Authority loans; terms.

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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.

ANNOTATIONS

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.


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