New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 91 - GRANTS
Part 2 - REVIEW AND SELECTION OF COLONIAS INFRASTRUCTURE PROJECTS
Section 2.91.2.14 - FINANCIAL ASSISTANCE AGREEMENT
Current through Register Vol. 35, No. 6, March 26, 2024
A. The authority and the qualified entity will enter into an agreement to establish the terms and conditions of financial assistance from the authority. The agreement will include the terms of repayment and remedies available to the authority in the event of a default. The authority will monitor terms of the agreement and enforce or cause to be enforced all terms and conditions thereof, including prompt notice and collection.
B. The interest rate on any financial assistance extended shall be determined by the authority based on the cost of funds and ability of a qualified entity to repay a loan, and in accordance with the policies jointly established by the board and the authority. The interest rate shall not change during the term of the financial assistance unless refinanced or unless the financial assistance is structured as a variable rate obligation.
C. The agreement will contain provisions which require financial assistance recipients to comply with all applicable federal, state and local laws and regulations.
D. In the event of default under a financial assistance agreement by a qualified entity, the authority may enforce its rights by suit or mandamus and may utilize all other available remedies under state and applicable federal law.
