This act [6-18-1 to 6-18-16 NMSA 1978] may be cited as the “Public Securities Short-Term Interest Rate Act.” History: Laws 1983, ch. 161, § 1. ANNOTATIONS Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations §§ 173, 175, 177, 375 to 377. 20 C.J.S. Counties §§ 222, 276; […]
A. The bond legislation for any bonds authorized under the Public Securities Short-Term Interest Rate Act may make or authorize provision for any of the following: (1) the call of the bonds for redemption prior to maturity at the option of the public body or at the option of the owner or holder, the redemption […]
The public body may pay the fees and expenses of, and costs for, agents, trustees, attorneys, credit facilities, placement and sale of bonds, and all other costs and expenses incurred in the authorization, issuance, sale, delivery, call, purchase, remarketing, registration, transfer, exchange, administration and payment of the bonds and interest thereon from the proceeds of […]
A. Subject to any applicable limitations on indebtedness, with respect to refunding bonds, there may be included in the principal amount, and paid from the proceeds, of bonds issued pursuant to the Public Securities Short-Term Interest Rate Act capitalized interest for three years or such longer period as may otherwise be authorized by law. The […]
No public body shall exercise any of the powers conferred by the Public Securities Short-Term Interest Rate Act or issue any bonds pursuant hereto until after its local governing body shall have adopted a resolution finding that: A. the issuance of bonds under that act will result in a savings in interest cost to the […]
Bonds issued under the Public Securities Short-Term Interest Rate Act are not subject to any limitations on interest rates or net effective interest rates or interest rate approval requirements contained in any other laws of this state provided that: A. the bond legislation shall contain findings by the governing body that any fixed rate or […]
The authority granted by the Public Securities Short-Term Interest Rate Act shall be liberally construed so that the purposes and powers provided for may be carried out in effective, efficient and convenient manners by public bodies. The authority granted by that act is supplemental to and provides alternatives for authority granted by other law, and […]
No action or proceeding, at law or in equity, to review any bond legislation, or to question the validity or enjoin the performance of any bond legislation, bond or act, or the issuance of any bond authorized by the Public Securities Short-Term Interest Rate Act, or for any other relief against the public body, the […]
A. It is found and declared that there exists a substantial financial market for a public body’s public securities structured for short-term interest rates which traditionally bear a lesser rate of interest than long-term public securities; that public bodies of this state have not been provided with statutory authority to take advantage of such lower […]
A. It is the intent of the legislature by the passage of the Public Securities Short-Term Interest Rate Act to authorize public bodies to structure their public securities so as to take advantage of the lower interest rates accorded to public securities structured for short-term interest rates by providing for short-term maturities, variable interest rates, […]
As used in the Public Securities Short-Term Interest Rate Act, unless the context otherwise requires: A. “bond” means any bond, debenture, note, refunding or renewal bond or note, warrant or other security evidencing an obligation authorized to be issued by a public body pursuant to any provision of law of this state, including the Public […]
Every public body authorized to issue any bonds under any of the laws of the state for any purpose may use the provisions of the Public Securities Short-Term Interest Rate Act with respect to such bonds. History: Laws 1983, ch. 161, § 5.
A public body may authorize short-term bonds, including short-term general obligation bonds, that provide for any or all of the following in or pursuant to the bond legislation: A. principal maturities may be for any one or more periods of two years or less from the respective dates of issuance; B. interest may be payable […]
A public body may issue bonds, including variable rate demand general obligation bonds, with any of the following provisions: A. the owners or holders of the bonds may be granted the right to demand payment of principal and accrued interest prior to the maturity of such bonds at a designated time or at designated times, […]
With respect to any bonds issued under the provisions of Section 6 or 7 [6-18-6 or 6-18-7 NMSA 1978] of the Public Securities Short-Term Interest Rate Act, the public body may, by the use of credit facilities, provide for: A. additional security for such bonds; B. a primary or contingent source of payment of or […]
A. A public body that has issued or proposes to issue bonds may enter into contracts authorized in this section if the governing body of that public issuer finds that such a contract would be in the best interests of that public body and, for contracts of the type described in Subsections D and E […]
The public body may, with respect to any bonds issued pursuant to the Public Securities Short-Term Interest Rate Act, enter into trust agreements for the better security of such bonds with any corporate trustee and provide therein for the rights and limitations on rights of the holders and owners of bonds. History: Laws 1983, ch. […]
