New Mexico Statutes
Article 33 - Improvement Districts
Section 3-33-42 - Improvement district; payment of assessment for refunding bond; maximum term; interest; prepayment; liens.

A. In connection with issuance of refunding bonds as provided in Sections 3-33-39 through 3-33-42 NMSA 1978, the governing body may, by ordinance, provide that any unpaid assessment and accrued interest on the assessment shall be paid in not more than twenty years with interest at a rate of interest not less than the rate borne by the refunding bonds and with the penalties as lawfully attached to the original assessment. The owner of a tract or parcel of land that is assessed may at any time pay the assessment in full with interest to the time of payment.
B. The assessment may be collected as provided in Section 3-33-23 NMSA 1978, and the refunding bonds may be secured and enforced as the original lien was established as provided in Section 3-33-23 NMSA 1978.
History: 1953 Comp., § 14-32-37, enacted by Laws 1965, ch. 300; 1991, ch. 199, § 29.
The 1991 amendment, effective April 4, 1991, substituted "may" for "shall" in three places; in the first sentence in Subsection A, substituted "3-33-39 through 3-33-42 NMSA 1978" for 14-32-35 through 14-32-37 New Mexico Statutes Annotated, 1953 Compilation" and "twenty years with interest at a rate of interest not less than the rate borne" for "twenty equal annual or forty semiannual installments with interest at the rate of interest borne"; substituted "3-33-23 NMSA 1978" for "14-32-16 New Mexico Statutes Annotated, 1953 Compilation" in two places in Subsection B; and made minor stylistic changes in Subsection A.

Structure New Mexico Statutes