As used in the Public Securities Act:

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Terms Used In New Mexico Statutes 6-14-2

  • 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. “net effective interest rate” means the interest rate of public securities, compounded semiannually, necessary to discount the scheduled debt service payments of principal and interest to the date of the public securities and to the price paid to the public body for the public securities, excluding any interest accrued to the date of delivery and based upon a year with the same number of days as the number of days for which interest is computed on the public securities;

B. “public body” means this state or any department, board, agency or instrumentality of the state, any county, city, town, village, school district, other district, educational institution or any other governmental agency or political subdivision of the state; and

C. “public securities” means any bonds, notes, warrants or other obligations now or hereafter authorized to be issued by any public body pursuant to the provisions of any general or special law enacted by the legislature, but does not include bonds, notes, warrants or other obligations issued pursuant to:

(1)     the Industrial Revenue Bond Act [N.M. Stat. Ann. Chapter 3, Article 32];

(2)     the County Improvement District Act [N.M. Stat. Ann. Chapter 4, Article 55A]; (3)     Sections 3-33-1 through 3-33-43 N.M. Stat. Ann.;

(4)     the Pollution Control Revenue Bond Act N.M. Stat. Ann. § 3-59-1 to 3-59-14;

1978];

(5)     the County Pollution Control Revenue Bond Act [4-60-1 to 4-60-15 NMSA    1978];

(6)     the County Industrial Revenue Bond Act [Chapter 4, Article 59 NMSA (7)     the Metropolitan Redevelopment Code [3-60A-1 to 3-60A-13, 3-60A-14 to 3-60A-48 N.M. Stat. Ann.];

(8)     the Supplemental Municipal Gross Receipts Tax Act N.M. Stat. Ann. § 7-19-10 to 7-19-18;

(9)     the Hospital Equipment Loan Act [N.M. Stat. Ann. Chapter 58, Article 23]; or

(10)    the New Mexico Finance Authority Act [N.M. Stat. Ann. Chapter 6, Article 21].

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