New Mexico § 5-11-22 - Terms of bonds

§ 5-11-22. Terms of bonds

For any bonds issued in connection with Section 19, 20 or 21 of the Public Improvement

District Act, the district board shall prescribe the denominations of the bonds, the

principal amount of each issue and the form of the bonds and shall establish the maturities,

which shall not exceed thirty years, interest payment dates and interest rates, whether

fixed or variable, not exceeding the maximum rate stated in the notice of the election

or the resolution of the district board. The bonds may be sold by competitive bid or negotiated sale for public or private

offering at, below or above par. The proceeds of the bonds shall be deposited with the treasurer, or with a trustee

or agent designated by the district board, to the credit of the district to be withdrawn

for the purposes provided by the Public Improvement District Act. Pending that use, the proceeds may be invested as determined by the district. The bonds shall be made payable as to both principal and interest solely from revenues

of the district, and shall specify the revenues pledged for such purposes, and shall

contain such other terms, conditions, covenants and agreements as the district board

deems proper. The bonds may be payable from any combination of taxes, levies or revenues of the

types described in Sections 19, 20 and 21 of the Public Improvement District Act.