reglab/housing_qa huggingface dataset:
NM Stat § 6-13-9 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 13 - Institution Bonds|Section 6-13-9 - [Pledge of income from permanent funds of state institutions.]

That for the faithful and prompt payment of all interest and principal of said bonds as and when the same shall mature according to the tenor thereof, the issue thereof shall constitute an irrevocable pledge by said board of so much of each year's income from the permanent funds of such state institution, so issuing bonds hereunder, in the hands of the treasurer as shall be needed to provide the "interest and retirement fund" herein mentioned, for the ensuing year, and at all times fully and faithfully to keep the same in not less than the amount necessary to pay the interest and principal maturing as aforesaid; and in addition thereto the issue of said bonds shall constitute an irrevocable pledge by said board of so much of each year's income from the income and current fund derived from the lease of such of said institution's lands as remain unsold, as may be necessary to fully protect the "interest and retirement fund" for the ensuing year, and keep the same at all times in proper amount as herein provided. History: 1941 Comp., § 6-261, enacted by Laws 1949, ch. 121, § 8; 1953 Comp., § 11-9-9, compiled by Laws 1963, ch. 298, § 2. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
NM Stat § 6-13-10 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 13 - Institution Bonds|Section 6-13-10 - [Permanent funds from disposition of lands held in trust for state institutions; investment.]

That from and after the passage and approval of this act [6-13-1 to 6-13-26 NMSA 1978], all permanent funds thereafter derived from the sale or disposition of the lands held in trust for any of said institutions shall be invested in bonds of the United States or of the state of New Mexico, the income from which shall likewise form a part of the pledged income for the payment of the principal and interest on bonds issued by the board of any such institution under the provisions of this act. History: 1941 Comp., § 6-262, enacted by Laws 1949, ch. 121, § 9; 1953 Comp., § 11-9-10, compiled by Laws 1963, ch. 298, § 2. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
NM Stat § 6-13-11 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 13 - Institution Bonds|Section 6-13-11 - Bond payment.

It is the duty of the secretary and treasurer of the governing board, where bonds have been issued pursuant to the Institution Bond Act, to forward to the bank at which the bonds are payable, prior to the date on which any installment of interest or any principal amount of any bonds matures, out of the interest and retirement fund, a sufficient sum of money to meet the installment of interest and maturing principal as they become due, plus any service charge which the bank is entitled to receive for its services. History: 1941 Comp., § 6-263, enacted by Laws 1949, ch. 121, § 10; 1953 Comp., § 11-9-11, compiled by Laws 1963, ch. 298, § 2; 1983, ch. 265, § 27. ANNOTATIONSCross references. — For destruction of documentary evidence of extinguished public debt, see 6-10-62 NMSA 1978.
NM Stat § 6-13-12 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 13 - Institution Bonds|Section 6-13-12 - [Income from permanent funds of institutions; payment to interest and retirement fund; duties of state treasurer.]

That it is hereby made the duty of the state treasurer of the state of New Mexico, upon receiving written notice from the secretary and treasurer of any governing board of any state institution that such board has issued bonds as herein provided, forthwith to forward and pay over to the secretary and treasurer of such board out of the income from the permanent funds of such institution, a sum sufficient to make and establish the interest and retirement fund, as herein provided, and annually thereafter to pay over a sufficient amount for said purpose, to the end that said interest and retirement fund shall at all times be kept in the proper amount. In the event there should not be sufficient undistributed income from permanent funds of such institution, then said state treasurer shall use so much of the income and current fund of such institution in his hands and shall be necessary to establish and at all times maintain said interest and retirement fund. History: 1941 Comp., § 6-264, enacted by Laws 1949, ch. 121, § 11; 1953 Comp., § 11-9-12, compiled by Laws 1963, ch. 298, § 2. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
NM Stat § 6-13-13 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 13 - Institution Bonds|Section 6-13-13 - [Bonds issued in series.]

