5-3-4. [Terms and conditions of bonds; sale.]
119 words·~1 min read·
/nm/chapter-5-municipalities-and-counties/article-3-auditoriums/5-3-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Revenue bonds issued under the provisions of this act [5-3-1 to 5-3-8 NMSA 1978] shall bear interest at not to exceed four and one-half (4 ½) per cent per annum, payable annually or semiannually, shall be payable at the option of such municipality at the end of ten years from date thereof; and due by their terms in not more than twenty years from date thereof; as determined by the municipality; shall be serial in form and maturity and numbered from one upward, consecutively, and shall be sold for cash, at not less than par, and at either public or private sale.
History: Laws 1935, ch. 51, art. 1, § 4; 1941 Comp., § 6-304; 1953 Comp., § 6-3-4.