New Mexico Statutes 3-39-10. Sale, exchange and details of bonds
A. Bonds may be sold at public or private 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 N.M. Stat. Ann. § 6-14-1 to 6-14-3 or, in the case of municipalities having a population of one hundred thousand or more persons, may be exchanged for property to be used in connection with an airport facility.
Terms Used In New Mexico Statutes 3-39-10
- 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. If any municipal officer whose signature appears on any bond ceases to be an officer before delivery of the bonds, the signature is valid for all purposes as if the officer had remained in office until delivery.
C. All bonds are fully negotiable as provided by Article 8 N.M. Stat. Ann. § 55-8-101 to 55-8-511 of the Uniform Commercial Code unless the instrument authorizing the bonds expressly provides to the contrary.