New Mexico Statutes 4-55D-3. Ordinance establishing the program
The board of county commissioners of a county may by county ordinance establish a program. The county ordinance may apply within the boundaries of a municipality in a county if the municipality adopts a resolution or ordinance approving the application of the county’s ordinance within the municipality. The county ordinance shall be substantively in the form set forth in the program guidebook and shall:
Terms Used In New Mexico Statutes 4-55D-3
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
A. include a statement that the financing of eligible improvements, repaid by special assessments on eligible property benefited by such improvements, is in the interest of public health, safety and welfare;
B. designate the region in which owners of eligible property may finance eligible improvements pursuant to the Improvement Special Assessment Act; a county may designate more than one region and if multiple regions are designated, the regions may be separate, overlapping or coterminous;
C. incorporate by reference the program guidebook, notwithstanding that a county adopting a program pursuant to the Improvement Special Assessment Act may narrow the definition of eligible improvements to be consistent with the county’s climate goals;
D. authorize and direct a county official to enter into special assessment agreements with property owners and capital providers and issue special assessment assignable certificates on behalf of the county to impose special assessments and assign special assessment liens for assessments approved by the program administrator pursuant to this section;
E. authorize direct financing between an eligible property owner and a capital provider to finance eligible improvements;
F. designate a program administrator; and
G. require that the interest rate, delinquent interest, penalties, terms of prepayment and other terms of a special assessment shall be established by a capital provider in the related special assessment financing agreement for such assessment.