New Mexico § 3-33-39 Improvement district; definition of "bonds"; refunding

New Mexico Statutes

§ 3-33-39 — Improvement district; definition of "bonds"; refunding

New Mexico § 3-33-39

Ch. 3Municipalities

Art. 33Improvement Districts

This text of New Mexico § 3-33-39 (Improvement district; definition of "bonds"; refunding) 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. § 3-33-39 (2026).

Text

improvement bonds; authority. A. As used in this section and in Sections 3-33-40 through 3-33-42 NMSA 1978, "bonds", when not modified by the word "refunding", includes assignable certificates. B. The governing body may issue refunding improvement district bonds to refund all or any part of outstanding improvement district bonds. Refunding bonds may be issued:

(1)to change the payment schedule for the bonds;

(2)to fund principal and interest due on bonds that are in default, or for which there is not and, in the opinion of the governing body, will not be sufficient money available to pay the principal and interest when due;

(3)to reduce interest costs on the bonds or on the assessments providing security for the bonds or to provide other savings;

(4)to modify or eliminate restrictive o

Free access — add to your briefcase to read the full text and ask questions with AI

improvement bonds; authority. A. As used in this section and in Sections 3-33-40 through 3-33-42 NMSA 1978, "bonds", when not modified by the word "refunding", includes assignable certificates. B. The governing body may issue refunding improvement district bonds to refund all or any part of outstanding improvement district bonds. Refunding bonds may be issued: (1) to change the payment schedule for the bonds; (2) to fund principal and interest due on bonds that are in default, or for which there is not and, in the opinion of the governing body, will not be sufficient money available to pay the principal and interest when due; (3) to reduce interest costs on the bonds or on the assessments providing security for the bonds or to provide other savings; (4) to modify or eliminate restrictive or burdensome contractural [contractual] limitations concerning the bonds; (5) to provide enhanced or substitute security for the bonds; or (6) to provide for any other reasonable and necessary purpose or any combination of the foregoing purposes.