New Mexico § 73-13-11 Limitation on term of loan; interest; renewal of loan

New Mexico Statutes

§ 73-13-11 — Limitation on term of loan; interest; renewal of loan

New Mexico § 73-13-11

Ch. 73Special Districts

Art. 13General Provisions Relating to Irrigation Districts

This text of New Mexico § 73-13-11 (Limitation on term of loan; interest; renewal of loan) 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. § 73-13-11 (2026).

Text

Loans made under the provisions hereof shall be for a period of not exceeding twenty (20) years, payable as to principal and interest as the board of directors may determine, but no obligation of the district issued hereunder shall be sold for less than ninety cents (90¢) of the dollar par value thereof, and shall draw interest not to exceed seven (7) per centum per annum, provided that any such loan may be refunded or renewed, if necessary, for a further period of five (5) years.

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Loans made under the provisions hereof shall be for a period of not exceeding twenty (20) years, payable as to principal and interest as the board of directors may determine, but no obligation of the district issued hereunder shall be sold for less than ninety cents (90¢) of the dollar par value thereof, and shall draw interest not to exceed seven (7) per centum per annum, provided that any such loan may be refunded or renewed, if necessary, for a further period of five (5) years.