Section 7-20F-11 - Revenue bonds; refunding authorization. - New Mexico Statutes

7-20F-11. Revenue bonds; refunding authorization.

A.     Any county having issued revenue bonds as authorized in the County Correctional Facility Gross Receipts Tax Act [7-20F-1 NMSA 1978] may issue refunding revenue bonds pursuant to an ordinance adopted by majority vote of the county board for the purpose of refinancing, paying and discharging all or any part of such outstanding revenue bonds of any one or more or all outstanding issues:   

(1)     for the acceleration, deceleration or other modification of the payment of such obligations, including without limitation any capitalization of any interest thereon in arrears or about to become due for any period not exceeding one year from the date of the refunding bonds;   

(2)     for the purpose of reducing interest costs or effecting other economies;   

(3)     for the purpose of modifying or eliminating restrictive contractual limitations pertaining to the issuance of additional bonds, otherwise concerning the outstanding bonds or to any facilities relating thereto; or   

(4)     for any combination of such purposes.   

B.     To pay the principal and interest on refunding bonds, the county may pledge irrevocably the pledged revenues from the revenue bonds originally issued pursuant to the County Correctional Facility Gross Receipts Tax Act.   

C.     Bonds for refunding and bonds for any purpose permitted by the County Correctional Facility Gross Receipts Tax Act may be issued separately or issued in combination in one series or more.