5-17-31. Term of bonds.
235 words·~1 min read·
/nm/chapter-5-municipalities-and-counties/article-17-infrastructure-development-zone/5-17-31·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For any bonds issued in connection with Section 28, 29 or 30 [5-17-28, 5-17-29, 5- 17-30 NMSA 1978] of the Infrastructure Development Zone Act, the board shall prescribe the denominations of the bonds, the principal amount of each issue and the form of the bonds and shall establish the maturities, which shall not exceed thirty years, interest payment dates and interest rates, whether fixed or variable, not exceeding the maximum rate stated in the notice of the election or the resolution of the board.
The bonds may be sold by competitive bid or negotiated sale for public or private offering at, below or above par. The proceeds of the bonds shall be deposited with the treasurer, or with a trustee or agent designated by the board, to the credit of the infrastructure development zone to be withdrawn for the purposes provided by the Infrastructure Development Zone Act. Pending that use, the proceeds may be invested as determined by the board. The bonds shall be made payable as to both principal and interest solely from revenues of the infrastructure development zone, and shall specify the revenues pledged for such purposes, and shall contain such other terms, conditions, covenants and agreements as the board deems proper.
The bonds may be payable from any combination of taxes, assessments or other revenues collected or received pursuant to the Infrastructure Development Zone Act.
History: Laws 2009, ch. 136, § 31.