2021 New Mexico Statutes
Chapter 71 - Energy and Minerals
Article 10 - Electric Generating Facility Economic District
Section 71-10-7 - Bonding authority.
A. An authority may issue revenue bonds for the purpose of constructing, purchasing, improving, remodeling, furnishing or equipping any necessary buildings, structures, roads or other infrastructure of the district.
B. An authority may pledge irrevocably any or all of the revenue received by the district to the payment of the interest on and principal of revenue bonds for any of the purposes authorized in the Electric Generating Facility Economic District Act.
C. Revenues in excess of the annual principal and interest due on revenue bonds secured by a pledge of revenue may be accumulated in a debt service reserve account. The authority may appoint a commercial bank trust department to act as paying agent or trustee of the revenues and to administer the payment of principal of and interest on the bonds.
D. Except as otherwise provided in the Electric Generating Facility Economic District Act, revenue bonds:
(1) may have interest, principal value or any part thereof payable at intervals or at maturity as may be determined by the authority;
(2) may be subject to a prior redemption at the district's option at a time and upon terms and conditions, with or without the payment of a premium, as determined by the authority;
(3) may mature at any time not exceeding thirty years after the date of issuance;
(4) may be serial in form and maturity, may consist of one bond payable at one time or in installments or may be in another form determined by the authority;
(5) shall be sold for cash at, above or below par and at a price that results in a net effective interest rate that does not exceed the maximum permitted by the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978] and the Public Securities Short-Term Interest Rate Act [6-18-1 to 6-18-16 NMSA 1978]; and
(6) may be sold at public or negotiated sale.
E. At a regular or special meeting, the authority may adopt a resolution that:
(1) declares the necessity for issuing revenue bonds;
(2) authorizes the issuance of revenue bonds by an affirmative vote of a majority of all the members of the authority; and
(3) designates the sources of revenues to be pledged to the repayment of the revenue bonds.
History: Laws 2020, ch. 78, § 7.
ANNOTATIONSEmergency clause. — Laws 2020, ch. 78, § 13 contained an emergency clause and was approved March 9, 2020.
