New Mexico Statutes 63-9D-16. Enhanced 911 bonds; terms
Enhanced 911 bonds:
Terms Used In New Mexico Statutes 63-9D-16
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
A. shall bear interest at a coupon rate or coupon rates not exceeding the maximum coupon rate which is permitted by the Public Securities Act N.M. Stat. Ann. § 6-14-1 to 6-14-3; provided that interest shall be payable annually or semiannually and may or may not be evidenced by coupons; and provided further that the first interest payment date may be for interest accruing for any period not exceeding one year;
B. may be subject to a prior redemption at the board’s option at such time or times and upon such terms and conditions, with or without the payment of such premium or premiums, as may be provided by action of the board;
C. may mature at any time or times not exceeding twenty years after the date of issuance;
D. may be serial in form and maturity or may consist of one bond payable at one time or in installments;
E. shall be sold for cash 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; and
F. may be sold at public or private sale.