Notwithstanding any limitation or other provision herein, whenever a majority of the qualified electors of the authority voting on a proposal to issue bonds has authorized the authority to issue bonds for any purpose herein authorized, the authority is authorized to borrow money without any other election in anticipation of taxes, the proceeds of such bonds or any other revenues of the authority, or any combination thereof, and to issue interim debentures to evidence the amount so borrowed. Interim debentures may mature at such time or times not exceeding a period of time equal to the estimated time needed to effect the purpose for which the bonds are so authorized to be issued, plus two years, as the board may determine. Except as otherwise provided in this section and in Sections 72-17-90 and 72-17-91 NMSA 1978, interim debentures shall be issued as provided herein for securities in Sections 72-17-47 through 72-17-80 NMSA 1978. Taxes, other revenues of the authority, including without limiting the generality of the foregoing, proceeds of bonds to be thereafter issued or reissued or bonds issued for the purpose of securing the payment of interim debentures may be pledged for the purpose of securing the payment of the interim debentures. Any bonds pledged as collateral security for the payment of any interim debentures shall mature at such time or times as the board may determine, but in no event exceeding forty years from the date of either any of such bonds or any of such interim debentures, whichever date be the earlier. Any such bonds pledged as collateral security shall not be issued in an aggregate principal amount exceeding the aggregate principal amount of the interim debenture or interim debenture secured by a pledge of such bonds, nor shall they bear interest at any time that, with any interest accruing at the same time on the interim debenture or interim debentures so secured, exceeds six percent per year.
History: 1953 Comp., § 75-38-89, enacted by Laws 1967, ch. 156, § 89; 2018, ch. 79, § 119.
The 2018 amendment, effective July 1, 2018, revised certain statutory references, and made technical changes throughout the section; and after "a majority of the", deleted "taxpaying" and added "qualified", after "and in Sections", deleted "90 and 91 hereof" and added "72-17-90 and 72-17-91 NMSA 1978", after "for securities in Sections", deleted "47 to 80, both inclusive" and added "72-17-47 through 72-17-80 NMSA 1978", and after "six percent per", deleted "annum" and added "year".
Structure New Mexico Statutes
Article 17 - Las Cruces Metropolitan Arroyo Flood Control
Section 72-17-1 - Short title.
Section 72-17-2 - Legislative declaration.
Section 72-17-3 - Decision of board or governing body final.
Section 72-17-4 - Definitions.
Section 72-17-5 - Creation of authority.
Section 72-17-6 - Boundaries of authority.
Section 72-17-7 - Provision for remonstrances.
Section 72-17-8 - Board of directors.
Section 72-17-9 - Appointment of first board.
Section 72-17-10 - Election of directors.
Section 72-17-11 - Nomination of directors.
Section 72-17-12 - Filling vacancies on board.
Section 72-17-13 - Organizational meetings.
Section 72-17-14 - Board's administrative powers.
Section 72-17-15 - Records of board.
Section 72-17-16 - Meetings of board.
Section 72-17-17 - Compensation of directors.
Section 72-17-18 - Interest in contracts and property disqualifications.
Section 72-17-19 - Flood control system; hearings thereon.
Section 72-17-20 - Implementing powers.
Section 72-17-21 - Protection of property rights.
Section 72-17-22 - Additional powers of authority.
Section 72-17-23 - Levy and collection of taxes.
Section 72-17-24 - Levies to cover deficiencies.
Section 72-17-25 - Sinking fund.
Section 72-17-26 - Manner of levying and collecting taxes.
Section 72-17-27 - Delinquent taxes.
Section 72-17-35 - Dissolution of authority.
Section 72-17-36 - Filing of dissolution resolution.
Section 72-17-37 - Disposition of property, funds and taxes of authority.
Section 72-17-38 - Powers of public bodies.
Section 72-17-39 - Effect of extraterritorial functions.
Section 72-17-40 - Forms of borrowing.
Section 72-17-41 - Issuance of notes.
Section 72-17-42 - Issuance of warrants.
Section 72-17-43 - Maturities of notes and warrants.
Section 72-17-44 - Issuance of bonds and incurrence of debt.
Section 72-17-45 - Issuance of temporary bonds.
Section 72-17-46 - Issuance of interim debentures.
Section 72-17-47 - Payment of securities.
Section 72-17-48 - Additionally secured securities.
Section 72-17-49 - Pledge of revenues.
Section 72-17-50 - Ranking among different issues.
Section 72-17-51 - Ranking among securities of same issue.
Section 72-17-52 - Payment recital in securities.
Section 72-17-53 - Incontestable recital in securities.
Section 72-17-54 - Limitations upon payment of securities.
Section 72-17-55 - Limitations upon incurring any debt.
Section 72-17-56 - Security details.
Section 72-17-57 - Capitalization of costs.
Section 72-17-58 - Other security details.
Section 72-17-59 - Reissuance of securities.
Section 72-17-60 - Negotiability.
Section 72-17-61 - Single bonds.
Section 72-17-62 - Lost or destroyed securities.
Section 72-17-63 - Execution of securities.
Section 72-17-64 - Interest coupons.
Section 72-17-65 - Facsimile signatures.
Section 72-17-66 - Facsimile seal.
Section 72-17-67 - Signatures of predecessors in office.
Section 72-17-68 - Facsimile signatures of predecessors.
Section 72-17-69 - Repurchase of securities.
Section 72-17-70 - Customary provisions.
Section 72-17-71 - Sale of securities.
Section 72-17-72 - Sale discount or commission prohibited.
Section 72-17-73 - Application of proceeds.
Section 72-17-74 - Use of unexpended proceeds.
Section 72-17-75 - Validity unaffected by use of proceeds.
Section 72-17-76 - Covenants in security proceedings.
Section 72-17-77 - Remedies of security holders.
Section 72-17-78 - Limitations upon liabilities.
Section 72-17-79 - Cancellation of paid securities.
Section 72-17-80 - Interest after maturity.
Section 72-17-81 - Refunding bonds.
Section 72-17-82 - Method of issuance.
Section 72-17-83 - Limitations upon issuance.
Section 72-17-84 - Use of refunding bond proceeds.
Section 72-17-85 - Payment of refunding bonds.
Section 72-17-86 - Combination of refunding and other bonds.
Section 72-17-87 - Supplemental provisions.
Section 72-17-88 - Board's determination final.
Section 72-17-89 - Issuance of interim debentures and pledge of bonds as collateral security.
Section 72-17-90 - Interim debentures not to be extended.
Section 72-17-92 - Publication of resolution or proceedings.
Section 72-17-93 - Failure to contest legality constitutes bar.
Section 72-17-94 - Confirmation of contract proceedings.
Section 72-17-95 - Review and judgment of court.
Section 72-17-96 - Purpose of tax exemptions.
Section 72-17-97 - Property exempt from general taxes.
Section 72-17-98 - Securities and income therefrom exempt.
Section 72-17-99 - Freedom from judicial process.
Section 72-17-100 - Resort to judicial process.
Section 72-17-101 - Legal investments in securities.