Section 58-18A-1 – Short title.

This act [58-18A-1 to 58-18A-12 NMSA 1978] may be cited as the “Municipal Mortgage Finance Act”. History: Laws 1979, ch. 381, § 1.

Section 58-18A-10 – Investment of funds.

The issuer, or any trustee or custodian on behalf of the issuer, may invest any funds held by it as provided in the ordinance authorizing the issuance of the bonds or a trust indenture executed pursuant thereto. History: Laws 1979, ch. 381, § 10.

Section 58-18A-11 – Exemption from taxation.

The bonds authorized by the Municipal Mortgage Finance Act and the income from the bonds shall be exempt from all taxation by the state or any political subdivision thereof, subject to the provisions of the Banking and Financial Corporations Tax Act. History: Laws 1979, ch. 381, § 11. ANNOTATIONS Compiler’s notes. — The Banking and […]

Section 58-18A-12 – Liberal interpretation.

The provisions of the Municipal Mortgage Finance Act shall be liberally construed in order to effectively carry out the purposes of that act. History: Laws 1979, ch. 381, § 12. ANNOTATIONS Severability clauses. — Laws 1979, ch. 381, § 13, provides for the severability of the act if any part or application thereof is held […]

Section 58-18A-2 – Finding and declaration of necessity.

It is hereby declared that: A. within the state there exists a shortage of funds available on reasonable terms and conditions for the making of mortgage loans to persons of low or moderate income which has resulted in a shortage of decent, safe and sanitary housing at prices which such persons can afford. This shortage […]

Section 58-18A-3 – Definitions.

As used in the Municipal Mortgage Finance Act: A. “agreement” means a written agreement between two or more municipalities designating one of such municipalities as the “issuer” on behalf of the other participating municipality or municipalities, establishing the issuer’s area of operations for purposes of the program and containing such other terms and conditions as […]

Section 58-18A-4 – Powers.

A. In addition to powers which a municipality now has pursuant to the laws of the state, every municipality shall, within its area of operation, have all powers necessary or desirable to accomplish the purposes of the Municipal Mortgage Finance Act, including but not limited to, the following: (1) to purchase and to enter into […]

Section 58-18A-5 – Agreement establishing area of operation of issuer.

A. For the purposes of the Municipal Mortgage Finance Act, two or more municipalities may enter into an agreement designating one such municipality as issuer and establishing as the area of operation of the issuer the combined areas of operation of such participating municipalities or any portion thereof. The agreement shall be approved by the […]

Section 58-18A-6 – Bonds.

A. Bonds of an issuer issued pursuant to the terms of the Municipal Mortgage Finance Act shall be authorized by ordinance of its governing body and may be issued in one or more series and shall bear such date or dates, mature at such time or times, bear interest at such rate or rates, be […]

Section 58-18A-7 – Provisions of bonds and trust indentures.

A. The principal of an interest of any bonds issued pursuant to the Municipal Mortgage Finance Act may be secured by and payable from a pledge of the revenues and receipts derived from the mortgage loans and property securing the mortgage loans and the revenues and receipts otherwise derived from the program, and the issuer […]

Section 58-18A-8 – Residential mortgage revenue bonds; legal investments; security; negotiability.

The state and all public officers, municipal corporations, political subdivisions and public bodies, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies and other persons carrying on a banking business, all insurance companies, insurance associations and other persons carrying on an insurance business, and all […]

Section 58-18A-9 – Power supplemental.

The powers conferred by the Municipal Mortgage Finance Act shall be in addition and supplemental to the powers conferred by any other law. History: Laws 1979, ch. 381, § 9.