Section 6-25-27 – Proprietary information; confidentiality; penalty.
A. Information obtained by the department or the authority that is proprietary technical or business information or related to the possible relocation or expansion of an eligible entity shall be confidential and not subject to inspection pursuant to the Inspection of Public Records Act [Chapter 14, Article 2 NMSA 1978]. B. It is unlawful for […]
Section 6-25-28 – Application of other laws.
The Statewide Economic Development Finance Act shall be deemed to provide additional and alternative methods of financing projects authorized in that act and shall be deemed supplemental and additional to powers conferred by other laws. History: Laws 2005, ch. 103, § 25. ANNOTATIONS Effective dates. — Laws 2005, ch. 103, § 28 made the act […]
Section 6-25-29 – Temporary provision; fund name change; outstanding bonds; fund balances.
Nothing in this act shall be deemed to impair economic development bonds or loan participations outstanding on the effective date of this act. The economic development revolving fund is the new name for the statewide loan participation fund and is not a new fund created by this act. History: Laws 2005, ch. 103, § 26. […]
Section 6-25-15 – Cumulative authority.
The Statewide Economic Development Finance Act shall be deemed to provide an additional and alternative method for the accomplishment of the things authorized by that act, shall be interpreted as supplemental and additional to the powers conferred by other laws and shall not be regarded as in derogation of any powers now existing; provided that […]
Section 6-25-16 – Liberal interpretation.
The Statewide Economic Development Finance Act, being necessary for the welfare of the state and its inhabitants, shall be liberally construed to effect the purposes thereof. History: Laws 2003, ch. 349, § 16. ANNOTATIONS Effective dates. — Laws 2003, ch. 349 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, […]
Section 6-25-7 – Project revenue bonds.
A. The authority may issue project revenue bonds on behalf of an eligible entity to provide funds for a project. Project revenue bonds issued pursuant to the Statewide Economic Development Finance Act shall not be a general obligation of the authority or the state within the meaning of any provision of the constitution of New […]
Section 6-25-8 – Leases of projects.
A. Prior to the department’s lease of any project to an eligible entity, the authority shall determine: (1) the amount necessary in each year to pay the principal of and interest on project revenue bonds to be issued to finance the project; (2) the amount necessary to be paid each year into any reserve funds […]
Section 6-25-9 – Project revenue refunding bonds.
A. Outstanding project revenue bonds may be refunded by the authority by issuing its refunding bonds in such amounts as the authority may determine to refund all or a portion of the principal of the project revenue bonds, all interest on the bonds to the normal maturity date of such bonds or to selected prior […]
Section 6-25-10 – Use of project revenue bond proceeds.
The proceeds from the sale of project revenue bonds issued pursuant to the Statewide Economic Development Finance Act shall be applied only for the purpose for which the bonds were issued and costs related to the project. The cost of any project shall include the following: A. all expenses in connection with the authorization, sale […]
Section 6-25-11 – Project revenue bonds legal investments.
Project revenue bonds issued pursuant to the Statewide Economic Development Finance 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 administrators, guardians, executors, trustees and other fiduciaries, including the state investment council, may properly […]