As used in the Public Securities Act:
A. "net effective interest rate" means the interest rate of public securities, compounded semiannually, necessary to discount the scheduled debt service payments of principal and interest to the date of the public securities and to the price paid to the public body for the public securities, excluding any interest accrued to the date of delivery and based upon a year with the same number of days as the number of days for which interest is computed on the public securities;
B. "public body" means this state or any department, board, agency or instrumentality of the state, any county, city, town, village, school district, other district, educational institution or any other governmental agency or political subdivision of the state; and
C. "public securities" means any bonds, notes, warrants or other obligations now or hereafter authorized to be issued by any public body pursuant to the provisions of any general or special law enacted by the legislature, but does not include bonds, notes, warrants or other obligations issued pursuant to:
(1) the Industrial Revenue Bond Act [Chapter 3, Article 32 NMSA 1978];
(2) the County Improvement District Act [Chapter 4, Article 55A NMSA 1978];
(3) Sections 3-33-1 through 3-33-43 NMSA 1978;
(4) the Pollution Control Revenue Bond Act [3-59-1 to 3-59-14 NMSA 1978];
(5) the County Pollution Control Revenue Bond Act [4-60-1 to 4-60-15 NMSA 1978];
(6) the County Industrial Revenue Bond Act [Chapter 4, Article 59 NMSA 1978];
(7) the Metropolitan Redevelopment Code [3-60A-1 to 3-60A-13, 3-60A-14 to 3-60A-48 NMSA 1978];
(8) the Supplemental Municipal Gross Receipts Tax Act [7-19-10 to 7-19-18 NMSA 1978];
(9) the Hospital Equipment Loan Act [Chapter 58, Article 23 NMSA 1978]; or
(10) the New Mexico Finance Authority Act [Chapter 6, Article 21 NMSA 1978].
History: 1953 Comp., § 11-10-2, enacted by Laws 1970, ch. 10, § 2; 1975, ch. 239, § 1; 1979, ch. 56, § 1; 1979, ch. 270, § 2; 1980, ch. 106, § 5; 1981, ch. 44, § 1; 1986, ch. 60, § 1; 1992, ch. 61, § 33; 1999, ch. 232, § 1.
ANNOTATIONSThe 1999 amendment, effective, June 18, 1999, in Subsection A, substituted "the interest rate of public securities, compounded semiannually, necessary to discount the scheduled debt service payments of principal and interest to the date of the public securities and to the price paid to the public body for the public securities, excluding any interest accrued to the date of delivery and based upon a year with the same number of days as the number of days for which interest is computed on the public securities" for "the interest rate based on the actual price paid to a public body for its public securities, calculated to maturity according to standard tables of bond values".
The 1992 amendment, effective March 9, 1992, added Subsection C(10).
Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations §§ 2, 3.
11 C.J.S. Bonds § 2.