New Mexico Statutes
Article 55A - County Improvement Districts
Section 4-55A-38 - 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 4-55A-35 through 4-55A-38 NMSA 1978, the board 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 4-55A-19 NMSA 1978, and the refunding bonds may be secured and enforced as the original lien was established as provided in that section.
History: Laws 1980, ch. 91, § 38; 1991, ch. 199, § 57.
The 1991 amendment, effective April 4, 1991, in Subsection A, substituted "Sections 4-55A-35 through 4-55A-38 NMSA 1978" for "Sections 35 through 38 of the County Improvement District Act", "may by ordinance" for "shall by ordinance", "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" and made a minor stylistic change and, in Subsection B, substituted "may" for "shall" in two places and "Section 4-55A-19 NMSA 1978" for "Section 19 of the County Improvement District Act".

Structure New Mexico Statutes