State Codes and Statutes

State Codes and Statutes

Statutes > New-mexico > Chapter-3 > Article-60a > Section-3-60a-27

3-60A-27. Definitions.

As used in the Redevelopment Bonding Law [3-60A-26 to 3-60A-46 NMSA 1978]:   

A.     "revenue bonds" means bonds, notes or other securities evidencing an obligation and issued pursuant to the powers granted by the Metropolitan Redevelopment Code [3-60A-1 to 3-60A-13, 3-60A-14 to 3-60A-48 NMSA 1978] by a municipality for purposes authorized by that code;   

B.     "finance" or "financing" means the issuing of bonds by a municipality and the use of substantially all of the proceeds therefrom pursuant to a financing agreement with the user to pay, or to reimburse the user or its designee, for the costs of the acquisition or construction of a project, whether these costs are incurred by the municipality, the user or a designee of the user; provided, that title to or in the project may at all times remain in the user, and in such case, the bonds of the municipality may be secured by mortgage or other lien upon the project or upon any other property of the user, or both, granted by the user or by a pledge of one or more notes, debentures, bonds or other secured or unsecured debt obligations of the user, as the governing body deems advisable, but no municipality shall be authorized hereby to pledge any of its property or to otherwise secure the payment of any bonds with its property, except that the municipality may pledge the property of the project or revenues therefrom;   

C.     "financing agreement" includes a lease, sublease, installment purchase agreement, rental agreement, option to purchase or any other agreement, or any combination thereof, entered into in connection with the financing of a project pursuant to the Metropolitan Redevelopment Code;   

D.     "mortgage" means a deed of trust or any other security device for both real and personal property;   

E.     "ordinance" means an ordinance of a municipality financing or refinancing an activity involving or affecting improvement or improvements;   

F.     "project" means an activity which can be funded or refinanced by revenue bonds issued pursuant to the Redevelopment Bonding Law for the purpose of acquiring, improving, rehabilitating, conserving, financing, or refinancing, erecting or building new or improved facilities, on land, building or buildings or any other improvement or improvements, site or any other activity authorized by the Metropolitan Redevelopment Code for projects or activities located within the boundaries of a metropolitan redevelopment area. The revenue bonds may be used for the projects hereafter enumerated, for any purpose or use in such project, except that no funds shall be used for inventories, raw materials or other working capital, whether or not in existence, suitable or used for or in connection with any of the following projects:   

(1)     manufacturing, industrial, commercial or business enterprises, including without limitation enterprises engaged in storing, warehousing, distributing, selling or transporting any products of industry, commerce, manufacturing or business, or any utility plant;   

(2)     hospital, health-care or nursing-home facilities, including without limitation clinics and out-patient facilities and facilities for the training of hospital, health-care or nursing-home personnel;   

(3)     residential facilities intended for use as the place of residence by the owners or intended occupants;   

(4)     sewage or solid waste disposal facilities;   

(5)     facilities for the furnishing of water, if available, on reasonable demand to members of the general public;   

(6)     facilities for the furnishing of energy or gas;   

(7)     sports and recreational facilities;   

(8)     convention or trade show facilities; and   

(9)     research, product-testing and administrative facilities;   

G.     "state" means the state of New Mexico;   

H.     "user" means one or more persons who enter into a financing agreement with a municipality relating to a project, except that the user need not be the person actually occupying, operating or maintaining the project; and   

I.     "utility plant" means any facility used for or in connection with the generation, production, transmission or distribution of electricity; the production, manufacture, storage or distribution of gas; the transportation or conveyance of gas, oil or other fluid substance by pipeline; or the diverting, developing, pumping, impounding, distributing or furnishing of water.