and expanding busines…

the corporation. A. The "small business investment corporation" is created as a nonprofit, independent, public corporation. The corporation may: (1) sue and be sued in all actions arising out of any act or omission in connection with its business or affairs; (2) enter into any co…

A. The corporation shall be governed by the board. The corporation's board of directors shall consist of: (1) the state treasurer or the state treasurer's designee; and (2) six members appointed by the governor. B. Each director shall hold office for the length of the director's …

The corporation may: A. make equity investments in New Mexico businesses, provided that: (1) the investments are made pursuant to cooperative agreements; (2) an equity investment in any one business may not exceed ten percent of the fund; provided, however, that the restrictions …

A. The board shall select a president of the corporation from among its members. The corporation is under the administrative control of the president or a person selected by the board to administer the operations of the corporation. The board shall periodically review and apprais…

Annually, no later than thirty days after the delivery of its annual report to the governor and the legislative finance committee, the corporation shall return to the severance tax permanent fund an amount equal to the net excess of funds held by the corporation. For purposes of …

Chapter 58, Article 30 NMSA 1978 may be cited as the "Individual Development Account Act". History: Laws 2003, ch. 362, § 1; 2006, ch. 96, § 1; 2007, ch. 349, § 1.

A. An individual development account program shall be terminated if the: (1) department determines that the program is not being operated pursuant to the provisions of the contract between the program administrator and the secretary, the Individual Development Account Act or rule…

A program administrator operating an individual development account program pursuant to the Individual Development Account Act shall report at least annually to the secretary, as set forth in the rules of the department. Individual account owners shall not be identified in the re…

means-tested programs. A. Money deposited into an individual development account, interest earned on that account and interest and matching funds deposited in a reserve account for the benefit of the account owners shall be disregarded for the purposes of determining eligibility …

The "individual development fund" is created in the state treasury. The fund shall consist of appropriations, gifts, grants, donations and bequests made to the fund. Income from the fund shall be credited to the fund, and money in the fund shall not be transferred to any other fu…

As used in the Individual Development Account Act: A. "account owner" means the person in whose name an individual development account is originally established; B. "allowable use" means a lawful use that complies with the provisions of the Individual Development Account Act, or …

An individual development account may be established for an eligible individual as part of an individual development account program if the written instrument creating the account sets forth the following: A. the account owner is an eligible individual according to program requir…

A. Except as set forth in Subsections B and C of this section, an eligible individual shall have earned income and shall be: (1) eighteen years of age or older; (2) a citizen, legal resident, refugee, asylee or person otherwise legally present in the United States at the time the…

A. The department shall adopt rules implementing the provisions of the Individual Development Account Act. B. The secretary shall make an annual report each November to the governor and to the legislative finance committee. C. The department shall use no more than five percent of…

A. The "individual development account council" is created. The council shall: (1) provide oversight of the administration of the Individual Development Account Act; (2) suggest possible changes that benefit account owners or improve the effectiveness of the individual developmen…

programs. A. An individual development account may be established for an eligible individual; provided that the money deposited in the account is expended for allowable uses for the account owner or the account owner's spouse or dependents unless otherwise approved by the program…

accounts; forfeiture of matching funds from reserve account; loss of eligible individual status. A. Allowable uses of the money withdrawn from an individual development account are limited to the following: (1) expenses to attend an approved post- secondary or vocational educatio…

A. The department shall issue a request for proposals from nonprofit organizations or tribes interested in establishing an individual development account program. A proposal submitted in response to the request shall: (1) describe the geographic area to be served and the potentia…

Chapter 58, Article 31 NMSA 1978 may be cited as the "Spaceport Development Act". History: Laws 2005, ch. 128, § 1; 2018, ch. 61, § 2.

The principal of and interest on any bonds, notes or other certificates of indebtedness issued pursuant to the provisions of the Spaceport 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…

A. A resolution for the issuance of bonds shall set forth the determinations and findings of the authority required by this section. B. 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 that:…

A. The proceeds from the sale of any bonds issued pursuant to the Spaceport Development Act shall be applied only for the purpose for which the bonds were issued; provided that: (1) any accrued interest and premiums received in any sale shall be applied to the payment of the prin…

authorization. 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: (1) for the acceleration, deceleration or other modification of payment of such obligations, including,…

A. Refunding bonds issued pursuant to the Spaceport 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…

[The] authority [when] refunding revenue bonds: A. may have interest or appreciated principal value payable at intervals or at maturity; B. may be subject to prior redemption at the authority's option at such time or times and upon such terms and conditions with or without the pa…

Bonds authorized pursuant to the Spaceport Development Act and the income from those bonds, all mortgages or other security instruments executed as security for those bonds, all lease and installment purchase agreements made pursuant to the provisions of that act and revenue deri…

A. The "spaceport authority fund" is created in the state treasury. Separate accounts within the fund may be created for any project. Money in the fund is appropriated to the authority for the purposes of carrying out the provisions of the Spaceport Development Act. Money in the …