New Mexico § 3-52-7 Terms of bonds

New Mexico Statutes

§ 3-52-7 — Terms of bonds

New Mexico § 3-52-7

Ch. 3Municipalities

Art. 52Municipal Transit

This text of New Mexico § 3-52-7 (Terms of bonds) 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. § 3-52-7 (2026).

Text

A. The ordinance authorizing issuance of bonds shall specify:

(1)issuance in any number of series;

(2)maturity dates;

(3)interest not exceeding six percent a year;

(4)denominations;

(5)form, either coupon or registered;

(6)conversion or registration privileges;

(7)rank or priority;

(8)manner of execution;

(9)if desirable, features of redemption, prior to maturity with or without premium; and (10) the terms, manner and medium of payment and redemption. B. No member of the governing body or any person executing bonds is personally liable on any bond. All bonds are payable solely from the sources allowed by the governing body as specified in the authorizing ordinance. No bond is a debt, liability or general obligation of the issuing municipality. C. The terms prescribed by the author

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A. The ordinance authorizing issuance of bonds shall specify: (1) issuance in any number of series; (2) maturity dates; (3) interest not exceeding six percent a year; (4) denominations; (5) form, either coupon or registered; (6) conversion or registration privileges; (7) rank or priority; (8) manner of execution; (9) if desirable, features of redemption, prior to maturity with or without premium; and (10) the terms, manner and medium of payment and redemption. B. No member of the governing body or any person executing bonds is personally liable on any bond. All bonds are payable solely from the sources allowed by the governing body as specified in the authorizing ordinance. No bond is a debt, liability or general obligation of the issuing municipality. C. The terms prescribed by the authorizing ordinance and by this section shall be carried on the face of each bond.