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.
ANNOTATIONSEffective 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.