New Mexico Statutes 6-21-8. Public project finance program; loans; purchase or sale of securities
To implement a program to assist qualified entities in financing public projects, the authority has the powers specified in this section; provided that the authority shall take no action concerning a project financed with money in the public project revolving fund unless the project is specifically authorized by law or authorized pursuant to other provisions of the New Mexico Finance Authority Act. The authority may:
Terms Used In New Mexico Statutes 6-21-8
- Contract: A legal written agreement that becomes binding when signed.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Personal property: All property that is not real property.
A. make loans to qualified entities that establish one or more dedicated sources of revenue to repay the loan from the authority;
B. make, enter into and enforce all contracts necessary, convenient or desirable for the purposes of the authority or pertaining to:
(1) a loan to a qualified entity;
(2) a grant to a qualified entity from money available to the authority except money in the public project revolving fund;
(3) a purchase or sale of securities individually or on a pooled basis; or
(4) the performance of its duties and execution of its powers under the New Mexico Finance Authority Act;
C. purchase or hold securities at prices and in a manner the authority considers advisable, giving due consideration to the financial capability of the qualified entity, and sell securities acquired or held by it at prices without relation to cost and in a manner the authority considers advisable;
D. prescribe the form of application or procedure required of a qualified entity for a loan or purchase of its securities, fix the terms and conditions of the loan or purchase and enter into agreements with qualified entities with respect to loans or purchases;
E. charge for its costs and services in review or consideration of a proposed loan to a qualified entity or purchase by the authority of securities, whether or not the loan is made or the securities purchased;
F. fix and establish terms and provisions with respect to:
(1) a purchase of securities by the authority, including date and maturities of the securities;
(2) redemption or payment before maturity; and
(3) any other matters that in connection with the purchase are necessary, desirable or advisable in the judgment of the authority;
G. to the extent permitted under its contracts with the holders of bonds of the authority, consent to modification of the rate of interest, time and payment of installment of principal or interest, security or any other term of a bond, contract or agreement of any kind to which the authority is a party;
H. in connection with the purchase of any securities, consider the ability of the qualified entity to secure financing from other sources and the costs of that financing and the particular public project or purpose to be financed or refinanced with the proceeds of the securities to be purchased by the authority;
I. acquire fee simple, leasehold, mortgagor‘s or mortgagee‘s interests in real and personal property and to sell, mortgage, convey or lease that property for authority purposes; and
J. in the event of default by a qualified entity, enforce its rights by suit or mandamus or may use all other available remedies under state law.