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the New Mexico Statutes
2011 New Mexico Statutes
Chapter 5: Municipalities and Counties
Article 4: Playgrounds and Recreational Equipment, 5-4-1 through 5-4-16
Section 5-4-12: Terms of bonds.
Universal Citation:
NM Stat § 5-4-12 (1996 through 1st Sess 50th Legis)
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5-4-12. Terms of bonds.
A. Recreational revenue bonds issued as authorized in Section 5-4-10 NMSA 1978 shall:
(1) bear interest at a net effective interest rate and a coupon rate or rates of not exceeding the maximum rates permitted by the Public Securities Act [6-14-1 NMSA 1978] and such interest shall be payable annually or semiannually;
(2) be serial in form and maturity or may consist of one bond payable one time or in installments;
(3) be numbered consecutively from one upward; and
(4) be sold for cash at a public or private sale.
B. Recreational revenue bonds may be payable at any time or times not exceeding twenty years from the date of the bonds.
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