A. Any bonds issued under the Institution Bond Act for refunding purposes may be:
(1) delivered in exchange for the outstanding bonds authorized to be refunded; or
(2) sold at public or private sale for not less than the par value of the bonds, plus accrued interest from the last interest date or, if there is no previous interest date, from the bond date, to the date of delivery of the bonds.
B. The proceeds shall immediately:
(1) be applied to retirement of the bonds to be retired or refunded; or
(2) be placed in escrow to be applied to payment of the bonds upon presentation for payment by the holders.
History: 1953 Comp., § 11-9-20, enacted by Laws 1963, ch. 298, § 8.
Structure 2021 New Mexico Statutes
Article 13 - Institution Bonds
Section 6-13-2 - State institutions.
Section 6-13-3 - General borrowing authority.
Section 6-13-4 - General bonding authority.
Section 6-13-5 - Bonds; form; terms.
Section 6-13-6 - [Sale of bonds.]
Section 6-13-7 - [Proceeds from sale of bonds; building and improvement fund; expenditures.]
Section 6-13-8 - [Interest and retirement fund; establishment; purpose.]
Section 6-13-9 - [Pledge of income from permanent funds of state institutions.]
Section 6-13-11 - Bond payment.
Section 6-13-13 - [Bonds issued in series.]
Section 6-13-14 - [Limitation on amount of issue.]
Section 6-13-15 - [Exemption from taxation.]
Section 6-13-16 - [Funds derived from sale of bonds; restrictions on use.]
Section 6-13-17 - [Issuance and sale of bonds; approval of state board of finance.]
Section 6-13-18 - Security; priority of liens.
Section 6-13-19 - Refunding; purposes.
Section 6-13-20 - Refunding; issuance of bonds.
Section 6-13-21 - Refunding; conditions of bonds.
Section 6-13-22 - Refunding; escrowed proceeds.
Section 6-13-23 - Refunding; payment of bonds.
Section 6-13-24 - Refunding; bonds retired.
Section 6-13-25 - Refunding; priority of liens.