2019 New Mexico Statutes
Chapter 6 - Public Finances
Article 20 - Private Activity Bonds
Section 6-20-11 - Administrative duties of the board.

The board:

A. shall maintain the official state records pertaining to the state ceiling, requests for allocation submitted, requests for carryforward election allocations submitted, allocations issued, carryforward election allocations issued, confirmations submitted and any other records required for administration of the Private Activity Bond Act;

B. may issue, on behalf of the governor, any certification required by the code or the regulations setting forth information concerning the state ceiling and Section 146 of the code; and

C. may, by rule, require a reasonable application fee, allocation deposit and extension fee to be paid by the issuing authority. Application and extension fees collected by the board shall be deposited in the general fund. Allocation deposits shall be held by the board in a liability suspense account and after a determination has been made by the board that the allocation has been used for the intended purpose, may, at the discretion of the board, be refunded in whole or in part to the applicant. Otherwise, the allocation deposit shall be deposited in the general fund.

History: Laws 1988, ch. 46, § 11; 2005, ch. 153, § 2.

Compiler's notes. — The phrase "Section 146 of the code" means 26 U.S.C.S. § 146. See 6-20-2 NMSA 1978.

The 2005 amendment, effective June 17, 2005, added Subsection C to require the board to require by rule for application and extension fees and an allocation deposit; to require that fees be deposited in the general fund and that allocation deposits be held in a liability suspense fund which may be refunded to the applicant when the board determines that the allocation has been used for its intended purpose.