New Mexico Statutes 3-60A-32. Revenue bonds; form and terms
A. Revenue bonds shall be authorized by ordinance of the local government, shall be subject to a maximum net effective interest rate and shall be in denominations, bear a date, mature at a time not exceeding forty years from their respective dates, bear an interest at a rate, be in a form, carry registration privileges, be executed in a manner, be payable at a place within or without the state and be subject to terms of redemption as the authorizing ordinance or supplemental resolution of the local government may provide.
Terms Used In New Mexico Statutes 3-60A-32
- 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
B. The revenue bonds may be sold in one or more series at par or below or above par at public or private sale in a manner and for a price as the local government in its discretion shall determine; but the local government shall not sell revenue bonds at a price such that the net effective interest rate of the issue of bonds exceeds the maximum net effective interest rate authorized. As an incidental expense of the project, the local government in its discretion may employ financial and legal consultants in regard to the financing of the project.