§ 58-27-3 — Definitions

New Mexico § 58-27-3

• Jurisdiction: New Mexico
• Ch. 58: Financial Institutions and Regulations
• Art. 27: Border Development

Text

As used in the Border Development Act: A. "authority" means the border authority; B. "financial assistance" means grants and loans provided for projects to a qualified entity on terms and conditions approved by the authority; C. "mortgage" means a mortgage or a mortgage and deed of trust or the pledge and hypothecation of any assets as collateral security; D. "port of entry" means an international port of entry in New Mexico at which customs services are provided by the United States customs and border protection; E. "project" means any land or building or any other improvements acquired as a part of a port of entry or associated with a port of entry or to aid commerce in connection with a port of entry, including all real and personal property deemed necessary in connection therewith, whether or not now in existence. A project shall be suitable for use by, or for, one or more of the following: (1) a port of entry, a foreign trade zone, an inspection station, an emergency response station or any other facilities to be used by any agency or entity of the United States government, by another qualified entity or by any other foreign international state; (2) an industry for the manufacturing, processing or assembling of any agricultural, mining or manufactured product; (3) a railroad switching yard, railroad station, bus terminal, airport or other passenger, commuter or mass transportation system or freight transportation system; (4) a commercial business or other enterprise engaged in storing, warehousing, distributing or selling products of manufacturing, agriculture, mining or related industries, not including facilities designed for the distribution to the public of electricity or gas; (5) an enterprise in which all or part of the activities of the enterprise involve supplying services to the general public or to governmental agencies or to a specific industry or customer; (6) any industrial, commercial, agricultural, professional or other business enterprise seeking to occupy office space; (7) infrastructure development involving acquiring, repairing, improving or maintaining storm sewers and other drainage improvements, sanitary sewers, sewage treatment, water utilities or solid waste disposal facilities, including acquiring rights of way or water rights; (8) infrastructure development involving reconstructing, resurfacing, maintaining, repairing or improving existing alleys, streets, roads or bridges or laying off, opening, constructing or acquiring new alleys, streets, roads or bridges, including acquiring rights of way; (9) any industry that involves any water distribution or irrigation system, including pumps, distribution lines, transmission lines, fences, dams and similar facilities and equipment, including acquiring rights of way; or (10) fire protection services or equipment or police protection services or equipment; F. "property" means land, improvements to the land, buildings and improvements to the buildings, machinery and equipment of any kind necessary to the project, operating capital and any other personal properties deemed necessary in connection with the project; G. "qualified entity" means the state or one of its agencies, instrumentalities, institutions or political subdivisions or the United States or any corporation, department, instrumentality or agency of the federal government; H. "bond" means any bonds, notes or other obligations; and I. "bondholder" means a person who is the owner of a bond, regardless of whether the bond is registered.

Legislative History

Laws 1991, ch. 131, § 3; 1993, ch. 335, § 1; 1995, ch. 192, § 1; 2011, ch. 59, §