New Mexico Statutes 6-21D-8. Energy Efficiency and Renewable Energy Bonding Act is full authority for issuance of bonds; bonds are legal investments
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A. The Energy Efficiency and Renewable Energy Bonding Act and the New Mexico Finance Authority Act [N.M. Stat. Ann. Chapter 6, Article 21] shall, without reference to any other act of the legislature, be full authority for the issuance and sale of energy efficiency bonds, which bonds shall have all the qualities of investment securities under the Uniform Commercial Code [N.M. Stat. Ann. Chapter 55] and shall not be invalid for any irregularity or defect or be contestable in the hands of bona fide purchasers or holders thereof for value.
Terms Used In New Mexico Statutes 6-21D-8
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
B. Energy efficiency bonds are legal investments for any person or board charged with the investment of any public funds and are acceptable as security for any deposit of public money.