New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 93 - OPPORTUNITY ENTERPRISE ACT ENTERPRISE ASSISTANCE
Part 1 - GENERAL PROVISIONS
Section 2.93.1.14 - ENTERPRISE ASSISTANCE CONTRACT
Current through Register Vol. 35, No. 18, September 24, 2024
A. The authority and opportunity enterprise partner awarded enterprise assistance will enter into a contract to establish the terms and conditions of enterprise assistance from the authority. The contract to provide enterprise assistance shall:
B. The interest rate on any enterprise assistance extended, if applicable, shall be determined by the authority
C. The contract will contain provisions which require enterprise assistance recipients to comply with all applicable federal, state and local laws and regulations.
D. The authority will monitor terms of the contract and enforce or cause to be enforced all terms and conditions thereof, including prompt notice and collection. In the event of default under an enterprise assistance contract by an applicant, the authority may enforce its rights by suit or mandamus and may utilize all other available remedies under state and applicable federal law.
E. A list of contracts for enterprise assistance shall be provided to the board by the authority no later than thirty days from the execution of that contract. The board shall review contracts from time to time and determine whether the use of enterprise assistance is a prudent expenditure of public funds and report to the legislature annually on that determination. The board may also make recommendations to the authority of potential rulemaking, application or lending changes to ensure transparent and efficient processes for carrying out the provisions of the act.