Authority refunding revenue bonds:
A. may have interest, appreciated principal value or any part thereof payable at intervals or at maturity as may be determined by the authority in the resolution;
B. may be subject to prior redemption at the authority's option at such time and upon such terms and conditions, with or without the payment of premiums, as may be provided by the resolution;
C. may be serial in form and maturity, may consist of a single bond payable in one or more installments, may be in both forms or may be in other forms as may be determined by the authority; and
D. shall be exchanged for the bonds and any mature unpaid interest being refunded at not less than par or sold at public or negotiated 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].
History: Laws 1991, ch. 131, § 23; 1995, ch. 192, § 18.
ANNOTATIONSThe 1995 amendment, effective June 16, 1995, substituted "Authority refunding revenue bonds" for "Refunding border authority revenue bonds" in the section heading; in Subsection B, deleted "or times" following "time" and "premium or" preceding "premiums"; and in Subsection C, deleted "or" following "maturity", inserted "may be in both forms" following "installments", and deleted "such" preceding "other forms".