New Mexico Statutes
Article 24 - Industrial and Agricultural Finance Authority
Section 58-24-6 - Authority; loans.

A. The authority may:
(1) make, and undertake commitments to make, lender loans and project loans under terms and conditions requiring the proceeds thereof to be used to finance an industrial, commercial or agricultural project or facility. Project loan commitments and project loans shall be originated through and serviced by a lender; and
(2) invest in, purchase or make commitments to invest in or purchase, or take assignments or make commitments to take assignments of, project loans made by lenders to finance an industrial, commercial or agricultural project or facility.
B. Prior to exercising any of the powers authorized in Subsection A of this section, the authority shall require the lender to certify and agree that:
(1) the project loan is, or, if the project loan has not yet been made, will be at the time of making, in all respects a prudent investment; and
(2) such lender will use the proceeds of the lender loan, or the sale or assignments of a project loan, within a reasonable period of time to make project loans; or, if such lender has made a commitment to make project loans on the basis of a commitment from the authority to purchase such project loans, such lender will make and sell the project loans to the authority within a reasonable period of time.
C. Prior to exercising any of the powers under Subsection A of this section, the authority may, but is not obligated to, require any type of security, insurance or guarantee that it deems reasonable and necessary.
History: Laws 1983, ch. 300, § 6.

Structure New Mexico Statutes