As used in the State Aid Intercept Act:

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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 N.M. Stat. Ann. or N.M. Stat. Ann. Chapter 4, Article 62;

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 N.M. Stat. Ann..