Section 58-31-7 - Authority loans; terms. - New-mexico Statutes

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Statutes > New-mexico > Chapter-58 > Article-31 > Section-58-31-7

58-31-7. Authority loans; terms.

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 [61-30-1 NMSA 1978]; and

D. the loan shall be subject to approval of the state board of finance.

State Codes and Statutes

Statutes > New-mexico > Chapter-58 > Article-31 > Section-58-31-7

58-31-7. Authority loans; terms.

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 [61-30-1 NMSA 1978]; and

D. the loan shall be subject to approval of the state board of finance.

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State Codes and Statutes

Statutes > New-mexico > Chapter-58 > Article-31 > Section-58-31-7

58-31-7. Authority loans; terms.

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 [61-30-1 NMSA 1978]; and

D. the loan shall be subject to approval of the state board of finance.