{"data":{"id":"us-nm/4-55a-37","jurisdiction":"us-nm","citation":"4-55A-37","heading":"Improvement district; ordinance for refunding bonds; conditions; sale or exchange.","body":"A. The ordinance authorizing the issuance of refunding bonds for an improvement district shall describe the:\n(1) details of the issue;\n(2) form of the refunding bonds and interest coupons, if any;\n(3) fund from which the principal and interest of the refunding bonds will be paid; and\n(4) manner in which the bonds are to be issued.\nB. The refunding bonds may:\n(1) be issued in an amount less than, equal to or greater than the principal amount of improvement district bonds being refunded;\n(2) not bear a rate of interest greater than the rate of interest borne by the assessments providing security for the refunding bonds if secured by assessments;\n(3) become due and payable in regular numerical order;\n(4) not be issued for a period of more than twenty years from the date of issuance; and\n(5) be payable from substitute security or from the same funds that were applicable to the payment of the bonds being refunded.\nC. The refunding bonds may be:\n(1) sold at a public or private sale at a discount; or\n(2) exchanged, dollar for dollar, for the improvement district bonds being refunded.","path":["Chapter 4 - Counties","ARTICLE 55A County Improvement Districts"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18505/index.do","current_through":"2026-07-01","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"b8ebaea760fb0a546a6b38d5e2a5350c65313e0c76ca23b0dd09c29a0f3bc0c8","source_id":"us-nm","stale":false,"prev":"us-nm/4-55a-36","next":"us-nm/4-55a-38"},"notice":"GroundRules: Original legal text. Not legal advice."}