2021 New Mexico Statutes
Article 55A - County Improvement Districts
Section 4-55A-35 - Improvement district; refunding improvement bonds; authority.

A. As used in this section and in Sections 4-55A-36 through 4-55A-38 NMSA 1978 "bonds", when not modified by the word "refunding", includes assignable certificates.
B. The board may issue refunding improvement district bonds to refund all or any part of improvement district bonds. Refunding bonds may be issued:
(1) to change the payment schedule for the bonds;
(2) to fund principal and interest due on bonds that are in default or for which there is not and, in the opinion of the governing body, will not be sufficient money available to pay the principal and interest when due;
(3) to reduce interest costs on the bonds or on the assessments providing security for the bonds or to provide other savings;
(4) to modify or eliminate restrictive or burdensome contractural [contractual] limitations concerning the bonds;
(5) to provide enhanced or substitute security for the bonds; or
(6) to provide for any other reasonable and necessary purpose or any combination of the foregoing purposes.
History: Laws 1980, ch. 91, § 35; 1991, ch. 199, § 54.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
The 1991 amendment, effective April 4, 1991, rewrote this section which read "Whenever there is not, and it is certain there will not be, sufficient money in an improvement district fund to pay the principal and interest due on the improvement district bonds, the board may issue refunding improvement district bonds. If there is not sufficient money in an improvement district fund to pay in full the improvement district bonds that have matured, the board shall issue refunding improvement district bonds to pay the interest and principal on the improvement district bonds".

Structure 2021 New Mexico Statutes

2021 New Mexico Statutes

Chapter 4 - Counties

Article 55A - County Improvement Districts

Section 4-55A-1 - Short title.

Section 4-55A-2 - Improvement district; definitions.

Section 4-55A-3 - Improvement district; authorization; limitation.

Section 4-55A-4 - Improvement district; purpose.

Section 4-55A-4.1 - Improvement district; additional purpose.

Section 4-55A-5 - Improvement district; powers of a county.

Section 4-55A-6 - Improvement district; limitations on powers of county with respect to street or right of way under jurisdiction of state transportation commission.

Section 4-55A-7 - Improvement district; provisional order method; procedure; preliminary lien; notice of pendency of district; effect.

Section 4-55A-8 - Improvement district; notice of assessment; protests.

Section 4-55A-9 - Improvement district; provisional order; protest; action in district court.

Section 4-55A-10 - Improvement district; petition method; requirements; distribution of costs; notice of hearing.

Section 4-55A-11 - Improvement district; notice of preliminary hearing.

Section 4-55A-12 - Improvement district; preliminary hearing; protest; action of the board; action in district court.

Section 4-55A-12.1 - Imposition of improvement district property tax; limitations.

Section 4-55A-13 - Improvement district; levy and collection of assessments prior to commencing improvement; special fund; misuse; penalty.

Section 4-55A-14 - Improvement district; advertising for bids; county may do work; contribution by governmental agency.

Section 4-55A-15 - Notice of bid; acceptance of bid.

Section 4-55A-16 - Improvement district; assessment of railroad property.

Section 4-55A-17 - Improvement district; assessment roll; notice of assessment hearing.

Section 4-55A-18 - Improvement district; filing of objections; assessment hearing; action of the board; appeal to district court.

Section 4-55A-19 - Improvement district; assessments; terms of payment; liens.

Section 4-55A-20 - Improvement district; authority to issue bonds or assignable certificates.

Section 4-55A-21 - Improvement district; rights of negotiable bondholders or assignable certificate holders.

Section 4-55A-22 - Improvement district; additional duties imposed on county.

Section 4-55A-23 - Improvement district; acceptance of deed in lieu of foreclosure.

Section 4-55A-24 - Improvement district; foreclosure; trustee may purchase at foreclosure of liens; contents of bid.

Section 4-55A-25 - Improvement district; title subject to redemption vests in trustee.

Section 4-55A-26 - Improvement district; private or public sale of property; redemption period; application for authorization; appraisement; disposition of proceeds.

Section 4-55A-27 - Improvement district; assessment funds; expenditures; misuse; penalties.

Section 4-55A-28 - Transfer of improvement district funds.

Section 4-55A-29 - Improvement district; reassessment after voiding of assessments; procedure.

Section 4-55A-30 - Improvement district; reassessment; defects waived; credit for previous payment.

Section 4-55A-31 - Improvement district; appeal to district court.

Section 4-55A-32 - Improvement district; payment of reassessment; continuing proceedings to collect assessment.

Section 4-55A-33 - Improvement district; appeal of reassessment; procedure exclusive.

Section 4-55A-34 - Improvement district; application of reassessment fund to outstanding indebtedness.

Section 4-55A-35 - Improvement district; refunding improvement bonds; authority.

Section 4-55A-36 - Refunding bonds; escrow; detail.

Section 4-55A-37 - Improvement district; ordinance for refunding bonds; conditions; sale or exchange.

Section 4-55A-38 - Improvement district; payment of assessment for refunding bond; maximum term; interest; prepayment; liens.

Section 4-55A-39 - Improvement district; construction of sections.

Section 4-55A-40 - Street and road improvement fund authorization.

Section 4-55A-41 - Street and road improvement fund; use.

Section 4-55A-42 - Street and road improvement fund; repurchasing bonds or certificates; pledging income.

Section 4-55A-43 - Street and road improvement fund; diverting proceeds from tax.