Notwithstanding any limitation or other provision in the Solid Waste Authority Act, 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 authorized in that act, the authority is authorized to borrow money without any other election in anticipation of taxes, the proceeds of the 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 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 87 and 88 [74-10-87 and 74-10-88 NMSA 1978] of the Solid Waste Authority Act, interim debentures shall be issued as provided in that act for securities in Sections 66 and 68 [74-10-66 and 74-10-68 NMSA 1978] of that act. 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 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 is 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 secured by a pledge of such bonds nor shall they bear interest at any time which with any interest accruing at the same time on the interim debenture so secured exceeds six percent per year.
History: Laws 1993, ch. 319, ยง 86.
Structure New Mexico Statutes
Chapter 74 - Environmental Improvement
Article 10 - Solid Waste Authority
Section 74-10-1 - Short title.
Section 74-10-2 - Legislative declaration.
Section 74-10-3 - Decision of board or governing body final.
Section 74-10-4 - Definitions.
Section 74-10-5 - Creation of a solid waste authority; board.
Section 74-10-6 - Oaths and bonds of board members.
Section 74-10-7 - Petition for creation of solid waste authority.
Section 74-10-8 - Hearing on petition.
Section 74-10-9 - Decision of the special district commission.
Section 74-10-10 - Filing special district commission order.
Section 74-10-11 - Districting the authority.
Section 74-10-12 - Board of directors.
Section 74-10-13 - Election of directors.
Section 74-10-14 - Election resolution.
Section 74-10-15 - Conduct of election.
Section 74-10-19 - Approval of proposals at election.
Section 74-10-20 - Filling vacancies on board.
Section 74-10-21 - Changing authority's boundaries.
Section 74-10-22 - Board's administrative powers.
Section 74-10-23 - Records of board.
Section 74-10-24 - Meetings of board.
Section 74-10-25 - Compensation of directors.
Section 74-10-26 - Interest in contracts and property disqualifications.
Section 74-10-27 - Powers of the authority.
Section 74-10-28 - Levy and collection of taxes.
Section 74-10-29 - Levies to cover deficiencies.
Section 74-10-30 - Elections for imposition of ad valorem taxes.
Section 74-10-31 - Conduct of election.
Section 74-10-32 - Sinking fund.
Section 74-10-33 - Manner of levying and collecting taxes.
Section 74-10-34 - Delinquent taxes.
Section 74-10-35 - Powers of public bodies.
Section 74-10-36 - Effect of extraterritorial functions.
Section 74-10-37 - Forms of borrowing.
Section 74-10-38 - Issuance of notes.
Section 74-10-39 - Issuance of warrants.
Section 74-10-40 - Maturities of notes and warrants.
Section 74-10-41 - Issuance of bonds and incurrence of debt.
Section 74-10-42 - Issuance of temporary bonds.
Section 74-10-43 - Issuance of interim debentures.
Section 74-10-44 - Payment of securities.
Section 74-10-45 - Additionally secured securities.
Section 74-10-46 - Pledge of revenues.
Section 74-10-47 - Ranking among different issues.
Section 74-10-48 - Ranking among securities of same issue.
Section 74-10-49 - Payment recital in securities.
Section 74-10-50 - Incontestable recital in securities.
Section 74-10-51 - Limitations upon payment of securities.
Section 74-10-52 - Limitations upon incurring any debt.
Section 74-10-53 - Security details.
Section 74-10-54 - Capitalization of costs.
Section 74-10-55 - Other security details.
Section 74-10-56 - Reissuance of securities.
Section 74-10-57 - Negotiability.
Section 74-10-58 - Single bonds.
Section 74-10-59 - Lost or destroyed securities.
Section 74-10-60 - Execution of securities.
Section 74-10-61 - Interest coupons.
Section 74-10-62 - Facsimile signatures.
Section 74-10-63 - Facsimile seal.
Section 74-10-64 - Signatures of predecessors in office.
Section 74-10-65 - Facsimile signatures of predecessors.
Section 74-10-66 - Repurchase of securities.
Section 74-10-67 - Customary provisions.
Section 74-10-68 - Sale of securities.
Section 74-10-69 - Sale discount or commission prohibited.
Section 74-10-70 - Application of proceeds.
Section 74-10-71 - Use of unexpended proceeds.
Section 74-10-72 - Validity unaffected by use of proceeds.
Section 74-10-73 - Covenants in security proceedings.
Section 74-10-74 - Remedies of security holders.
Section 74-10-75 - Limitations upon liabilities.
Section 74-10-76 - Cancellation of paid securities.
Section 74-10-77 - Interest after maturity.
Section 74-10-78 - Refunding bonds.
Section 74-10-79 - Method of issuance.
Section 74-10-80 - Limitations upon issuance.
Section 74-10-81 - Use of refunding bond proceeds.
Section 74-10-82 - Payment of refunding bonds.
Section 74-10-83 - Combination of refunding and other bonds.
Section 74-10-84 - Supplemental provisions.
Section 74-10-85 - Board's determination final.
Section 74-10-86 - Issuance of interim debentures and pledge of bonds as collateral security.
Section 74-10-87 - Interim debentures not to be extended.
Section 74-10-89 - Publication of resolution or proceedings.
Section 74-10-90 - Failure to contest legality constitutes bar.
Section 74-10-91 - Confirmation of contract proceedings.
Section 74-10-92 - Review and judgment of court.
Section 74-10-93 - Purpose of tax exemptions.
Section 74-10-94 - Property exempt from general taxes.
Section 74-10-95 - Securities and income therefrom exempt.
Section 74-10-96 - Freedom from judicial process.
Section 74-10-97 - Resort to judicial process.
Section 74-10-98 - Legal investments in securities.