6-21-5. Powers of the authority.
587 words·~3 min read·
/nm/chapter-6-public-finances/article-21-finance-authority/6-21-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The authority is granted all powers necessary and appropriate to carry out and effectuate its public and corporate purposes, including the following powers:
A. to sue or be sued;
B. to adopt and alter an official seal;
C. to make and alter bylaws for its organization and internal management and to adopt, subject to the review and approval of the New Mexico finance authority oversight committee, such rules as are necessary and appropriate to implement the provisions of the New Mexico Finance Authority Act;
D. to appoint officers, agents and employees, prescribe their duties and qualifications and fix their compensation;
E. to make, enter into and enforce all contracts, agreements and other instruments necessary, convenient or desirable in the exercise of the authority's powers and functions and for the purposes of the New Mexico Finance Authority Act;
F. to acquire, construct, hold, improve, grant mortgages of, accept mortgages of, sell, lease, convey or dispose of real and personal property for its public purposes;
G. to acquire, construct or improve real property, buildings and facilities for lease and to pledge rentals and other income received from such leases to the payment of bonds;
H. to make loans, leases and purchase securities and contract to make loans, leases and purchase securities;
I. to make grants to qualified entities to finance public projects; provided that such grants are not made from the public project revolving fund;
J. to procure insurance to secure payment on any loan, lease or purchase payments owed to the authority by a qualified entity in such amounts and from such insurers, including the federal government, as it may deem necessary or desirable and to pay any premiums for such insurance;
K. to fix, revise from time to time, charge and collect fees and other charges in connection with the making of loans, leases and any other services rendered by the authority;
L. to accept, administer, hold and use all funds made available to the authority from any sources;
M. to borrow money and to issue bonds and provide for the rights of the holders of the bonds;
N. to establish and maintain reserve and sinking fund accounts to insure against and have funds available for maintenance of other debt service accounts;
O. to invest and reinvest its funds and to take and hold property as security for the investment of such funds as provided in the New Mexico Finance Authority Act;
P. to employ attorneys, accountants, underwriters, financial advisers, trustees, paying agents, architects, engineers, contractors and such other advisers, consultants and agents as may be necessary and to fix and pay their compensation;
Q. to apply for and accept gifts or grants of property, funds, services or aid in any form from the United States, any unit of government or any person and to comply, subject to the provisions of the New Mexico Finance Authority Act, with the terms and conditions of the gifts or grants;
R. to maintain an office at any place in the state it may determine;
S. subject to any agreement with bondholders, to:
(1)renegotiate any loan, lease or agreement;
(2)consent to any modification of the terms of any loan, lease or agreement; and
(3)purchase bonds, which may upon purchase be canceled; and
T. to do any and all things necessary or convenient to carry out its purposes and exercise the powers given and granted in the New Mexico Finance Authority Act.
History: Laws 1992, ch. 61, § 5; 2000, ch. 80, § 2; 2001, ch. 294, § 3.