In authorizing bonds, including refunding bonds, under Chapter 73, Article 29 NMSA 1953, any board may provide for exchange of any bonds issued for bonds of larger or smaller denominations in the authorizing resolution. Bonds in changed denominations shall be exchanged for the original bonds in the same aggregate principal amounts and so that no overlapping interest is paid. Bonds in changed denominations shall bear interest at the same rates, mature on the same dates, be in the same form, except for an appropriate recital as to the exchange, and in all other respects, except as to denominations and numbers, be identical with the original bonds surrendered for exchange. Where any exchange is made under this section, the bonds surrendered by the holders at the time of the exchange shall be cancelled. The exchange shall be made only at the request of the holders of the bonds to be surrendered, and the board may require all expenses incurred in connection with the exchange, including those of authorization and issuance of the new bonds, to be paid by the holders.
History: 1953 Comp., § 73-29-14.4, enacted by Laws 1963, ch. 297, § 4.
Compiler's notes. — Chapter 73, Article 29 NMSA 1953 is now compiled as 6-17-1, 6-17-2 to 6-17-19, 21-1-26 and 21-1-27 to 21-1-33 NMSA 1978.
Structure 2021 New Mexico Statutes
Article 17 - Finances of State Educational Institutions
Section 6-17-1 - Income-producing buildings and improvements; authority to borrow funds.
Section 6-17-1.1 - Definitions.
Section 6-17-2 - Resolution for issuance of bonds for income-producing projects.
Section 6-17-3 - Conditions of income-producing project bonds.
Section 6-17-4 - Determination of charges relating to income-producing projects.
Section 6-17-5 - Determination of charges relating to income-producing projects.
Section 6-17-8 - Records and expenditures for income-producing projects.
Section 6-17-10 - [Tax exemption of income-producing project bonds.]
Section 6-17-11 - Security for income-producing bonds; rules and regulations.
Section 6-17-12 - Debt against state not to be created by income-producing project bonds.
Section 6-17-13 - [Institutional bond statutes not affected by income-producing bond law.]
Section 6-17-14 - Pledge of additional revenue.
Section 6-17-15 - Refunding bonds; convertibility.
Section 6-17-16 - [Validation.]
Section 6-17-17 - Refunding bonds.