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

Terms Used In New Mexico Statutes 58-31-7

  • 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 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 approval of the state board of finance.