Chapter 6 — Chapter 6

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…

Neither any member of the authority nor any person acting in its behalf, while acting within the scope of his authority, shall be subject to any personal liability for any action taken or omitted within that scope of authority. History: Laws 1992, ch. 61, § 25.

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 New Mexico Finance Authority Act or project or transaction undertaken by the authority pursuant to that act shall be preferred over all…

The New Mexico 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 powers conferred by other laws and shall not be regarded as in derogation of any…

The New Mexico Finance Authority Act, being necessary for the welfare of the state and its inhabitants, shall be liberally construed to effect the purposes of that act. History: Laws 1992, ch. 61, § 28.

If any part or application of the New Mexico Finance Authority Act is held invalid, the remainder or its application to other situations shall not be affected. History: Laws 1992, ch. 61, § 29.

As used in the New Mexico Finance Authority Act: A. "authority" means the New Mexico finance authority; B. "bond" means any bonds, notes, certificates of participation or other evidence of indebtedness; C. "bondholder" or "holder" means a person who is the owner of a bond, whethe…

There is created a joint interim legislative committee that shall be known as the "New Mexico finance authority oversight committee". The legislative council shall determine the membership of the committee and shall appoint the members and designate the chairman and the vice chai…

The New Mexico finance authority oversight committee shall: A. monitor and oversee the operation of the New Mexico finance authority; B. meet on a regular basis to receive and review reports from the authority on implementation of the provisions of the New Mexico Finance Authorit…

qualifications; quorum; meetings; compensation; bond. A. There is created a public body politic and corporate, separate and apart from the state, constituting a governmental instrumentality to be known as the "New Mexico finance authority" for the performance of essential public …

The authority is granted all powers necessary and appropriate to carry out and effectuate its public and corporate purposes, including the following powers: A. to sue or be sued; B. to adopt and alter an official seal; C. to make and alter bylaws for its organization and internal…

The authority may issue bonds for a county to design, construct, equip, furnish and otherwise improve a county correctional facility pursuant to the County Correctional Facility Gross Receipts Tax Act only after a majority of the qualified electors of the county has voted to allo…

of authority for public securities issuances. By September 30 of each year, the authority shall report to the New Mexico finance authority oversight committee about the authority's public securities issuances, completed in the prior twelve months, that involved a delegation of au…

A. The "public project revolving fund" is created within the authority. The fund shall be administered by the authority as a separate account, but may consist of such subaccounts as the authority deems necessary to carry out the purposes of the fund. The authority may establish p…

funds. A. At the end of each fiscal year, after all debt service charges, replenishment of reserves and administrative costs on all outstanding bonds, notes or other obligations payable from the public project revolving fund are satisfied, an aggregate amount not to exceed thirty…

appropriation. A. The authority may issue and sell revenue bonds in compliance with the New Mexico Finance Authority Act in an amount not exceeding two million five hundred thousand dollars ($2,500,000) for the behavioral health capital fund to make loans to eligible entities for…

appropriation. The "rural county cancer treatment fund" is created in the New Mexico finance authority. The fund is composed of appropriations, donations, distributions pursuant to Section 7-1-6.11 NMSA 1978 and money earned from investment of the fund and otherwise accruing to t…

distributions. A. The "local government transportation fund" is created within the authority. The fund shall be administered by the authority as a separate account, but may consist of subaccounts if the authority deems them necessary to carry out the purpose of the fund. The fund…

A. The "metropolitan court bond guarantee fund" is created in the authority. The fund is comprised of appropriations, donations, transfers pursuant to Section 3-18-17 NMSA 1978 and money earned from investment of the fund and otherwise accruing to the fund. Money in the fund is a…

agreements. A. If specifically authorized by law, the authority may issue and sell lease purchase revenue bonds in compliance with the New Mexico Finance Authority Act and enter into a lease purchase agreement pursuant to the provisions of this section. B. Lease purchase revenue …

authorized; university of New Mexico hospital and university of New Mexico health sciences center. A. The New Mexico finance authority may issue and sell revenue bonds in compliance with the New Mexico Finance Authority Act for a term not exceeding twenty years in an amount not e…

revolving fund; created; reports. A. The New Mexico finance authority may receive and review applications for charter school facility loans pursuant to this section. The authority shall adopt rules to govern the application procedures and requirements for disbursing charter schoo…

grants; contract performance and payment bonds. A. As used in this section: (1) "eligible entity" means a county, a municipality, a school district, a land grant-merced controlled and governed pursuant to Chapter 49, Article 1 NMSA 1978 or an Indian nation, tribe or pueblo locate…

History: Laws 1999, ch. 4, § 2; 2002, ch. 52, § 1.

administration; purposes. A. There is created in the authority the "water and wastewater project grant fund", which shall be administered by the authority. The authority shall adopt, in accordance with the New Mexico Finance Authority Act, rules necessary to administer the fund. …

purposes. A. The "local government planning fund" is created within the authority and shall be administered by the authority. The authority shall adopt rules necessary to administer the fund. B. The following shall be deposited directly into the local government planning fund: (1…

The New Mexico finance authority may issue and sell revenue bonds payable from the public project revolving fund in compliance with the New Mexico Finance Authority Act in installments or at any one time in an amount not to exceed one million dollars ($1,000,000), the net proceed…