New Mexico § 58-31-7 Authority loans; terms

New Mexico Statutes

§ 58-31-7 — Authority loans; terms

New Mexico § 58-31-7

Ch. 58Financial Institutions and Regulations

Art. 31Spaceport Development

This text of New Mexico § 58-31-7 (Authority loans; terms) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 58-31-7 (2026).

Text

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.

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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.