Section 3-31-10 - Refunding revenue bonds; terms.
3-31-10. Refunding revenue bonds; terms.
Municipal refunding revenue bonds:
A. may have interest, appreciated principal value or any part thereof payable at intervals or at maturity as may be determined by the governing body;
B. may be subject to prior redemption at the municipality's option at such time or times and upon such terms and conditions with or without the payment of premium or premiums as may be determined by the governing body;
C. may be serial in form and maturity or may consist of a single bond payable in one or more installments or may be in such other form as may be determined by the governing body; and
D. shall be exchanged for the bonds and any matured unpaid interest being refunded at not less than par or sold at public or negotiated sale at, above or below par and at a price that results in a net effective interest rate that does not exceed the maximum permitted by the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978].