That in the event the board of any of the institutions aforesaid should find it advisable to issue bonds under this act [6-13-1 to 6-13-26 NMSA 1978] in more than one series, or at different times, for any of the purposes aforesaid, then each series of said bonds shall be designated by the letter "A," "B" or in some other designation to the end that each series shall be kept separate, and all of the requirements of this act shall apply to and be faithfully followed, done and carried out as to each of said series. History: 1941 Comp., § 6-265, enacted by Laws 1949, ch. 121, § 12; 1953 Comp., § 11-9-13, compiled by Laws 1963, ch. 298, § 2. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
NM Stat § 6-13-14 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 13 - Institution Bonds|Section 6-13-14 - [Limitation on amount of issue.]

None of such boards of any state institution shall have power to issue bonds under this act [6-13-1 to 6-13-26 NMSA 1978], the aggregate interest and principal requirements for which, for any year, together with the aggregate interest and principal requirements for all outstanding bonds of such board of such institution for such year, shall exceed the amount of the income from the permanent fund and from the aforesaid income and current fund of such institution received by the state treasurer for the fiscal year next preceding the fiscal year in which any bonds of such board of such institution are authorized to be issued by resolution of the board pursuant to this act. History: 1941 Comp., § 6-266, enacted by Laws 1949, ch. 121, § 13; 1953 Comp., § 11-9-14, compiled by Laws 1963, ch. 298, § 2. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
NM Stat § 6-13-15 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 13 - Institution Bonds|Section 6-13-15 - [Exemption from taxation.]

That bonds issued under the provisions of this act [6-13-1 to 6-13-26 NMSA 1978], and the income thereupon, being for the sole purpose specified in Section 2 [6-13-3 NMSA 1978] hereof, shall forever be and remain free and exempt from taxation by the state of New Mexico or any subdivision thereof. History: 1941 Comp., § 6-267, enacted by Laws 1949, ch. 121, § 14; 1953 Comp., § 11-9-15, compiled by Laws 1963, ch. 298, § 2. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
NM Stat § 6-13-16 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 13 - Institution Bonds|Section 6-13-16 - [Funds derived from sale of bonds; restrictions on use.]

That none of the funds derived from the sale of bonds issued under the provisions of this act [6-13-1 to 6-13-26 NMSA 1978], except so much thereof as shall be necessary to defray the costs of the issuance of such bonds and the accrued interest from the date thereof to the time of delivery, shall ever be used or expended for any purpose other than those for which the authority to issue the same by this act is given. History: 1941 Comp., § 6-268, enacted by Laws 1949, ch. 121, § 15; 1953 Comp., § 11-9-16, compiled by Laws 1963, ch. 298, § 2. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
NM Stat § 6-13-17 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 13 - Institution Bonds|Section 6-13-17 - [Issuance and sale of bonds; approval of state board of finance.]

That no bonds shall be finally issued and sold under the provisions of this act [6-13-1 to 6-13-26 NMSA 1978] until the approval of such issue shall have been had by the unanimous vote of the state board of finance in a regular or called meeting. History: 1941 Comp., § 6-269, enacted by Laws 1949, ch. 121, § 16; 1953 Comp., § 11-9-17, compiled by Laws 1963, ch. 298, § 2. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
NM Stat § 6-13-18 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 13 - Institution Bonds|Section 6-13-18 - Security; priority of liens.

A. All bonds of the same issue under the Institution Bond Act have a prior and paramount lien upon income from the permanent fund and upon the income and current fund of the institution issuing the bonds. This lien is ahead of all bonds of any series secured by a pledge of this income and fund which may be subsequently authorized, and is ahead of any claims or other obligations of any nature against this income and fund subsequently arising or incurred. B. The bonds are subject to any prior and superior rights of any outstanding bonds, claims or other obligations previously issued, arising or incurred, but the resolution authorizing issuance of bonds under the Institution Bond Act may provide for subsequent authorization of bonds having a lien for payment on income from the permanent fund and on the income and current fund of the institution at a parity with the lien of earlier bonds upon conditions provided in the resolution. C. Except as otherwise expressly provided in the resolution, all bonds of the same series issued under the Institution Bond Act shall be equally and ratably secured without priority by reason of number, date or [of] bonds, sale, execution or delivery, by a lien on income from the permanent fund and on the income and current fund of the issuing state institution in accordance with the terms of the Institution Bond Act. History: 1941 Comp., § 6-270, enacted by Laws 1949, ch. 121, § 17; 1953 Comp., § 11-9-18, compiled and amended by Laws 1963, ch. 298, §§ 2, 6. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
NM Stat § 6-13-19 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 13 - Institution Bonds|Section 6-13-19 - Refunding; purposes.

