{"data":{"id":"us-nm/6-22-2","jurisdiction":"us-nm","citation":"6-22-2","heading":"Definitions.","body":"As used in the State Aid Intercept Act:\nA. \"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;\nB. \"local government\" means a municipality or county;\nC. \"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;\nD. \"qualified local revenue bond\" means a local revenue bond for which a state distributions intercept authorization has been granted pursuant to this section;\nE. \"secretary\" means the secretary of finance and administration; and\nF. \"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.","path":["Chapter 6 - Public Finances","ARTICLE 22 State Aid Interception"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18506/index.do","current_through":"2026-07-01","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"476d1c13bbe1b9931333bd06f8e3a0d5f362d3216d71fb8e1382455f90e71186","source_id":"us-nm","stale":false,"prev":"us-nm/6-22-1","next":"us-nm/6-22-3"},"notice":"GroundRules: Original legal text. Not legal advice."}