New Mexico Statutes 58-27-16. Authority revenue bonds; terms
A. Authority revenue bonds:
Terms Used In New Mexico Statutes 58-27-16
- 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
(1) may have interest, appreciated principal value or any part thereof payable at intervals determined by the authority;
(2) may be subject to prior redemption or mandatory redemption at the authority’s option at the time and upon the terms and conditions with or without the payment of a premium as may be provided by resolution of the authority;
(3) may mature at any time not exceeding thirty years after the date of issuance;
(4) may be serial in form and maturity or may consist of one or more bonds payable at one time or in installments or may be in such other form as determined by the authority;
(5) may be in registered or bearer form or in book entry form through the facilities of a securities depository either as to principal or interest or both;
(6) shall be sold for cash at, above or below par and at a price that results in a net effective interest rate that conforms to the Public Securities Act N.M. Stat. Ann. § 6-14-1 to 6-14-3; and
(7) may be sold at public or negotiated sale.
B. Subject to the approval of the state board of finance, the authority may enter into other financial arrangements if it determines that the arrangements will assist the authority.