If the authority borrows money from a financial institution or other entity:

1. A. the interest, principal payments or any part thereof shall be payable at intervals as may be determined by the authority;
2. B. the loan shall mature at any time not exceeding thirty years from the date of origination;
3. C. the principal amount of the loan shall not exceed the 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 [Chapter 61, Article 30 NMSA 1978]; and
4. D. the loan shall be subject to the approval of the state board of finance.

History: 1978 Comp., § 58-27-16.1, enacted by Laws 1993, ch. 335, § 4; 1995, ch. 192, § 12; 2003, ch. 123, § 5.

ANNOTATIONS

The 2003 amendment, effective June 20, 2003, purported to amend this section but made no change to the section.

The 1995 amendment, effective June 16, 1995, added "or other entity" at the end of the introductory language, deleted former Subsections C and D relating to a limitation on the maximum rate of interest and aquisition of property in fee simple, and redesignated former Subsections E and F as Subsections C and D.