New Mexico § 22-19-11 Bonds; form; requirements

New Mexico Statutes

§ 22-19-11 — Bonds; form; requirements

New Mexico § 22-19-11

Ch. 22Public Schools

Art. 19School Revenue Bonds

This text of New Mexico § 22-19-11 (Bonds; form; requirements) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 22-19-11 (2026).

Text

All bonds or other special obligations issued pursuant to the School Revenue Bond Act shall: A. be fully negotiable within the provisions of the Uniform Commercial Code [Chapter 55 NMSA 1978]; B. have a duration of time not to exceed forty years from their date of issuance; C. bear interest at a rate not to exceed a net of six percent a year, interest payable semiannually; D. be sold at a price which does not result in an actual net interest cost to maturity, computed on the basis of standard tables of bond values, in excess of six percent a year; E. have the principal thereof paid in yearly amounts beginning not later than two years from their date of issuance; and F. be sold at public or private sale, with or without a discount as provided by Subsection D of this section.

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All bonds or other special obligations issued pursuant to the School Revenue Bond Act shall: A. be fully negotiable within the provisions of the Uniform Commercial Code [Chapter 55 NMSA 1978]; B. have a duration of time not to exceed forty years from their date of issuance; C. bear interest at a rate not to exceed a net of six percent a year, interest payable semiannually; D. be sold at a price which does not result in an actual net interest cost to maturity, computed on the basis of standard tables of bond values, in excess of six percent a year; E. have the principal thereof paid in yearly amounts beginning not later than two years from their date of issuance; and F. be sold at public or private sale, with or without a discount as provided by Subsection D of this section.