Sections 1 through 23 [58-24-1 to 58-24-23 NMSA 1978] of this act may be cited as the “Industrial and Agricultural Finance Authority Act”. History: Laws 1983, ch. 300, § 1. ANNOTATIONS Am. Jur. 2d, A.L.R. and C.J.S. references. — Eminent domain: industrial park or similar development as public use justifying condemnation of private property, 62 […]
All projects and facilities shall be subject to any applicable master plan, official map, zoning regulation, building code, ordinance and other laws and regulations governing land use or planning or construction of the municipality or county in which the project or facility is or is to be located. History: Laws 1983, ch. 300, § 10.
A. The authority may from time to time issue its bonds and notes in such principal amounts as, in the opinion of the board, shall be necessary to provide sufficient funds for achieving the corporate purposes thereof, the payment of interest on bonds and notes of the authority, the establishment of reserves to secure such […]
If and to the extent deemed necessary by the authority to comply with the provisions of Section 103(k) of the Internal Revenue Code of 1954, the authority shall hold public hearings in connection with the issuance of bonds or notes and shall obtain the written approval of the governor of the state prior to the […]
Any holder of bonds or notes issued pursuant to the Industrial and Agricultural Finance Authority Act or a trustee under a trust agreement or trust indenture entered into pursuant to that act, except to the extent that his rights are restricted by any bond resolution, may protect and enforce, by any suitable form of legal […]
The bonds, notes and other obligations of the authority shall not be a debt of the state or of any county or municipality, and neither the state nor any county or municipality shall be liable thereon. History: Laws 1983, ch. 300, § 14.
The state does hereby pledge to and agree with the holders of any bonds or notes issued under the Industrial and Agricultural 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 or in any […]
The bonds and notes of the authority are hereby made securities in which all insurance companies and associations and other persons carrying on insurance business, all banks, bank and trust companies, trust companies, private banks, savings banks, savings and loan associations, building and loan associations, investment companies and other persons carrying on a banking business, […]
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 the economy, and that these purposes are public purposes and the authority will be performing an essential governmental […]
Neither the members of the board nor any person acting in its behalf, while acting within the scope of their authority, shall be subject to any personal liability resulting from carrying out any of the powers given in the Industrial and Agricultural Finance Authority Act. History: Laws 1983, ch. 300, § 18.
All state officers and all state agencies may render such services to the authority within their respective functions as may be requested by the authority. History: Laws 1983, ch. 300, § 19.
A. The legislature hereby finds and declares that: (1) the high cost and lack of availability of industrial loans for small- and medium-sized businesses make it difficult for many of these industrial and agricultural enterprises in New Mexico to hold or increase their present employment levels, and, as a result of the continuing increase in […]
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 Industrial and Agricultural Finance Authority Act shall be preferred over all other civil cases in all courts of the state and shall be heard and determined […]
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 shall have bonds, notes and other obligations outstanding, unless adequate provision has been made for the payment thereof. Upon termination of the existence of the authority, all its rights and […]
A. If any member, officer or employee of the board shall have an interest, either direct or indirect, in any contract to which the authority is or is to be a party or in any lender requesting a loan from or offering to sell loans to the authority, such interest shall be disclosed to the […]
The foregoing sections [58-24-1 to 58-24-22 NMSA 1978] of the Industrial and Agricultural 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 […]
The Industrial and Agricultural Finance Authority Act, being necessary for the welfare of the state and its inhabitants, shall be liberally construed to effect the purposes thereof. History: Laws 1983, ch. 300, § 27. ANNOTATIONS Severability clauses. — Laws 1983, ch. 300, § 28, provides for the severability of the act if any part or […]
As used in the Industrial and Agricultural Finance Authority Act: A. “authority” means the New Mexico industrial and agricultural finance authority created by the Industrial and Agricultural Finance Authority Act; B. “board” means the board of directors of the authority; C. “bond” means any bond, note, debenture, interim certificate, grant and revenue anticipation note or […]
A. There is created a public body politic and corporate to be known as the “New Mexico industrial and agricultural finance authority.” The authority is hereby constituted a public instrumentality, and the exercise by the authority of the powers conferred by the Industrial and Agricultural Finance Authority Act shall be deemed to be the performance […]
The authority shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of the Industrial and Agricultural Finance Authority Act, including, but without limiting the generality of the foregoing, the power: A. to sue and be sued; B. to have a seal and alter the same at pleasure; […]
