Chapter 6, Chapter 6

A public body may issue bonds, including variable rate demand general obligation bonds, with any of the following provisions: A. the owners or holders of the bonds may be granted the right to demand payment of principal and accrued interest prior to the maturity of such bonds at …

With respect to any bonds issued under the provisions of Section 6 or 7 [6-18-6 or 6- 18-7 NMSA 1978] of the Public Securities Short-Term Interest Rate Act, the public body may, by the use of credit facilities, provide for: A. additional security for such bonds; B. a primary or c…

exposure. A. A public body that has issued or proposes to issue bonds may enter into contracts authorized in this section if the governing body of that public issuer finds that such a contract would be in the best interests of that public body and, for contracts of the type descr…

The public body may, with respect to any bonds issued pursuant to the Public Securities Short-Term Interest Rate Act, enter into trust agreements for the better security of such bonds with any corporate trustee and provide therein for the rights and limitations on rights of the h…

This act [6-19-1 to 6-19-18 NMSA 1978] may be cited as the "Economic Advancement District Act". History: Laws 1987, ch. 115, § 1.

A. General obligation bonds issued by a district shall mature not more than ten years from their date and be numbered from one upwards consecutively. Interest on all such bonds shall be payable either annually or semiannually as provided by resolution of the board of trustees; pr…

A. The officials now or hereafter charged by law with the duty of levying ad valorem taxes for the payment of bonds and interest shall, in the manner provided by law, make an annual levy sufficient to meet the annual or semiannual payments of principal and interest on the maturin…

A. The board of trustees may issue bonds in the form determined by the board of trustees for the purpose of refunding any of the general obligation bonded indebtedness of the district which has or may hereafter become payable at the option of the district or by consent of the bon…

A. The board of trustees may issue revenue bonds for the purpose of defraying the cost of acquiring, by construction and purchase, or either, any project and to secure the payment of the bonds as provided in Section 14 [6-19-14 NMSA 1978] of the Economic Advancement District Act.…

The principal or interest on any revenue bonds issued under authority of the Economic Advancement District Act shall be secured by a pledge of the revenues out of which such bonds shall be made payable, may be secured by a mortgage covering all or any part of the project from the…

Prior to the leasing of any project, the board of trustees shall determine and find the following: A. the amount necessary in each year to pay the principal of and the interest on the revenue bonds proposed to be issued to finance the project; and B. the amount necessary to be pa…

A. Any revenue bonds issued pursuant to the Economic Advancement District Act and at any time outstanding may at any time be refunded by a district by the issuance of refunding bonds, in the amount as the board of trustees may determine, to refund the principal of the revenue bon…

Bonds issued pursuant to the authority of the Economic Advancement District Act: A. shall be legal investments for savings banks and insurance companies organized under the laws of this state; and B. shall be exempt from all taxation by the state or any political subdivision ther…

A district shall be dissolved in the following manner: A. there shall be submitted a petition for dissolution to the board of county commissioners signed by at least ten percent of the qualified electors residing within the district. Upon receipt of a proper petition, the board o…

As used in the Economic Advancement District Act: A. "board of trustees" means the governing board of the economic advancement district; B. "district" means an economic advancement district which is composed of contiguous and compact areas whose boundaries coincide and are concur…

It is the intent of the legislature by passage of the Economic Advancement District Act to authorize economic advancement districts to acquire, own, lease or sell projects for the purpose of promoting industry and trade, other than retail trade, for the enhancement of the economy…

A. There may be created economic advancement districts for the purposes of the Economic Advancement District Act. B. Petitions for the organization of a district shall designate the name of the proposed district and with particularity the proposed territorial area to be included …

A. If the required majority of votes were cast in favor of the organization of the district, then the county commission chairman shall declare the organization of the ".....economic advancement district." The county commission shall call for an election of a board of trustees, wi…

A. Each member of the board of trustees shall receive no compensation for the performance of his duties but shall be paid per diem and mileage for attendance at meetings of the board as provided in the Per Diem and Mileage Act [10-8-1 to 10-8-8 NMSA 1978] for nonsalaried public o…

The board of trustees may: A. perform all functions consistent and necessary to carry out the provisions and purposes of the Economic Advancement District Act; B. receive and expend all funds accruing to the district pursuant to the provisions of the Economic Advancement District…

The board of trustees shall: A. be the governing authority of the district; B. comply with the provisions of law for local governments pertaining to the preparation and approval of budgets by the local government division of the department of finance and administration; C. comply…

A. The board of trustees may issue general obligation bonds of the district for the purposes of: (1) constructing, acquiring or purchasing property for a project; (2) equipping, furnishing, remodeling or renovating property for a project; (3) purchasing or acquiring real property…

Sections 1 through 12 [6-20-1 to 6-20-11 NMSA 1978] of this act may be cited as the "Private Activity Bond Act". History: Laws 1988, ch. 46, § 1.

