A. Bonds may be sold at public or private sale at, above or below par and at a price which results in a net effective interest rate which does not exceed the maximum permitted by the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978] or, in the case of municipalities having a population of one hundred thousand or more persons, may be exchanged for property to be used in connection with an airport facility.
B. If any municipal officer whose signature appears on any bond ceases to be an officer before delivery of the bonds, the signature is valid for all purposes as if the officer had remained in office until delivery.
C. All bonds are fully negotiable as provided by Article 8 [55-8-101 to 55-8-511 NMSA 1978] of the Uniform Commercial Code unless the instrument authorizing the bonds expressly provides to the contrary.
History: 1953 Comp., § 14-40-8, enacted by Laws 1965, ch. 300; 1971, ch. 206, § 5; 1973, ch. 196, § 2.
ANNOTATIONSSeverability clauses. — Laws 1973, ch. 196, § 3, provided for the severability of the act if any part or application thereof is held invalid.