If the authority borrows money from a financial institution or other entity:
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 [Chapter 61, Article 30 NMSA 1978]; and
D. the loan shall be subject to approval of the state board of finance.
History: Laws 2005, ch. 128, § 7.
Effective dates. — Laws 2005, ch. 128 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 17, 2005, 90 days after adjournment of the legislature.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 31 - Spaceport Development
Section 58-31-1 - Short title.
Section 58-31-3 - Definitions.
Section 58-31-4 - Spaceport authority created; membership.
Section 58-31-5 - Authority powers and duties.
Section 58-31-6 - Spaceport authority; bonding authority; power to issue revenue bonds.
Section 58-31-7 - Authority loans; terms.
Section 58-31-8 - Bonds secured by trust indenture.
Section 58-31-9 - Authority revenue bonds; limitations; authorization; authentication.
Section 58-31-10 - Security for bonds, notes or certificates of indebtedness.
Section 58-31-11 - Requirements respecting resolution and lease.
Section 58-31-12 - Use of proceeds from sale of bonds.
Section 58-31-13 - Spaceport authority revenue bonds; refunding authorization.
Section 58-31-14 - Spaceport authority refunding bonds; escrow.
Section 58-31-15 - Authority refunding revenue bonds; terms.
Section 58-31-16 - Exemption from taxation.