New Mexico Statutes 3-39-9. Terms of bonds
A. The ordinance authorizing issuance of bonds pursuant to the Municipal Airport Law shall specify:
Terms Used In New Mexico Statutes 3-39-9
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(1) issuance in any number of series;
(2) any maturity date or dates, but the final maturity date shall not exceed fifty years from the date of the bonds;
(3) the interest rate or rates the bonds shall bear; (4) denominations;
(5) form, either coupon or registered;
(6) conversion or registration privileges; (7) rank or priority;
(8) manner of execution; and
(9) the terms, manner and medium of payment and redemption.
B. No member of the governing body or any person executing bonds is personally liable on any bond. All bonds are payable solely from the special funds allowed by the Municipal Airport Law as specified in the authorizing ordinance. No bond is a debt or general obligation of the issuing municipality.
C. The terms prescribed by the authorizing ordinance and by this section shall be carried on the face of each bond.