Section 6-21-1 – Short title.
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. ANNOTATIONS Compiler’s notes. — The New Mexico Finance Authority Act, enacted by Laws 1992, ch. 61, is compiled as 6-21-1 to 6-21-5, 6-21-6, 6-21-7 to 6-21-31 NMSA […]
Section 6-21-2 – Legislative findings; declaration of purpose.
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 local capital planning, needs assessment or inventory of needs; setting priorities; and making […]
Section 6-21-3 – Definitions.
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, whether registered or not; D. “emergency public project” means a […]
Section 6-21-4 – New Mexico finance authority created; membership; 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 functions. B. The authority shall be composed of eleven members. The secretary of finance and administration, the secretary of economic […]
Section 6-21-5 – Powers of the authority.
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 management and to adopt, subject to the […]
Section 6-21-5.1 – Bonds for county correctional facility loans.
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 allow the county to impose a county correctional facility gross receipts […]
Section 6-21-5.2 – Report to legislature; authorizing instrument; delegation 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 authority through an authorizing instrument pursuant to Section 2 [6-14-10.2 NMSA 1978] of this 2017 act. History: Laws 2017, ch. […]
Section 6-21-6 – Public project revolving fund; purpose; administration.
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 procedures and adopt rules as required to administer the […]