Section 7-20F-10 - Revenue bonds; terms. - New Mexico Statutes

7-20F-10. Revenue bonds; terms.

Revenue bonds issued pursuant to provisions of the County Correctional Facility Gross Receipts Tax Act [7-20F-1 NMSA 1978]:  

A.     may have interest, appreciated principal value or any part thereof payable at intervals or at maturity as may be determined by the county board in the ordinance;  

B.     shall be subject to a prior redemption at the county's option at such time or times and upon such terms and conditions without the payment of premiums;  

C.     may mature at any time or times not exceeding twenty-five years after the date of issuance;  

D.     may be serial in form and maturity or may consist of one bond payable at one time or in installments or may be in such other form as may be determined by the county board;  

E.     shall be sold for cash at above or below par and at a price that results in a net effective interest rate that does not exceed the maximum permitted by the Public Securities Act [6-14-1 NMSA 1978]; and  

F.     may be sold at public or negotiated sale.