NMSA 1978 Chapter 7 — Taxation
NMSA 1978, § 7-24A-15
Terms of bonds
# A.
The ordinance authorizing issuance of bonds shall specify:
# (1)
issuance in any number of series;
# (2)
maturity dates;
# (3)
interest payable on the bonds;
# (4)
denominations;
# (5)
form, either coupon or registered;
# (6)
conversion or registration privileges;
# (7)
rank or priority;
# (8)
manner of execution;
# (9)
if desirable, features of redemption, prior to maturity with or without premium; and
# (10)
the terms, manner and medium of payment and redemption.
# B.
No member of the governing body or any person executing bonds is personally liable on any bond. All bonds are payable solely from the sources specified in the authorizing ordinance. No bond is a debt, liability or general obligation of the issuing county or municipality.
# C.
The terms prescribed by the authorizing ordinance and by this section shall be carried on the face of each bond.
Amendment history
1978 Comp., § 7-24A-15, enacted by Laws 1978, ch. 182, § 15; 1985, ch. 196, § 8.
Source: official source (NMSA chapter on nmonesource.com)
In this article (23 sections)
- 7-24A-1 · Short title
- 7-24A-2 · Definitions
- 7-24A-3 · Use of proceeds
- 7-24A-4 · Limitations on power
- 7-24A-5 · County gasoline tax; authorization; imposition; rate
- 7-24A-6 · 7-24A-6
- 7-24A-6.1 · 7-24A-6.1
- 7-24A-7 · 7-24A-7
- 7-24A-7.1 · Registration required
- 7-24A-8 · Collection of county gasoline tax
- 7-24A-9 · Repealed
- 7-24A-10 · Municipal gasoline tax; authorization; imposition; rate
- 7-24A-11 · 7-24A-11
- 7-24A-12 · Collection of municipal gasoline tax
- 7-24A-13 · Repealed
- 7-24A-14 · Bond ordinance
- 7-24A-15 · Terms of bonds
- 7-24A-16 · Sale of bonds
- 7-24A-17 · Construction
- 7-24A-18 · Additional security
- 7-24A-19 · Foreclosure
- 7-24A-20 · Legal investments
- 7-24A-21 · Joint election