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 […]
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. […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