Any bonds issued under the Institution Bond Act, or under any other act permitting payment of state institution bonds from income from the permanent fund and from the income and current fund of a state institution, may be refunded under the terms of resolutions adopted by the governing board of the state institution, subject to any contractual limitations involved with any outstanding bonds, claims or other obligations. The refunding is: A. to retire and refund all, or any part, of the institution's outstanding bonds, including any interest in arrears or about to become due; B. to reduce interest costs or effect other economies; C. to modify or eliminate restrictive contractual limitations relating to issuance of additional bonds or to income from the permanent fund and the income and current fund of the institution; or D. for any combination of the reasons stated in Subsections A through C of this section. History: 1953 Comp., § 11-9-19, enacted by Laws 1963, ch. 298, § 7.
NM Stat § 6-13-20 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 13 - Institution Bonds|Section 6-13-20 - Refunding; issuance of bonds.

A. Any bonds issued under the Institution Bond Act for refunding purposes may be: (1) delivered in exchange for the outstanding bonds authorized to be refunded; or (2) sold at public or private sale for not less than the par value of the bonds, plus accrued interest from the last interest date or, if there is no previous interest date, from the bond date, to the date of delivery of the bonds. B. The proceeds shall immediately: (1) be applied to retirement of the bonds to be retired or refunded; or (2) be placed in escrow to be applied to payment of the bonds upon presentation for payment by the holders. History: 1953 Comp., § 11-9-20, enacted by Laws 1963, ch. 298, § 8.
NM Stat § 6-13-21 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 13 - Institution Bonds|Section 6-13-21 - Refunding; conditions of bonds.

Under the Institution Bond Act: A. no bonds may be retired and refunded unless: (1) they mature or are callable for prior redemption under their terms within ten years from the date of issuance of the refunding bonds; or (2) the holders voluntarily surrender them for exchange or payment; B. no maturity of any bonds refunded may be extended over fifteen years, or interest increased to any rate exceeding six percent a year; and C. nothing requires the principal amount of the refunding bonds to equal the amount of the outstanding bonds to be retired and refunded as long as the principal amount of the refunding bonds, together with any interest to be derived from investment of the principal, is sufficient for payment of the outstanding bonds, including the principal, interest, any prior-redemption premium and any escrow agent charges, as they become due. History: 1953 Comp., § 11-9-21, enacted by Laws 1963, ch. 298, § 9.
NM Stat § 6-13-22 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 13 - Institution Bonds|Section 6-13-22 - Refunding; escrowed proceeds.

Under the Institution Bond Act, any escrowed proceeds may be invested or reinvested in bonds or notes of the United States or any of its agencies or instrumentalities, or in bonds or notes where the principal and interest is unconditionally guaranteed by the United States. The escrowed proceeds and investments, together with any interest to be derived from the investments, shall always be sufficient for payment of the bonds, refunded as they become due at their respective maturities, or at prior-redemption dates, including the principal, any prior-redemption premium and any escrow agent charges. History: 1953 Comp., § 11-9-22, enacted by Laws 1963, ch. 298, § 10.
NM Stat § 6-13-23 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 13 - Institution Bonds|Section 6-13-23 - Refunding; payment of bonds.

