New Mexico § 6-22-2 Definitions

New Mexico Statutes

§ 6-22-2 — Definitions

New Mexico·Ch. 6 Public Finances·Art. 22 State Aid Interception

As used in the State Aid Intercept Act: A. "default" means the actual nonpayment of principal or interest on a local revenue bond when payment is scheduled by the indenture relating the local revenue bond; B. "local government" means a municipality or county; C. "local revenue bond" means a bond issued after July 1, 1992 pursuant to Sections 3-33-1 through 3-33-43 NMSA 1978 or Chapter 4, Article 62 NMSA 1978; D. "qualified local revenue bond" means a local revenue bond for which a state distributions intercept authorization has been granted pursuant to this section; E. "secretary" means the secretary of finance and administration; and F. "state distributions" means any or all of the funds distributed to local governments pursuant to Sections 7-1-6.4 and 7-1-6.9 NMSA 1978.

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As used in the State Aid Intercept Act: A. "default" means the actual nonpayment of principal or interest on a local revenue bond when payment is scheduled by the indenture relating the local revenue bond; B. "local government" means a municipality or county; C. "local revenue bond" means a bond issued after July 1, 1992 pursuant to Sections 3-33-1 through 3-33-43 NMSA 1978 or Chapter 4, Article 62 NMSA 1978; D. "qualified local revenue bond" means a local revenue bond for which a state distributions intercept authorization has been granted pursuant to this section; E. "secretary" means the secretary of finance and administration; and F. "state distributions" means any or all of the funds distributed to local governments pursuant to Sections 7-1-6.4 and 7-1-6.9 NMSA 1978.

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