New Mexico § 5-5-15 - Form of bonds

§ 5-5-15. Form of bonds

Any general obligations bonds or revenue bonds herein authorized to be issued shall

bear such date or dates, shall be in such denomination or denominations, and shall

mature serially, commencing not later than three years from the date therefrom, at

times not exceeding the estimated life of the improvements acquired with the bond

proceeds nor the maximum limitation stated in Section 7 hereof, shall bear interest

payable annually or semiannually, except that interest on any bond may be first payable

for any period not in excess of one year, at such rate or rates not greater than six

per centum per annum, shall be payable in such medium of payment at such place or

places within or without the state and at the option of the governing body may be

in one or more series, may be made subject to prior redemption in such order or by

lot in advance of maturity at such time or times without or with the payment of such

premium or premiums not exceeding six per centum of the principal amount of each bond

redeemed, may provide for the payment of interest thereon from the proceeds thereof

for a period not to exceed three years from the date thereof, may be issued with privileges

for registration for payment as to principal and as to both principal and interest,

or either, and generally shall be issued in such manner, in such form, either coupon

or registered, carrying such conversion or registration privileges, with such recitals,

terms, covenants and conditions and with such other details as may be provided by

the governing body in the proceedings authorizing the bonds, except as herein otherwise

provided. Pending preparations of the definite bonds, interim receipts or certificates in

such form and with such provisions as the governing body may determine may be issued. Except for payment provisions herein specifically provided, said bonds and any interest

coupons thereto attached shall be fully negotiable and constitute negotiable instruments

within the meaning of and for all the purposes of the Negotiable Instruments Law as

that law is now or may hereafter be in force in the state of New Mexico. If lost or completely destroyed, any bond may be reissued in the form and tenor

of the lost or destroyed bond upon the owner furnishing to the satisfaction of the

governing body: A. proof of ownership; B. proof of loss or destruction; C. a surety bond in twice the face amount of the bond and coupons; and D. payment of the cost of preparing and issuing the new bond.