New Mexico Statutes 4-55A-38. Improvement district; payment of assessment for refunding bond; maximum term; interest; prepayment; liens
A. In connection with issuance of refunding bonds as provided in Sections 4-55A-35 through 4-55A-38 N.M. Stat. Ann., the board may by ordinance provide that any unpaid assessment and accrued interest on the assessment shall be paid in not more than twenty years with interest at a rate of interest not less than the rate borne by the refunding bonds and with the penalties as lawfully attached to the original assessment. The owner of a tract or parcel of land that is assessed may at any time pay the assessment in full with interest to the time of payment.
Terms Used In New Mexico Statutes 4-55A-38
- Lien: A claim against real or personal property in satisfaction of a debt.
B. The assessment may be collected as provided in Section 4-55A-19 N.M. Stat. Ann., and the refunding bonds may be secured and enforced as the original lien was established as provided in that section.