New Mexico § 4-55A-37 Improvement district; ordinance for refunding bonds;

New Mexico Statutes

§ 4-55A-37 — Improvement district; ordinance for refunding bonds;

New Mexico § 4-55A-37

Ch. 4Counties

Art. 55ACounty Improvement Districts

This text of New Mexico § 4-55A-37 (Improvement district; ordinance for refunding 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. § 4-55A-37 (2026).

Text

conditions; sale or exchange. A. The ordinance authorizing the issuance of refunding bonds for an improvement district shall describe the:

(1)details of the issue;

(2)form of the refunding bonds and interest coupons, if any;

(3)fund from which the principal and interest of the refunding bonds will be paid; and (4) manner in which the bonds are to be issued. B. The refunding bonds may:

(1)be issued in an amount less than, equal to or greater than the principal amount of improvement district bonds being refunded;

(2)not bear a rate of interest greater than the rate of interest borne by the assessments providing security for the refunding bonds if secured by assessments;

(3)become due and payable in regular numerical order;

(4)not be issued for a period of more than twenty years from t

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conditions; sale or exchange. A. The ordinance authorizing the issuance of refunding bonds for an improvement district shall describe the: (1) details of the issue; (2) form of the refunding bonds and interest coupons, if any; (3) fund from which the principal and interest of the refunding bonds will be paid; and (4) manner in which the bonds are to be issued. B. The refunding bonds may: (1) be issued in an amount less than, equal to or greater than the principal amount of improvement district bonds being refunded; (2) not bear a rate of interest greater than the rate of interest borne by the assessments providing security for the refunding bonds if secured by assessments; (3) become due and payable in regular numerical order; (4) not be issued for a period of more than twenty years from the date of issuance; and (5) be payable from substitute security or from the same funds that were applicable to the payment of the bonds being refunded. C. The refunding bonds may be: (1) sold at a public or private sale at a discount; or (2) exchanged, dollar for dollar, for the improvement district bonds being refunded.