No public body shall exercise any of the powers conferred by the Public Securities Short-Term Interest Rate Act or issue any bonds pursuant hereto until after its local governing body shall have adopted a resolution finding that:
A. the issuance of bonds under that act will result in a savings in interest cost to the public body; and
B. the issuance by the public body of bonds under that act is necessary in the interest of the public health, safety, morals or welfare of the residents of the public body.
History: Laws 1983, ch. 161, ยง 13.
Structure New Mexico Statutes
Article 18 - Public Securities Short-Term Interest Rates
Section 6-18-2 - Findings and declarations of necessity.
Section 6-18-3 - Legislative intent.
Section 6-18-5 - Applicability.
Section 6-18-6 - Short-term bonds.
Section 6-18-7 - Variable rate demand bonds.
Section 6-18-8 - Credit facilities.
Section 6-18-8.1 - Contracts to exchange interest rates, cash flows or limit exposure.
Section 6-18-9 - Trust agreements.
Section 6-18-10 - General provisions.
Section 6-18-12 - Provisions for interest payments; tax levy.
Section 6-18-13 - Finding of necessity by local governments.
Section 6-18-14 - Interest; refunding; approval by local government; additional findings.
Section 6-18-15 - Liberal construction; alternative authority.