Refunding bonds issued under the Institution Bond Act may be made payable from income from the permanent fund and from the income and current fund of the issuing institution, regardless of any modification thereby effected of the pledge of these sources for payment of the outstanding bonds to be retired and refunded. History: 1953 Comp., § 11-9-23, enacted by Laws 1963, ch. 298, § 11.
NM Stat § 6-13-24 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 13 - Institution Bonds|Section 6-13-24 - Refunding; bonds retired.

Under the Institution Bond Act, outstanding bonds of more than one issue may be retired and refunded by bonds of one issue. Bonds for refunding and bonds for any other purposes authorized by the Institution Bond Act may be issued separately or in combination in one series or more. History: 1953 Comp., § 11-9-24, enacted by Laws 1963, ch. 298, § 12.
NM Stat § 6-13-25 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 13 - Institution Bonds|Section 6-13-25 - Refunding; priority of liens.

Whenever bonds for refunding and bonds for any other purposes allowed by the Institution Bond Act are issued in combination, the lien of the refunding bonds on income from the permanent fund and on the income and current fund is not prior or superior to any lien on these sources to secure payment of the bonds retired and refunded, or to any lien on them to secure payment of any outstanding bonds payable from them, except as provided in each resolution authorizing issuance of the outstanding bonds which are not being retired and refunded. History: 1953 Comp., § 11-9-25, enacted by Laws 1963, ch. 298, § 13.
NM Stat § 6-13-26 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 13 - Institution Bonds|Section 6-13-26 - Refunding; procedures.

Except as changed or necessarily implied with reference to refunding, all provisions of the Institution Bond Act apply to the authorization and issuance of refunding bonds, including their terms and security, the bond resolution, taxes, the method of bond payment and other provisions. The determination of the governing board of the institution issuing the refunding bonds that the provisions of the Institution Bond Act have been complied with is conclusive in the absence of fraud or arbitrary and gross abuse of discretion. History: 1953 Comp., § 11-9-26, enacted by Laws 1963, ch. 298, § 14.
NM Stat § 6-14-1 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 14 - Public Securities|Section 6-14-1 - Short title.

Sections 6-14-1 through 6-14-3 NMSA 1978 may be cited as the "Public Securities Act." History: 1953 Comp., § 11-10-1, enacted by Laws 1970, ch. 10, § 1.
NM Stat § 6-14-2 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 14 - Public Securities|Section 6-14-2 - Definitions.

As used in the Public Securities Act: A. "net effective interest rate" means the interest rate of public securities, compounded semiannually, necessary to discount the scheduled debt service payments of principal and interest to the date of the public securities and to the price paid to the public body for the public securities, excluding any interest accrued to the date of delivery and based upon a year with the same number of days as the number of days for which interest is computed on the public securities; B. "public body" means this state or any department, board, agency or instrumentality of the state, any county, city, town, village, school district, other district, educational institution or any other governmental agency or political subdivision of the state; and C. "public securities" means any bonds, notes, warrants or other obligations now or hereafter authorized to be issued by any public body pursuant to the provisions of any general or special law enacted by the legislature, but does not include bonds, notes, warrants or other obligations issued pursuant to: (1) the Industrial Revenue Bond Act [Chapter 3, Article 32 NMSA 1978]; (2) the County Improvement District Act [Chapter 4, Article 55A NMSA 1978]; (3) Sections 3-33-1 through 3-33-43 NMSA 1978; (4) the Pollution Control Revenue Bond Act [3-59-1 to 3-59-14 NMSA 1978]; (5) the County Pollution Control Revenue Bond Act [4-60-1 to 4-60-15 NMSA 1978]; (6) the County Industrial Revenue Bond Act [Chapter 4, Article 59 NMSA 1978]; (7) the Metropolitan Redevelopment Code [3-60A-1 to 3-60A-13, 3-60A-14 to 3-60A-48 NMSA 1978]; (8) the Supplemental Municipal Gross Receipts Tax Act [7-19-10 to 7-19-18 NMSA 1978]; (9) the Hospital Equipment Loan Act [Chapter 58, Article 23 NMSA 1978]; or (10) the New Mexico Finance Authority Act [Chapter 6, Article 21 NMSA 1978]. History: 1953 Comp., § 11-10-2, enacted by Laws 1970, ch. 10, § 2; 1975, ch. 239, § 1; 1979, ch. 56, § 1; 1979, ch. 270, § 2; 1980, ch. 106, § 5; 1981, ch. 44, § 1; 1986, ch. 60, § 1; 1992, ch. 61, § 33; 1999, ch. 232, § 1. ANNOTATIONSThe 1999 amendment, effective, June 18, 1999, in Subsection A, substituted "the interest rate of public securities, compounded semiannually, necessary to discount the scheduled debt service payments of principal and interest to the date of the public securities and to the price paid to the public body for the public securities, excluding any interest accrued to the date of delivery and based upon a year with the same number of days as the number of days for which interest is computed on the public securities" for "the interest rate based on the actual price paid to a public body for its public securities, calculated to maturity according to standard tables of bond values". The 1992 amendment, effective March 9, 1992, added Subsection C(10). Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations §§ 2, 3. 11 C.J.S. Bonds § 2.
NM Stat § 6-14-3 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 14 - Public Securities|Section 6-14-3 - Public securities; price.

