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 Sections 7-1-6.4 and 7-1-6.9 NMSA 1978. History: Laws 1992, ch. 105, § 2; 2017, ch. 63, § 3. ANNOTATIONSThe 2017 amendment, effective June 16, 2017, in Subsection F, after 'pursuant to', deleted 'Section' and added 'Sections', after '7-1-6.4', added 'and', and after '7-1-6.9', deleted 'and Subsection B of Section 7-1-6.11'.
New Mexico Legal Code