Section 73-7-38 - [Refunding indebtedness.]

NM Stat § 73-7-38 (2019) (N/A)

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And the court may, on the petition of the commissioners authorize them to refund any lawful indebtedness of the district by taking up and cancelling all of its outstanding notes and bonds, as fast as they become due, or before, if the holders thereof will surrender the same, and issuing in lieu thereof new notes, or bonds of such district, payable in such longer time as the court shall deem proper, not to exceed in the aggregate the amount of all notes and bonds of the district then outstanding, and the unpaid, accrued interest thereon, and bearing interest not exceeding eight percent per annum.

History: Laws 1912, ch. 84, § 65; Code 1915, § 1941; C.S. 1929, § 40-170; 1941 Comp., § 77-1938; 1953 Comp., § 75-20-38.

Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.

Districts to pay interest on matured bonds and coupons. — Legislature intended that drainage districts should pay interest on their bonds and coupons after maturity. Roswell Drainage Dist. v. Parker, 53 F.2d 793 (10th Cir. 1931).

Am. Jur. 2d, A.L.R. and C.J.S. references. — 94 C.J.S. Waters §§ 327, 345.

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Section 73-7-37 - Commissioners may borrow money; notes and bonds; sale.

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Section 73-7-39 - [Authority to refund indebtedness of any kind; borrowing money; issuance of new bonds and notes.]