Section 3-33-39 – Improvement district; definition of “bonds”; refunding improvement bonds; authority.
A. As used in this section and in Sections 3-33-40 through 3-33-42 NMSA 1978, “bonds”, when not modified by the word “refunding”, includes assignable certificates. B. The governing body may issue refunding improvement district bonds to refund all or any part of outstanding improvement district bonds. Refunding bonds may be issued: (1) to change the […]
Section 3-33-40 – Refunding bonds; escrow; detail.
A. Refunding bonds issued pursuant to Sections 3-33-39 through 3-33-42 NMSA 1978 shall be authorized by ordinance. Any bonds that are refunded under the provisions of this section shall be paid at maturity or on any permitted prior redemption date in the amounts, at the time and places and, if called prior to maturity, in […]
Section 3-33-41 – Improvement district; ordinance for refunding bonds; conditions; sale or exchange.
A. The ordinance authorizing the issuance of refunding bonds for an improvement district shall describe the: (1) details of the issue; (2) form of the refunding bonds and interest coupons, if any; (3) fund from which the principal and interest of the refunding bonds will be paid; and (4) manner in which the bonds are […]
Section 3-33-42 – Improvement district; payment of assessment for refunding bond; maximum term; interest; prepayment; liens.
A. In connection with issuance of refunding bonds as provided in Sections 3-33-39 through 3-33-42 NMSA 1978, the governing body may, by ordinance, provide that any unpaid assessment and accrued interest on the assessment shall be paid in not more than twenty years with interest at a rate of interest not less than the rate […]
Section 3-33-43 – Improvement district; construction of Sections 3-33-39 through 3-33-42 NMSA 1978.
Nothing contained in Sections 3-33-39 through 3-33-42 NMSA 1978 shall be construed as: A. increasing the burden or liability of any tract or parcel of land or the owner of any tract or parcel of land; or B. except for issuance of the refunding bonds, creating any additional liability of the municipality. History: 1953 Comp., […]
Section 3-33-30 – Improvement district; private or public sale of property; redemption period; disposition of proceeds.
A. No real property shall be sold by the trustee to satisfy a delinquent assessment until at least fifteen days after the date of the order, judgment or decree of the court, within which time the owner of the tract or parcel of land may pay off the decree and avoid the sale. Any real […]
Section 3-33-31 – Improvement district; assessment funds; expenditures; misuse; penalties.
A. All money received by the municipality from any special assessment or assessment within an improvement district shall be held in a special fund and used to: (1) pay the cost of the improvement for which the assessment was made; (2) reimburse the municipality for any work performed by the municipality in constructing the improvement […]
Section 3-33-32 – Transfer of improvement district funds.
The governing body may transfer to the general fund of the municipality any money obtained from the levy of an assessment for an improvement district if: A. bonds or assignable certificates were issued to finance the improvement; B. the proceeds of the bonds or assignable certificates were spent for the improvement; C. the assessments were […]
Section 3-33-33 – Improvement district; reassessment after voiding of assessments; procedure.
A. It is the purpose of Sections 3-33-33 through 3-33-37 NMSA 1978 to: (1) charge the cost of any improvement payable by the tract or parcel of land benefited by the improvement by making a reassessment for the cost of the improvement; and (2) permit the making of a reassessment when an original assessment is […]
Section 3-33-34 – Improvement district; reassessment; defects waived; credit for previous payment.
A. The fact that: (1) the contract has been let; (2) an improvement has been wholly or partially constructed; (3) an omission, failure or neglect of the governing body or municipal officer to comply with the requirements of Sections 3-33-1 through 3-33-23 NMSA 1978; or (4) any other matter whatsoever connected with the improvement or […]