Section 4-62-3 - Revenue bonds; terms.

NM Stat § 4-62-3 (2019) (N/A)

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County revenue bonds:

A. may have interest, appreciated principal value or any part thereof payable at intervals or at maturity as may be determined by the governing body;

B. may be subject to prior redemption at the county's option at such time and upon such terms and conditions with or without the payment of a premium as may be determined by the governing body;

C. may mature at any time not exceeding fifty years after the date of issuance, except county revenue bonds issued for reconstructing, resurfacing or repairing existing streets, which may mature at any time not exceeding twenty years after the date of issuance;

D. may be serial in form and maturity or may consist of one bond payable at one time or in installments or may be in such other form as may be determined by the governing body;

E. shall be sold for cash at, above or below par and at a price that results in a net effective interest rate that does not exceed the maximum permitted by the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978]; and

F. may be sold at public or negotiated sale.

History: 1978 Comp., § 4-62-3, enacted by Laws 1992, ch. 95, § 3; 1995, ch. 141, § 9.

The 1995 amendment, effective April 5, 1995, deleted "in the ordinance" following "body" at the end of Subsection A, and substituted "determined by the governing body" for "provided by ordinance" following "be" at the end of Subsection B.

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Section 4-62-2 - Use of proceeds of bond issue.

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Section 4-62-3.1 - Exemption from taxation.