2006 New Mexico Statutes - Section 3-45-12 — Form and sale of bonds; interest on certain obligations.

3-45-12. Form and sale of bonds; interest on certain obligations.

A.     Bonds of a city issued under the Municipal Housing Law [ 3-45-1 to 3-45-25 NMSA 1978] shall be authorized by its resolution and may be issued in any one or more series and shall bear such date or dates, mature at such time or times, bear interest at such rate or rates, be in such denomination or denominations, be in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable in such medium of payment at such place or places and be subject to such terms of redemption, with or without premium, as the resolution, its trust indenture or the bond so issued may provide.   

B.     Obligations issued by a city which are true loan obligations made to the farmers home administration of the United States department of agriculture or the department of housing and urban development may bear interest at a rate of interest not exceeding par.   

C.     The bonds shall be sold at not less than par at public sale held after notice published once at least five days prior to the sale in a newspaper having a general circulation in the city and in a financial newspaper published in the city of San Francisco, California or in the city of New York, New York; provided that  the bonds may be sold to the federal government at private sale at not less than par, and, in the event less than all of the bonds authorized in connection with any housing project or projects are sold to the federal government, the balance of such bonds may be sold at private sale at not less than par at an interest cost to the city of not to exceed the interest cost to the city of the portion of the bonds sold to the federal government.   

D.     In case any of the officers of the city, the authority or any of its instrumentalities whose signatures appear on any bonds or coupons cease to be officers before the delivery of the bonds, such signatures shall, nevertheless, be valid and sufficient for all purposes the same as if the officers had remained in office until delivery.  Any provision of any law to the contrary notwithstanding, any bonds issued pursuant to the Municipal Housing Law shall be fully negotiable.   

E.     In any suit, action or proceedings involving the validity or enforceability of any bond of a city or the security therefor, any such bond reciting in substance that it has been issued by the city to aid in financing a housing project to provide dwelling accommodations for persons of low income shall be conclusively deemed to have been issued for a housing project of such character, and the housing project shall be conclusively deemed to have been planned, located and constructed in accordance with the purposes and provisions of the Municipal Housing Law.