Section 7-20F-8 - Revenue bonds; execution; nonrepealable; issuance time limitation. - New Mexico Statutes

7-20F-8. Revenue bonds; execution; nonrepealable; issuance time limitation.

A.     The revenue bonds authorized pursuant to the County Correctional Facility Gross Receipts Tax Act [7-20F-1 NMSA 1978] shall be executed by the chairman of the county board and either the county treasurer or the county clerk and may be authenticated by any public or private transfer agent or registrar, or its successor, named or otherwise designated by the governing body.  The bonds may be executed as provided under the Uniform Facsimile Signature of Public Officials Act [6-9-1 NMSA 1978], and the coupons, if any, shall bear the facsimile signature of the county treasurer.   

B.     Any law that authorizes the pledge of any or all of the pledged revenues to the payment of any revenue bonds issued pursuant to the County Correctional Facility Gross Receipts Tax Act or that affects the pledged revenues, or any law supplemental thereto or otherwise appertaining thereto, shall not be repealed or amended or otherwise directly or indirectly modified in such a manner as to impair adversely any such outstanding revenue bonds, unless such outstanding revenue bonds have been discharged in full or provision for full discharge has been made.   

C.     Except for the purpose of refunding previous revenue bond issues, no county shall sell revenue bonds payable from pledged revenues after the expiration of two years from the date of the ordinance authorizing the issuance of the bonds. However, any period of time during which a particular revenue bond issue is in litigation shall not be counted in determining the expiration date of that issue.