The state pledges to and agrees with the holders of any economic development revolving fund bonds, project revenue bonds or notes issued by the authority under the Statewide Economic Development Finance Act that the state will not limit or alter the rights vested in the authority or the department to fulfill the terms of any agreements made with the holders of the economic development revolving fund bonds, project revenue bonds or notes or in any way impair the rights and remedies of those holders until the economic development revolving fund bonds, project revenue bonds or notes together with the interest on the economic development revolving fund bonds, project revenue bonds or notes, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceedings by or on behalf of those holders, are fully met and discharged. The authority may include this pledge and agreement of the state in any agreement with the holders of the economic development revolving fund bonds, project revenue bonds or notes.
History: Laws 2005, ch. 103, § 21.
Effective dates. — Laws 2005, ch. 103, § 28 made the act effective April 4, 2005.
Structure 2021 New Mexico Statutes
Article 25 - Statewide Economic Development
Section 6-25-2 - Findings and purpose.
Section 6-25-4 - Economic development department; additional powers.
Section 6-25-6 - New Mexico finance authority; additional powers and duties.
Section 6-25-7 - Project revenue bonds.
Section 6-25-8 - Leases of projects.
Section 6-25-9 - Project revenue refunding bonds.
Section 6-25-10 - Use of project revenue bond proceeds.
Section 6-25-11 - Project revenue bonds legal investments.
Section 6-25-13 - Economic development revolving fund.
Section 6-25-14 - Tax impact fund.
Section 6-25-15 - Cumulative authority.
Section 6-25-16 - Liberal interpretation.
Section 6-25-17 - Economic development revolving fund bonds of the authority; use; security.
Section 6-25-19 - Economic development revolving fund bonds secured by trust indenture.
Section 6-25-20 - Publication of notice; validation; limitation of action.
Section 6-25-21 - Refunding bonds.
Section 6-25-22 - Economic development revolving fund and project revenue bond anticipation notes.
Section 6-25-24 - Agreement of the state.
Section 6-25-25 - Economic development revolving fund bonds; legal investments.
Section 6-25-26 - Tax exemption.
Section 6-25-27 - Proprietary information; confidentiality; penalty.
Section 6-25-28 - Application of other laws.
Section 6-25-29 - Temporary provision; fund name change; outstanding bonds; fund balances.