A. Authority revenue bonds:
(1) may have interest, appreciated principal value or any part thereof payable at intervals determined by the authority;
(2) may be subject to prior redemption or mandatory redemption at the authority's option at the time and upon the terms and conditions with or without the payment of a premium as may be provided by resolution of the authority;
(3) may mature at any time not exceeding thirty years after the date of issuance;
(4) may be serial in form and maturity or may consist of one or more bonds payable at one time or in installments or may be in such other form as determined by the authority;
(5) may be in registered or bearer form or in book entry form through the facilities of a securities depository either as to principal or interest or both;
(6) shall be sold for cash at, above or below par and at a price that results in a net effective interest rate that conforms to the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978]; and
(7) may be sold at public or negotiated sale.
B. Subject to the approval of the state board of finance, the authority may enter into other financial arrangements if it determines that the arrangements will assist the authority.
History: Laws 1991, ch. 131, § 16; 1995, ch. 192, § 11; 2003, ch. 123, § 4.
ANNOTATIONSThe 2003 amendment, effective June 20, 2003 inserted "A." preceding "Authority revenue bonds" at the beginning of the section; redesignated former Subsections A through G as present Paragraphs A(1) through A(7); and inserted "B." preceding the former last paragraph in the section; and in present Subsection B, inserted "the authority" following "of finance" near the beginning, substituted "it" for "the authority" following "arrangements if" near the middle and deleted "in more effectively managing its interest costs or in more effectively managing its interest rate exposure" at the end.
The 1995 amendment, effective June 16, 1995, deleted "Border" preceding "Authority" in the section heading, added "or mandatory redemption" in Subsection B; inserted "in" preceding "registered" and "or in book entry form through the facilities of a securities depository" following "form" in Subsection E, substituted "conforms to" for "does not exceed the maximum rate premitted by" in Subsection F, and added Subsection H.