New Mexico Statutes 58-31-15. Authority refunding revenue bonds; terms
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[The] authority [when] refunding revenue bonds:
Terms Used In New Mexico Statutes 58-31-15
- 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
A. may have interest or appreciated principal value payable at intervals or at maturity;
B. may be subject to prior redemption at the authority’s option at such time or times and upon such terms and conditions with or without the payment of premiums;
C. may be serial in form and maturity;
D. may consist of a single bond payable in one or more installments; and
E. shall be exchanged for the bonds and any mature unpaid interest being refunded at not less than par or sold at public or negotiated sale at, above or below par and at a price that results in a net effective interest rate that does not exceed the maximum permitted by the Public Securities Act N.M. Stat. Ann. § 6-14-1 to 6-14-3.