A. The authority may create and establish one or more reserve funds.
B. The authority may create and establish other reserve funds as it deems advisable and necessary.
History: 1953 Comp., § 13-19-12, enacted by Laws 1975, ch. 303, § 12; 1995, ch. 9, § 22.
The 1995 amendment, effective June 16, 1995, deleted former provisions of Subsection A relating to debt service reserve funds and made stylistic changes in Subsection B.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 18 - Mortgage Finance Authority
Section 58-18-1 - Short title.
Section 58-18-2 - Legislative findings; declaration of purpose.
Section 58-18-3 - Definitions.
Section 58-18-3.2 - Secondary mortgage funds; additional definitions.
Section 58-18-4 - Authority created.
Section 58-18-5 - Powers of the authority.
Section 58-18-5.1 - Recompiled.
Section 58-18-5.2 - Authority duties.
Section 58-18-5.6 - Duties; behavioral health.
Section 58-18-6 - Loans to mortgage lenders.
Section 58-18-7 - Purchase of mortgage loans.
Section 58-18-7.1 - Sale of project mortgage loans.
Section 58-18-7.2 - Secondary market facility; findings and purposes; establishment.
Section 58-18-7.3 - Rehabilitation loans and home improvement loans.
Section 58-18-8 - Rules and regulations of the authority.
Section 58-18-8.2 - Rules and regulations of the authority; secondary market facility.
Section 58-18-8.3 - Rules and regulations of the authority; home improvement loan program.
Section 58-18-9 - Required determinations of the authority.
Section 58-18-10 - Planning, zoning and building laws.
Section 58-18-11 - Bonds and notes of the authority.
Section 58-18-11.1 to 58-18-11.5 - Repealed.
Section 58-18-12 - Reserve funds.
Section 58-18-13 - Notice or publication not required.
Section 58-18-14 - Remedies of bondholders and noteholders.
Section 58-18-14.1 - Project mortgage loans; enforcement of agreement.
Section 58-18-15 - State and municipalities not liable on bonds and notes.
Section 58-18-16 - Agreement of the state.
Section 58-18-18 - Tax exemption.
Section 58-18-19 - No contribution by state or municipality.
Section 58-18-20 - Money of the authority.
Section 58-18-21 - Limitation of liability.
Section 58-18-22 - Assistance by state officers and agencies.
Section 58-18-23 - Court proceedings; preference; venue.
Section 58-18-24 - Corporate existence.
Section 58-18-25 - Conflicts of interest; penalty.