3-31-3. Revenue bonds; terms.
247 words·~1 min read·
/nm/chapter-3-municipalities/article-31-revenue-bonds/3-31-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Municipal 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 a prior redemption at the municipality's option at such time or times and upon such terms and conditions with or without the payment of such premium or premiums as may be determined by the governing body;
C. may mature at any time or times not exceeding fifty years after the date of issuance, except municipal revenue bonds issued for reconstructing, resurfacing or repairing existing streets, which may mature at any time or times 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: 1953 Comp., § 14-30-3, enacted by Laws 1965, ch. 300; 1969, ch. 217, § 2; 1972, ch. 81, § 4; 1979, ch. 311, § 2; 1983, ch. 108, § 1; 1985, ch. 86, § 2; 1989, ch. 355, § 1; 1995, ch. 141, § 2.