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Section 58-31-15 - Authority refunding revenue bonds; terms.

NM Stat § 58-31-15 (2019) (N/A)
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[The] authority [when] refunding revenue bonds:

A. may have interest or appreciated principal value payable at intervals or at maturity;

B. may be subject to prior redemption at the authority's option at such time or times and upon such terms and conditions with or without the payment of premiums;

C. may be serial in form and maturity;

D. may consist of a single bond payable in one or more installments; and

E. shall be exchanged for the bonds and any mature unpaid interest being refunded at not less than par or sold at public or negotiated sale 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].

History: Laws 2005, ch. 128, § 15.

Effective dates. — Laws 2005, ch. 128 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 17, 2005, 90 days after adjournment of the legislature.

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Section 58-31-14 - Spaceport authority refunding bonds; escrow.
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Section 58-31-16 - Exemption from taxation.