2019 New Mexico Statutes
Chapter 6 - Public Finances
Article 15 - Finances of Counties, Municipalities and School Districts
Section 6-15-13 - Execution of refunding bonds; interest coupons; mode of payment; installments.

The refunding bonds shall be in such form as the governing body may determine and, unless issued in book entry or similar form without the delivery of physical securities, shall refer to the act under which they are issued, be executed in the name of the county, municipality or school district, signed by the chairman or president of the governing body, sealed with the seal of the county, municipality or school district and attested by the county, municipal or school district clerk or secretary. The interest accruing on the refunding bonds shall be payable semiannually or annually. Both principal and interest of the bonds shall be payable in lawful money of the United States at such place or places as may be determined by the governing body of the county, municipality or school district. The principal of the bonds shall mature on the date or dates set by the governing body, with or without option of prior redemption, not later than twenty-five years from the date of the bonds.

History: Laws 1927, ch. 128, § 3; C.S. 1929, § 90-1103; 1941 Comp., § 7-626; 1953 Comp., § 11-6-25; Laws 1963, ch. 234, § 3; 1975, ch. 326, § 4; 1983, ch. 265, § 30.

Compiler's notes. — The reference in the section heading to "interest coupons" is apparently irrelevant in light of the 1983 amendment, which deleted references to interest coupons.

Cross references. — For facsimile signatures of public officials, see 6-9-1 NMSA 1978 et seq.

Payment of school refunding bonds. — School refunding bonds payable in gold coin or its equivalent in lawful money did not invalidate bonds which were payable in gold coin equal to current standard of weight and fineness since such bonds were payable in lawful money of the United States. Southwest Sec. Co. v. Board of Educ., 1936-NMSC-008, 40 N.M. 59, 54 P.2d 412 (decided under former law).

Provision for seal on school district bonds is directory only and is not essential to valid obligation. Estancia Bd. of Educ. v. Woodmen of World, 77 F.2d 31 (10th Cir. 1935).

Legislative intent. — Considering the purpose of the Uniform Facsimile Signature of Public Officials Act (Sections 6-9-1 to 6-9-6 NMSA 1978), it is the legislative intention that the provisions of such act be applicable to the signatures affixed to advance county, municipality or school district refunding bonds provided for in this section. 1965 Op. Att'y Gen. No. 65-67.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 20 C.J.S. Counties §§ 222, 226; 64 C.J.S. Municipal Corporations § 1684; 79 C.J.S. Schools and School Districts § 371.