New Mexico Statutes 22-19A-9. Bonds; form; requirements
All bonds issued pursuant to the Teacher Housing Revenue Bond Act shall: A. be fully negotiable within the provisions of the Uniform Commercial Code [N.M. Stat. Ann. Chapter 55];
Terms Used In New Mexico Statutes 22-19A-9
- 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
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
B. have a duration of time not to exceed forty years from their date of issuance;
C. have interest, appreciated principal value or any part thereof payable at intervals or at maturity as determined by the local school board;
D. be sold at a price that does not result in a net effective interest rate in excess of twelve percent a year unless a higher rate of interest is approved by the state board of finance pursuant to the Public Securities Act N.M. Stat. Ann. § 6-14-1 to 6-14-3;
E. have a principal maturity schedule as determined by the local school board; and
F. be sold at public or private sale at, above or below par.