Section 6-25-12 – Repealed.
History: Laws 2003, ch. 349, § 12; repealed Laws 2005, ch. 103, § 27. ANNOTATIONS Repeals. — Laws 2005, ch. 103, § 27 repealed 6-25-12 NMSA 1978, as enacted by Laws 2003, ch. 349, § 12, relating to loan participations, effective April 4, 2005. For provisions of former section, see the 2004 NMSA 1978 on […]
Section 6-25-13 – Economic development revolving fund.
A. The “economic development revolving fund” is created within the authority. The fund shall be administered by the authority as a separate account and may consist of such subaccounts as the authority deems necessary to carry out the purposes of the fund. The authority may establish procedures for administering the fund in accordance with the […]
Section 6-25-14 – Tax impact fund.
A. The “tax impact fund” is created within the state treasury. The tax impact fund shall consist of money appropriated to the fund and money distributed to the fund by law. Money remaining in the tax impact fund at the end of each fiscal year shall not revert, but shall remain in the fund for […]
Section 6-25-1 – Short title.
Chapter 6, Article 25 NMSA 1978 may be cited as the “Statewide Economic Development Finance Act”. History: Laws 2003, ch. 349, § 1; 2005, ch. 103, § 1. ANNOTATIONS The 2005 amendment, effective April 4, 2005, substituted “Chapter 6, Article 25 NMSA 1978” for “Sections 1 through 16 of this act”.
Section 6-25-2 – Findings and purpose.
A. The legislature finds that: (1) it is important for government to promote, support and assist in developing a thriving economic base within the state; increase opportunities for gainful employment and improved living conditions; assist in promoting a balanced and productive economy; encourage the flow of private capital for investment in productive enterprises; and otherwise […]
Section 6-25-3 – Definitions.
As used in the Statewide Economic Development Finance Act: A. “authority” means the New Mexico finance authority; B. “department” means the economic development department; C. “community development entity” means an entity designed to take advantage of the federal new markets tax credit program; D. “economic development assistance provisions” means the economic development assistance provisions of […]
Section 6-25-4 – Economic development department; additional powers.
Consistent with the provisions of the Statewide Economic Development Finance Act, the department may: A. acquire, whether by construction, purchase, gift or lease, and hold fee simple title to or other interest in any project; B. enter into a lease of property in connection with any project; C. sell, lease or otherwise dispose of any […]
Section 6-25-5 – Additional duties of the economic development department and the New Mexico finance authority; opt-in agreements.
A. For the purpose of recommending projects to the authority for financing assistance, the department and the authority shall coordinate to: (1) survey potential eligible entities and projects and provide outreach services to local governments and eligible entities, for the purpose of identifying and recommending projects to the authority for financing assistance; (2) evaluate potential […]
Section 6-25-6 – New Mexico finance authority; additional powers and duties.
A. To implement a program to assist eligible entities in financing projects, the authority has the powers specified in this section. B. State projects receiving financing assistance with money in the fund shall first be approved by law. To protect public money in the fund or other public resources, rules of the authority relating to […]
Section 6-25-6.1 – New Mexico finance authority; additional powers; federal new markets tax credit program.
In addition to other powers granted to the authority, the authority may form, operate, own or co-own one or more nonprofit or for-profit qualified community development entities for the purpose of participation in the federal new markets tax credit program, and pursuant to participation in the federal new markets tax credit program may: A. apply […]