Section 6-22-1 – Short title.

Sections 1 through 3 [6-22-1 to 6-22-3 NMSA 1978] of this act may be cited as the “State Aid Intercept Act”. History: Laws 1992, ch. 105, § 1.

Section 6-22-2 – Definitions.

As used in the State Aid Intercept Act: A. “default” means the actual nonpayment of principal or interest on a local revenue bond when payment is scheduled by the indenture relating the local revenue bond; B. “local government” means a municipality or county; C. “local revenue bond” means a bond issued after July 1, 1992 […]

Section 6-22-3 – Local revenue bonds; interception of state distributions to make debt service payments; notice.

A. A local government may receive a state distributions intercept authorization for any local revenue bond as provided in this section. If a local government provides notice prior to default on any interest or principal payment of a local revenue bond qualified for a state distributions intercept authorization, the payment necessary to prevent the default […]