New Mexico § 5-13-14 - Refunding bonds

§ 5-13-14. Refunding bonds

A. A qualified municipality having issued revenue bonds as authorized in the Convention

Center Financing Act may issue refunding revenue bonds payable from pledged revenues

authorized for the payment of revenue bonds at the time of the refunding or at the

time of the issuance of the bonds being refunded as the governing body of the qualified

municipality may determine, notwithstanding that the revenue sources or the pledge

of such revenues or both are thereby modified. B. Refunding bonds may be issued for the purpose of refinancing, paying and discharging

all or a part of outstanding bonds of any one or more outstanding bond issues: (1) for the acceleration, deceleration or other modification of the payment of the

obligations, including any capitalization of any interest in arrears or about to become

due for any period not exceeding one year from the date of the refunding bonds; (2) for the purpose of reducing interest costs or effecting other economies; (3) for the purpose of modifying or eliminating restrictive contractual limitations

pertaining to the issuance of additional bonds or otherwise concerning the outstanding

bonds; or (4) for any combination of the purposes specified in Paragraphs (1) through (3) of

this subsection. C. The interest on a bond refunded shall not be increased to a rate in excess of the

rate authorized in the Public Securities Act and shall be paid as authorized in that

act. D. Refunding bonds for any other purpose permitted by the Convention Center Financing

Act may be issued separately or issued in combination in one series or more. E. Except as otherwise provided in the Convention Center Financing Act, refunding

bonds authorized in that act shall be issued in accordance with the provisions of Sections 3-31-10 and 3-31-11 NMSA 1978 .