The district may be dissolved by the district board by a resolution of the district board upon a determination that the district has no outstanding bond obligations. The district shall not be dissolved if any bonds of the district remain outstanding unless an amount of money sufficient, together with investment income thereon, to make all payments due on the bonds either at maturity or prior redemption has been deposited with a trustee or escrow agent and pledged to the payment and redemption of the bonds. The district may continue to operate after dissolution only as needed to collect money and make payments on any outstanding bonds.
History: Laws 2009, ch. 180, § 13.
Effective dates. — Laws 2009, ch. 180 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 19, 2009, 90 days after the adjournment of the legislature.
Structure New Mexico Statutes
Chapter 5 - Municipalities and Counties
Article 18 - Renewable Energy Financing District Act
Section 5-18-2 - Legislative findings.
Section 5-18-4 - Renewable energy financing districts authorized.
Section 5-18-5 - Resolution declaring intention to form district.
Section 5-18-6 - Hearing; formation of a district.
Section 5-18-7 - Special assessment; lien created.
Section 5-18-8 - Special assessment bonds.
Section 5-18-10 - Notice and conduct of election for district board.
Section 5-18-11 - Powers and duties of a district.