New Mexico § 5-11-21 - Revenue bonds; fees and charges

§ 5-11-21. Revenue bonds; fees and charges

A. At any time after the hearing on formation of the district, the district board

may hold a hearing on the question of authorizing the district board to issue one

or more series of revenue bonds of the district to provide money for any public infrastructure

purposes consistent with the general plan. B. If revenue bonds are approved by resolution, the district board may issue and sell

revenue bonds of the district. C. The revenue bonds may be sold in a public offering or in a negotiated sale; however,

if the bonds are to be sold in a public offering, no revenue bonds may be issued by

the district unless the revenue bonds receive one of the four highest investment grade

ratings by a nationally recognized bond rating agency. D. The district board may pledge to the payment of its revenue bonds any revenues

of the district or revenues to be collected by the municipality or county in trust

for the district and returned to the district. E. The district shall prescribe fees and charges, and shall revise them when necessary,

to generate revenue sufficient, together with any money from the sources described

in Section 17 of the Public Improvement District Act, to pay when due the principal

and interest of all revenue bonds for the payment of which revenue has been pledged. The establishment or revision of any rates, fees and charges shall be identified

and noticed concurrently with the annual budget process of the district pursuant to

Section 23 of the Public Improvement District Act. F. If, in the resolution of the district board, the revenues to be pledged are limited

to certain types of revenues, only those types of revenues may be pledged and only

those revenues shall be maintained. G. No holder of revenue bonds issued pursuant to the Public Improvement District Act

may compel any exercise of the taxing power of the district, municipality or county

to pay the bonds or the interest on the bonds. Revenue bonds issued pursuant to that act are not a debt of the district, municipality

or county, nor is the payment of revenue bonds enforceable out of any money other

than the revenue pledged to the payment of the bonds. H. Subject to the requirements of this section, a district may issue revenue bonds

at such times and in such amounts as the district deems appropriate to carry out a

project in phases. I. Pursuant to this section, the district may issue and sell refunding bonds to refund

revenue bonds of the district authorized by the Public Improvement District Act. Refunding bonds issued pursuant to this section shall have a final maturity date

no later than the final maturity date of the bonds being refunded.