6-22-2. Definitions.
138 words·~1 min read·
/nm/chapter-6-public-finances/article-22-state-aid-interception/6-22-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.
History: Laws 1992, ch. 105, § 2; 2017, ch. 63, § 3.