New Mexico Statutes 7-24A-16. Sale of bonds
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A. Bonds may be sold at either public or private sale; provided that no such bonds may be sold at any price which does not result in an actual net interest cost to maturity, computed on the basis of standard tables of bond values, in excess of the maximum net effective interest rate permitted by the Public Securities Act N.M. Stat. Ann. § 6-14-1 to 6-14-3 or the Public Securities Short-term Interest Rate Act N.M. Stat. Ann. § 6-18-1 to 6-18-16, as applicable.
Terms Used In New Mexico Statutes 7-24A-16
- 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
B. If any county or municipal officer whose signature appears on any bond ceases to be an officer before delivery of the bonds, the signature is valid for all purposes as if the officer had remained in office until delivery.
C. All bonds are fully negotiable.