There Is a Newer Version
of
the New Mexico Statutes
2011 New Mexico Statutes
Chapter 6: Public Finances
Article 13: Institution Bonds, 6-13-1 through 6-13-26
Section 6-13-2: State institutions.
Universal Citation:
NM Stat § 6-13-2 (1996 through 1st Sess 50th Legis)
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This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
6-13-20. Refunding; issuance of bonds.
A. Any bonds issued under the Institution Bond Act for refunding purposes may be:
(1) delivered in exchange for the outstanding bonds authorized to be refunded; or
(2) sold at public or private sale for not less than the par value of the bonds, plus accrued interest from the last interest date or, if there is no previous interest date, from the bond date, to the date of delivery of the bonds.
B. The proceeds shall immediately:
(1) be applied to retirement of the bonds to be retired or refunded; or
(2) be placed in escrow to be applied to payment of the bonds upon presentation for payment by the holders.
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