Section 6-21C-8 - Procedure for sale of building bonds. - New Mexico Statutes

6-21C-8. Procedure for sale of building bonds.

A.     Building bonds shall be sold by the New Mexico finance authority at such times and in such manner as the authority may elect, consistent with the need of the property control division of the general services department, either at private sale for a negotiated price or to the highest bidder at public sale for cash at not less than par and accrued interest.

B.     In connection with any public sale of building bonds, the New Mexico finance authority shall publish a notice of the time and place of sale in a newspaper of general circulation in the state and also in a recognized financial journal outside the state.  Such publication shall be made once each week for two consecutive weeks prior to the date fixed for such sale, the last publication to be two business days prior to the date of sale.  Such notice shall specify the amount, denomination, maturity and description of the bonds to be offered for sale and the place, day and hour at which sealed bids therefor shall be received.  All bids, except that of the state, shall be accompanied by a deposit of two percent of the principal amount of the bonds.  Deposits of unsuccessful bidders shall be returned upon rejection of the bid.  At the time and place specified in such notice, the New Mexico finance authority shall open the bids in public and shall award the bonds, or any part thereof, to the bidder or bidders offering the best price.  The New Mexico finance authority may reject any or all bids and readvertise.

C.     The New Mexico finance authority may sell a building bond issue, or any part thereof, to the state or to one or more investment bankers or institutional investors at private sale.