New Mexico Finance Authority Act
New Mexico · Public Finances · §§ 6-21-1 to 6-21-9 · 50 sections
Overview
The act creates a state finance authority as a public corporate body, establishing its membership, corporate existence, powers and duties, and legislative oversight, along with governance rules on conflicts of interest, prohibited actions, limits on liability, audits, and annual reporting. Its central mechanism is bond financing: the authority may issue revenue bonds, refunding bonds, and bond anticipation notes, secure them by trust indenture, and pledge revenues to their repayment, supported by provisions for notice and validation of the bonds, bondholder remedies, tax exemption, treatment of the bonds as legal investments for public officers and fiduciaries, and a pledge by the state not to impair bondholder rights. Bond proceeds and appropriations move through a revolving fund and other dedicated funds that finance public projects and facilities for local governments and other public entities through loans, grants, and lease-purchase arrangements.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- § 6-21-1 NMSA 1978Short title
- § 6-21-10 NMSA 1978Purchases in name of authority; documentation
- § 6-21-11 NMSA 1978Bonds of the authority; use; security
- § 6-21-12 NMSA 1978Bonds; authorization for issuance; terms and conditions
- § 6-21-13 NMSA 1978Bonds secured by trust indenture
- § 6-21-14 NMSA 1978Publication of notice; validation; limitation of action
- § 6-21-15 NMSA 1978Refunding bonds
- § 6-21-16 NMSA 1978Bond anticipation notes
- § 6-21-17 NMSA 1978Remedies of bondholders
- § 6-21-18 NMSA 1978Agreement of the state
- § 6-21-19 NMSA 1978Bonds; legal investments for public officers and fiduciaries
- § 6-21-2 NMSA 1978Legislative findings; declaration of purpose
- § 6-21-20 NMSA 1978Tax exemption
- § 6-21-21 NMSA 1978Money of the authority; expenses; audit; annual report
- § 6-21-22 NMSA 1978Corporate existence
- § 6-21-23 NMSA 1978Prohibited actions
- § 6-21-24 NMSA 1978Conflicts of interest; penalty
- § 6-21-25 NMSA 1978Limitation of liability
- § 6-21-26 NMSA 1978Court proceedings; preference; venue
- § 6-21-27 NMSA 1978Cumulative authority
- § 6-21-28 NMSA 1978Liberal interpretation
- § 6-21-29 NMSA 1978Severability
- § 6-21-3 NMSA 1978Definitions
- § 6-21-30 NMSA 1978New Mexico finance authority oversight committee
- § 6-21-31 NMSA 1978Powers and duties
- § 6-21-4 NMSA 1978New Mexico finance authority created; membership; qualifications; quorum; meetings; compensation; bond
- § 6-21-5 NMSA 1978Powers of the authority
- § 6-21-5.1 NMSA 1978Bonds for county correctional facility loans
- § 6-21-5.2 NMSA 1978Report to legislature; authorizing instrument; delegation of authority for public securities issuances
- § 6-21-6 NMSA 1978Public project revolving fund; purpose; administration
- § 6-21-6.1 NMSA 1978Public project revolving fund; appropriations to other funds
- § 6-21-6.10 NMSA 1978New Mexico finance authority revenue bonds; purpose; appropriation
- § 6-21-6.11 NMSA 1978Rural county cancer treatment fund created; purpose; appropriation
- § 6-21-6.12 NMSA 1978Local government transportation fund; created; distributions
- § 6-21-6.13 NMSA 1978Metropolitan court bond guarantee fund
- § 6-21-6.14 NMSA 1978Lease purchase revenue bonds; lease purchase agreements
- § 6-21-6.15 NMSA 1978New Mexico finance authority revenue bonds; authorized; university of New Mexico hospital and university of New Mexico health sciences center
- § 6-21-6.16 NMSA 1978Charter school facility loans; charter school facility revolving fund; created; reports
- § 6-21-6.17 NMSA 1978Local solar access fund; created; applications and grants; contract performance and payment bonds
- § 6-21-6.2 NMSA 1978Expired
- § 6-21-6.3 NMSA 1978Water and wastewater project grant fund; creation; administration; purposes
- § 6-21-6.4 NMSA 1978Local government planning fund; creation; administration; purposes
- § 6-21-6.5 NMSA 1978New Mexico finance authority revenue bonds; purposes
- § 6-21-6.6 NMSA 1978Repealed
- § 6-21-6.7 NMSA 1978Credit enhancement account created; use of account; release of money to the general fund
- § 6-21-6.8 NMSA 1978Local transportation infrastructure fund; creation; purpose; administration
- § 6-21-6.9 NMSA 1978Local transportation project revenue bonds; issuance
- § 6-21-7 NMSA 1978Public project finance program; duties of authority
- § 6-21-8 NMSA 1978Public project finance program; loans; purchase or sale of securities
- § 6-21-9 NMSA 1978Public project financing; powers of qualified entities
Enacted in other states
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