§ 6-22-2. Definitions

As used in the State Aid Intercept Act: 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 NMSA 1978 or Chapter 4, Article 62 NMSA 1978; 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 NMSA 1978 .