If the authority borrows money from a financial institution or other entity:

Terms Used In New Mexico Statutes 58-27-16.1

  • Appraisal: A determination of property value.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Personal property: All property that is not real property.

A. the interest, principal payments or any part thereof shall be payable at intervals as may be determined by the authority;

B. the loan shall mature at any time not exceeding thirty years from the date of origination;

C. the principal amount of the loan shall not exceed the fair market value of the real or personal property to be acquired with the proceeds of the loan as evidenced by a certified appraisal in accordance with the Real Estate Appraisers Act [N.M. Stat. Ann. Chapter 61, Article 30]; and

D. the loan shall be subject to the approval of the state board of finance.

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