5-7-5. Fire district bonds; terms.
206 words·~1 min read·
/nm/chapter-5-municipalities-and-counties/article-7-fire-district-bonds/5-7-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
County or municipal fire district bonds:
A. shall bear interest at a coupon rate or coupon rates not exceeding the maximum coupon rate which is permitted by the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978]; provided that interest shall be payable annually or semiannually and may or may not be evidenced by coupons; and provided further that the first interest payment date may be for interest accruing for any period not exceeding one year;
B. may be subject to a prior redemption at the county's or 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 provided by ordinance;
C. 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;
E. shall be sold for cash at, above or below par and at a price which results in a net effective interest rate which does not exceed the maximum permitted by the Public Securities Act; and
F. may be sold at public or private sale.
History: Laws 1983, ch. 162, § 5.