A. A public body may issue and sell its public securities at, above or below par and at any net effective interest rate as the public body may determine subject to the remaining provisions of this section. B. A public body may not issue its public securities as provided in Subsection A of this section at any net effective interest rate in excess of twelve percent a year, except for general obligation bonds which shall have a net effective interest rate of not more than ten percent a year, unless the state board of finance at any time prior to delivery of the public securities approves such higher net effective interest rate in writing, based upon the determination of the state board of finance that the higher rate is reasonable under existing or anticipated bond market conditions. C. Any such approval of any such net effective interest rate in excess of twelve percent or not more than ten percent for general obligation bonds shall constitute conclusive authority for the affected public body to issue its public securities at the higher net effective interest rate. History: 1953 Comp., § 11-10-3, enacted by Laws 1970, ch. 10, § 3; 1981, ch. 44, § 2. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations §§ 374 to 377.
NM Stat § 6-14-4 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 14 - Public Securities|Section 6-14-4 - Short title.

This act [6-14-4 to 6-14-7 NMSA 1978] may be cited as the "Public Securities Limitation of Action Act." History: 1953 Comp., § 11-11-1, enacted by Laws 1975, ch. 350, § 1.
NM Stat § 6-14-5 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 14 - Public Securities|Section 6-14-5 - Definitions.

As used in the Public Securities Limitation of Action Act [6-14-4 to 6-14-7 NMSA 1978]; A. "public security" means a bond, note, certificate of indebtedness or other obligation for the payment of money, issued by this state or by any public body thereof; B. "state" means the state of New Mexico and any board, commission, department, corporation, instrumentality or agency thereof; and C. "public body" of the state means any state educational institution or other state institution, its board of regents or other governing body thereof constituting a body corporate, any county, city, town, village, school district, irrigation district, drainage district, conservancy district, sanitation district, water district, commission, authority or other political subdivision of the state constituting a body corporate. History: 1953 Comp., § 11-11-2, enacted by Laws 1975, ch. 350, § 2.
NM Stat § 6-14-6 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 14 - Public Securities|Section 6-14-6 - Publication of notice after adoption of resolution or ordinance.

A public body, or the state, after having adopted a resolution or ordinance authorizing the issuance of public securities, shall publish notice of the adoption of such resolution once in a newspaper of general circulation within the political subdivision, or in the case of the state, of general statewide circulation. Compliance with the Municipal Code [Chapter 3 NMSA 1978, except Article 66] requirements for the publication of ordinances shall constitute compliance by municipalities of the requirements of the Public Securities Limitation of Action Act [6-14-4 to 6-14-7 NMSA 1978]. History: 1953 Comp., § 11-11-3, enacted by Laws 1975, ch. 350, § 3. ANNOTATIONSCross references. — For publication of ordinances, see 3-17-3 and 3-17-5 NMSA 1978.