New Mexico Statutes 5-4-12. Terms of bonds
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A. Recreational revenue bonds issued as authorized in Section 5-4-10 N.M. Stat. Ann. shall:
Terms Used In New Mexico Statutes 5-4-12
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(1) bear interest at a net effective interest rate and a coupon rate or rates of not exceeding the maximum rates permitted by the Public Securities Act [6-14-1 to 6- 14-3 NMSA 1978] and such interest shall be payable annually or semiannually;
(2) be serial in form and maturity or may consist of one bond payable one time or in installments;
(3) be numbered consecutively from one upward; and
(4) be sold for cash at a public or private sale.
B. Recreational revenue bonds may be payable at any time or times not exceeding twenty years from the date of the bonds.