In order to provide for the payment of maturing principal and interest, or call premium if any, on any of its general obligation or general obligation refunding bonds a county, municipality or school district may contribute any available money to aid in the purchase of securities to be placed in a trust or escrow created pursuant to Section 6-15-20 NMSA 1978, or may create any such trust or enter into any such escrow agreement if such trust or escrow agreement is to be wholly funded with cash or securities transferred from any fund of such county, municipality or school district, or purchased with the proceeds of any available money from any fund of such county, municipality or school district.
History: 1953 Comp., § 11-6-34.2, enacted by Laws 1975, ch. 326, § 7.
Structure 2021 New Mexico Statutes
Article 15 - Finances of Counties, Municipalities and School Districts
Section 6-15-1 - Bonds payable from ad valorem taxes; notice of proposed issuance.
Section 6-15-3 - Bonds; forms; interest; maturities.
Section 6-15-4 - Tax levy for payment of bonds.
Section 6-15-5 - Sale of bonds.
Section 6-15-6 - [Bids for bonds refused; return of deposits.]
Section 6-15-7 - Maturity date of bonds; limitation.
Section 6-15-8 - ["Municipal corporation" as used in Sections 6-15-3 to 6-15-8 NMSA 1978 defined.]
Section 6-15-9 - Bonds authorized at election; time limit on issuance; exceptions.
Section 6-15-10 - Unissued bonds authorized at election; when void; exceptions.
Section 6-15-12 - Ordinance or resolution for refunding bonds; contents; maturities.
Section 6-15-13 - Execution of refunding bonds; interest coupons; mode of payment; installments.
Section 6-15-14 - Levy of taxes to pay annual installments and interest.
Section 6-15-15 - Exchange for bonds to be refunded; sales.
Section 6-15-16 - [Record of refunding bonds.]
Section 6-15-17 - [Retired refunding bonds to be destroyed.]
Section 6-15-18 - [Bonds surrendered for refunding; record; destruction.]
Section 6-15-19 - [Definition of terms.]
Section 6-15-20 - Application of bond proceeds; procedures; limitations.
Section 6-15-21 - Contributions securing payment of bonds.
Section 6-15-22 - Creation of sinking funds to secure payment of bonds.