New Mexico Statutes 72-20-71. Sale of securities
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Any securities authorized in the Eastern Sandoval County Arroyo Flood Control Act, except for warrants not issued for cash and except for temporary bonds issued pending preparation of definitive bond or bonds, shall be sold at public or private sale at, above or below par at a net effective interest rate not exceeding the maximum net effective interest rate permitted by the Public Securities Act N.M. Stat. Ann. § 6-14-1 to 6-14-3, as amended and supplemented by the Eastern Sandoval County Arroyo Flood Control Act.
Terms Used In New Mexico Statutes 72-20-71
- 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