State Codes and Statutes
Statutes > New-mexico > Chapter-6 > Article-22 > Section-6-22-26-22-2. Definitions.
As used in the State Aid Intercept Act [6-22-1 to 6-22-3 NMSA 1978]:
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 Section 7-1-6.4, 7-1-6.9 and Subsection B of Section 7-1-6.11 NMSA 1978.
