New Mexico Statutes 63-9D-18. Authority to refund bonds
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The board may issue and sell at public or private sale enhanced 911 bonds to refund outstanding enhanced 911 bonds and other bonds payable from the enhanced 911 fund by exchange, immediate or prospective redemption, cancellation or escrow, including the escrow of debt service funds accumulated for payment of outstanding bonds, or any combination thereof, when, in its opinion, such action will be beneficial to the state.
Terms Used In New Mexico Statutes 63-9D-18
- Escrow: Money given to a third party to be held for payment until certain conditions are met.