Section 3-60B-1 – Short title.
Chapter 3, Article 60B NMSA 1978 may be cited as the “Main Street Act”. History: Laws 1985, ch. 88, § 1; 2013, ch. 60, § 1; 2013, ch. 62, § 1. ANNOTATIONS The 2013 amendment, effective June 14, 2013, added the NMSA chapter and article for the Main Street Act; and at the beginning of […]
Section 3-60B-2 – Purpose.
The purpose of the Main Street Act is to provide for the revitalization of central business districts in New Mexico communities based on the preservation and rehabilitation of existing structures of unique historical and architectural character and the development of progressive marketing and management techniques as an economic development strategy for local governments. History: Laws […]
Section 3-60B-3 – Definitions.
As used in the Main Street Act: A. “program” means the state main street program developed in conjunction with the national trust for historic preservation; and B. “coordinator” means the person responsible for coordinating the program and state and federal activities relevant to the program. History: Laws 1985, ch. 88, § 3.
Section 3-60B-4 – Main street program; created; coordinator; powers and duties.
A. There is created the “main street program” in the economic development department. The secretary of economic development shall employ a coordinator to oversee the program. B. The coordinator shall: (1) carry out state responsibilities pursuant to contract with the national main street center of the national trust for historic preservation; (2) coordinate activities of […]
Section 3-60C-1 – Short title.
Chapter 3, Article 60C NMSA 1978 may be cited as the “Main Street Revolving Loan Act”. History: Laws 2007, ch. 103, § 1; 2009, ch. 185, § 1. ANNOTATIONS The 2009 amendment, effective June 19, 2009, changed the reference to the act to the chapter and article of NMSA 1978.
Section 3-60A-39 – Revenue bonds; determination of revenue.
A. Prior to entering into a financing agreement for the project and the issuance of revenue bonds in connection with the project, the local government shall determine: (1) the amount necessary in each year to pay the principal of and the interest on the first bonds proposed to be issued to finance the project; (2) […]
Section 3-60A-40 – Revenue bonds; financing of project.
Prior to the issuance of any revenue bonds authorized by the Redevelopment Bonding Law [3-60A-26 to 3-60A-46 NMSA 1978], the local government shall enter into a financing agreement with respect to the project with a user providing for payment to the local government of revenue upon the basis of determinations and findings that the revenue […]
Section 3-60A-41 – Option to purchase.
A. A lease may grant the user of a project an option to purchase all or a part of the project at a stipulated purchase price or at a price to be determined upon appraisal as is provided in the lease. B. The option may be exercised at a time as the lease may provide. […]
Section 3-60A-42 – Revenue bonds; refunding.
A. Any revenue bonds issued under the provisions of the Redevelopment Bonding Law [3-60A-26 to 3-60A-46 NMSA 1978] and at any time outstanding may at any time and from time to time be refunded by a local government by the issuance of its refunding bonds in such amount as the local government may deem necessary […]
Section 3-60A-43 – Revenue bonds; application of proceeds.
A. The proceeds from the sale of any revenue bonds shall be applied only for the purpose for which the bonds were issued, and, if for any reason any portion of the proceeds are not needed for the purpose for which the bonds were issued, the unneeded portion of the proceeds shall be applied to […]