A. At any regular or special meeting called for the purpose of issuing refunding bonds, the board by a supermajority of five members of the board may adopt a resolution authorizing the issuance of the refunding bonds.
B. The authority may issue refunding bonds for the purpose of refinancing, paying and discharging all or any part of outstanding bonds or other obligations payable from the net revenues of the water system previously issued or incurred by the authority.
C. The authority may pledge irrevocably for the payment of interest and principal on refunding bonds the pledged net revenues of the water system.
D. Bonds for refunding and bonds for any purpose permitted by the Eastern New Mexico Water Utility Authority Act may be issued separately or issued in combination in one series or more.
History: Laws 2010, ch. 39, § 16.
Effective dates. — Laws 2010, ch. 39, § 21 made the Eastern New Mexico Water Utility Authority Act effective July 1, 2010.
Structure New Mexico Statutes
Chapter 73 - Special Districts
Article 27 - Eastern New Mexico Water Utility Authority
Section 73-27-1 - Short title.
Section 73-27-2 - Findings and purpose.
Section 73-27-3 - Definitions.
Section 73-27-4 - Eastern New Mexico water utility authority; created.
Section 73-27-5 - Board; appointment; terms.
Section 73-27-6 - Board; powers; duties.
Section 73-27-7 - Authority; powers.
Section 73-27-10 - Use of proceeds of revenue bond issue.
Section 73-27-11 - Revenue bonds; terms.
Section 73-27-12 - Exemption from taxation.
Section 73-27-13 - Resolution authorizing revenue bonds.
Section 73-27-14 - Revenue bonds not general obligations; authentication.
Section 73-27-16 - Bonds; refunding authorization.
Section 73-27-17 - Refunding bonds; terms.
Section 73-27-18 - Refunding bonds; escrow.
Section 73-27-19 - Public regulation commission and state engineer jurisdiction.