The allocation expiration date may be extended by the board for each allocation; provided, however, that the allocation expiration date for any allocation shall automatically be extended for thirty days with respect to that part of the allocation used by an issuing authority for …

The board: A. shall maintain the official state records pertaining to the state ceiling, requests for allocation submitted, requests for carryforward election allocations submitted, allocations issued, carryforward election allocations issued, confirmations submitted and any othe…

A. As used in the Private Activity Bond Act: (1) "allocation" means an allocation of the state ceiling issued by the board to an issuing authority to issue private activity bonds; (2) "allocation expiration date" means the expiration date for issuance of private activity bonds or…

A. Until July 1 in any calendar year, forty percent of the state ceiling for the calendar year shall be allocated to state agencies as a group; provided, however, that such allocation shall be made in accordance with directives, rules or regulations governing the distribution of …

A. Except as otherwise provided in the Private Activity Bond Act, all private activity bonds issued by any issuing authority and all mortgage credit certificate elections made by an issuing authority on or after the effective date of the Private Activity Bond Act shall be issued …

A request for allocation may be submitted to the board at any time and shall consist of the following: A. a letter from the issuing authority or, in the case of a project, a letter from bond counsel for the issuing authority or the user stating the amount of the state ceiling req…

After considering a request for allocation, the board may within a reasonable time, as determined by the board, issue an allocation; provided, however, that an allocation requested by an issuing authority pursuant to Subsection A or B of Section 3 [6-20-3 NMSA 1978] of the Privat…

An issuing authority may submit to the board a request for carryforward election allocation with respect to private activity bonds proposed to be issued to finance bonds for a specified carryforward purpose. The date for submission of such requests shall be established by the boa…

mortgage credit certificate election. Within seven business days after an issuing authority issues any private activity bonds or makes a mortgage credit certificate election, the issuing authority or, in the case of a project, bond counsel for the issuing authority or the user, s…

allocations. Allocations and carryforward election allocations are not assignable by an issuing authority. History: Laws 1988, ch. 46, § 9.

Chapter 6, Article 21 NMSA 1978 may be cited as the "New Mexico Finance Authority Act". History: Laws 1992, ch. 61, § 1; 2003, ch. 325, § 1.

A. All tangible and intangible property, real and personal property and securities purchased, held or owned at any time by the authority shall at all times be purchased and held in the name of the authority or may be mortgaged, assigned or otherwise encumbered as security for the…

A. The authority may issue and sell bonds in principal amounts it considers necessary to provide sufficient money for any purpose of the New Mexico Finance Authority Act, including: (1) purchase of securities; (2) making loans through the purchase of securities; (3) making grants…

A. Bonds of the authority shall be authorized by resolution of the authority and may be issued in one or more series. The bonds shall bear the dates, be in the form, be issued in the denominations, have terms and maturities, bear interest at rates and be payable and evidenced in …

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

A. After adoption of a resolution authorizing issuance of bonds, the authority shall publish notice of the adoption of the resolution once in a newspaper of general statewide circulation. B. After the passage of thirty days from the publication required by Subsection A of this se…

The authority is authorized to issue its bonds for the purpose of refunding any bonds then outstanding, including the payment of any redemption premiums thereon and any interest accrued or to accrue to the date of redemption of the outstanding bonds. Until the proceeds of the bon…

The authority is authorized to issue negotiable bond anticipation notes and may renew the same from time to time, but the maximum maturity of such notes, including renewals of such notes, shall not exceed ten years from the date of issue of the original notes. The notes shall be …

Any holder of bonds issued pursuant to the New Mexico Finance Authority Act or a trustee under a trust indenture entered into pursuant to that act, except to the extent that his rights are restricted by any bond resolution or trust indenture authorized pursuant to the bond resolu…

The state does hereby pledge to and agree with the holders of any bonds or notes issued under the New Mexico 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 the holders thereof…

fiduciaries. The bonds issued under the authority of the New Mexico Finance Authority Act shall be legal investments in which all insurance companies, banks and savings and loan associations organized under the laws of the state, public officers and public bodies and all administ…

A. The legislature finds that: (1) there are necessary state and local capital improvement and infrastructure needs that cannot be met with existing capital financing methods and funding sources; (2) there is no coordinating entity or process for accomplishing long-term state and…

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 proposed projects or facilities pursuant to the New Mexico Finance Authority Act, …

A. All money of the authority, except as otherwise authorized or provided in the New Mexico Finance Authority Act or in a bond resolution, trust indenture or other instrument under which bonds are issued, shall be deposited as soon as practical in a separate account or accounts i…

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 has bonds or other obligations outstanding, unless adequate provision has been made for the payment of such obligations. Upon ter…

The authority shall not: A. lend money or make a grant other than to a qualified entity; B. purchase securities other than from a qualified entity or other than for investment as provided in the New Mexico Finance Authority Act; C. lease a public project to any entity other than …

A. If any member, officer or employee of the authority has an interest, either direct or indirect, in any contract to which the authority is or is to be a party, such interest shall be disclosed to the authority in writing and shall be set forth in the minutes of the authority. T…