2011 New Mexico Statutes
Chapter 6: Public Finances
Article 22: State Aid Interception, 6-22-1 through 6-22-3
Section 6-22-2: Definitions.
6-22-2. Definitions.
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 Section 7-1-6.4, 7-1-6.9 and Subsection B of Section 7-1-6.11 NMSA 1978.
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