6-12-4. [Public sale of securities.]
173 words·~1 min read·
/nm/chapter-6-public-finances/article-12-state-indebtedness/6-12-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Such bonds, debentures and certificates shall, notwithstanding the provisions of any other law, bear the lowest rates of interest obtainable but not exceeding four percent per annum, and shall be sold for not less than par and accrued interest; and if sold to persons other than the state treasurer shall be sold for cash and only to the bidder or bidders offering the highest price, not less than par and accrued interest, or offering to purchase the same at par and accrued interest, or offering to purchase said debentures at par and accrued interest at the lowest rate of interest, and only after advertising the time and place of sale by notice published for two consecutive weeks in one newspaper published in the city of Santa Fe, New Mexico, and one newspaper published in the city of New York, the first publication to be not less than fifteen days prior to the date of sale.
History: 1941 Comp., § 7-504, enacted by Laws 1941, ch. 172, § 2; 1953 Comp., § 11- 5-4.