Section 22-19A-9 - Bonds; form; requirements. - New-mexico Statutes

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Statutes > New-mexico > Chapter-22 > Article-19a > Section-22-19a-9

22-19A-9. Bonds; form; requirements.

All bonds issued pursuant to the Teacher Housing Revenue Bond Act [22-19A-1 NMSA 1978] shall:

A. be fully negotiable within the provisions of the Uniform Commercial Code [Chapter 55 NMSA 1978];

B. have a duration of time not to exceed forty years from their date of issuance;

C. have interest, appreciated principal value or any part thereof payable at intervals or at maturity as determined by the local school board;

D. be sold at a price that does not result in a net effective interest rate in excess of twelve percent a year unless a higher rate of interest is approved by the state board of finance pursuant to the Public Securities Act [6-14-1 NMSA 1978];

E. have a principal maturity schedule as determined by the local school board; and

F. be sold at public or private sale at, above or below par.

State Codes and Statutes

Statutes > New-mexico > Chapter-22 > Article-19a > Section-22-19a-9

22-19A-9. Bonds; form; requirements.

All bonds issued pursuant to the Teacher Housing Revenue Bond Act [22-19A-1 NMSA 1978] shall:

A. be fully negotiable within the provisions of the Uniform Commercial Code [Chapter 55 NMSA 1978];

B. have a duration of time not to exceed forty years from their date of issuance;

C. have interest, appreciated principal value or any part thereof payable at intervals or at maturity as determined by the local school board;

D. be sold at a price that does not result in a net effective interest rate in excess of twelve percent a year unless a higher rate of interest is approved by the state board of finance pursuant to the Public Securities Act [6-14-1 NMSA 1978];

E. have a principal maturity schedule as determined by the local school board; and

F. be sold at public or private sale at, above or below par.

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State Codes and Statutes

Statutes > New-mexico > Chapter-22 > Article-19a > Section-22-19a-9

22-19A-9. Bonds; form; requirements.

All bonds issued pursuant to the Teacher Housing Revenue Bond Act [22-19A-1 NMSA 1978] shall:

A. be fully negotiable within the provisions of the Uniform Commercial Code [Chapter 55 NMSA 1978];

B. have a duration of time not to exceed forty years from their date of issuance;

C. have interest, appreciated principal value or any part thereof payable at intervals or at maturity as determined by the local school board;

D. be sold at a price that does not result in a net effective interest rate in excess of twelve percent a year unless a higher rate of interest is approved by the state board of finance pursuant to the Public Securities Act [6-14-1 NMSA 1978];

E. have a principal maturity schedule as determined by the local school board; and

F. be sold at public or private sale at, above or below par.