reglab/housing_qa huggingface dataset:
NM Stat § 6-18-3 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 18 - Public Securities Short-Term Interest Rates|Section 6-18-3 - Legislative intent.

A. It is the intent of the legislature by the passage of the Public Securities Short-Term Interest Rate Act to authorize public bodies to structure their public securities so as to take advantage of the lower interest rates accorded to public securities structured for short-term interest rates by providing for short-term maturities, variable interest rates, renewals and refundings of the public securities, giving holders the right to put the public securities for repurchase before maturity, and other features which will enhance the marketability of public securities and lower the interest cost; all of which will promote the health, safety, security and general welfare of the citizens thereof and of the people of the state of New Mexico. B. It is the further intent of the legislature to vest public bodies with all powers that may be necessary to enable them to accomplish such purposes, which powers shall in all respects be exercised for the benefit of the inhabitants of this state and public bodies of this state for the promotion of their health, safety, security, welfare, convenience and prosperity. C. It is the further intent of the legislature that the provisions of the Public Securities Short-Term Interest Rate Act be available for all bonds authorized to be issued pursuant to any law of this state, including general obligation bonds, revenue bonds or any other bonds however secured. History: Laws 1983, ch. 161, § 3; 1986, ch. 60, § 3.
NM Stat § 6-18-4 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 18 - Public Securities Short-Term Interest Rates|Section 6-18-4 - Definitions.

As used in the Public Securities Short-Term Interest Rate Act, unless the context otherwise requires: A. "bond" means any bond, debenture, note, refunding or renewal bond or note, warrant or other security evidencing an obligation authorized to be issued by a public body pursuant to any provision of law of this state, including the Public Securities Short-Term Interest Rate Act; B. "governing body" means the city council or other body or officer of a public body in which the legislative powers are vested; C. "indebtedness" means any debt evidenced by a bond issued by a public body pursuant to any law of this state that constitutes a debt for the purposes of Section 12 or 13 of Article 9 of the constitution of New Mexico and the issuance of which must be submitted to a vote of the qualified electors of the public body pursuant to those sections and any bond issued for the purpose of paying or refunding any such bond; D. "bond legislation" means an ordinance or a resolution or other appropriate enactment adopted by a governing body of a public body providing for the authorization or sale of bonds and any trust agreement, credit agreement, letter of credit, reimbursement agreement or other credit facility, dealer agreement, issuing or paying agent agreement, purchase commitment agreement, escrow agreement, remarketing agreement, index agent agreement or other agreement with respect to the bonds to which the public body or trustee for the bonds is a party; and E. "public body" means any municipality, any county, any school district, any special district, any H class county located in New Mexico, the New Mexico hospital equipment loan council, state institutions enumerated in Section 6-13-2 NMSA 1978, the water quality control commission, the state board of finance, the New Mexico finance authority or the state. History: Laws 1983, ch. 161, § 4; 1984, ch. 33, § 1; 1986, ch. 60, § 4; 1987, ch. 144, § 1; 1991, ch. 172, § 1; 1992, ch. 61, § 34; 1995, ch. 141, § 14. ANNOTATIONSCross references. — For H class counties, see 4-44-3 NMSA 1978. For New Mexico hospital equipment loan council, see 58-23-5 NMSA 1978 et seq. The 1995 amendment, effective April 5, 1995, inserted "any county, any school district, any special district" in Subsection E. The 1992 amendment, effective March 9, 1992, inserted "the New Mexico finance authority" in Subsection E. The 1991 amendment, effective April 4, 1991, in Subsection E, added "the water quality control commission, the state board of finance or the state" at the end, made a related stylistic change, and made a minor stylistic change in Subsection C. The 1987 amendment, effective June 19, 1987, in Subsection E, deleted "with a population in excess of twenty-five thousand according to the most recent federal decennial census, any home rule municipality" following "means any municipality" near the beginning of the subsection.
NM Stat § 6-18-5 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 18 - Public Securities Short-Term Interest Rates|Section 6-18-5 - Applicability.

Every public body authorized to issue any bonds under any of the laws of the state for any purpose may use the provisions of the Public Securities Short-Term Interest Rate Act with respect to such bonds. History: Laws 1983, ch. 161, § 5.
NM Stat § 6-18-7 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 18 - Public Securities Short-Term Interest Rates|Section 6-18-7 - Variable rate demand bonds.

A public body may issue bonds, including variable rate demand general obligation bonds, with any of the following provisions: A. the owners or holders of the bonds may be granted the right to demand payment of principal and accrued interest prior to the maturity of such bonds at a designated time or at designated times, or upon a specified period of notice by such owner or holder, at par or at such other amount as is provided for in or pursuant to the bond legislation; B. the owners or holders of the bonds may be granted the right to deliver, or put, the bonds to the public body or to a designated party for purchase by the public body or such party at par and accrued interest or such other price as is provided for in or pursuant to the bond legislation; C. the public body may contract with a bank, investment banker or other capable party for the remarketing of bonds as to which the owners or holders have exercised such demand or put rights; D. the bond legislation may provide for variable interest rates to be paid on the bonds, changing from time to time in accordance with one or more formulas, indices, data or procedures as provided for in the bond legislation, provided that where variable interest rates are provided for with respect to indebtedness, the bond legislation shall also prescribe a stated maximum net effective interest rate or rates for different maturities and, if necessary, for credit facilities used pursuant to the authority granted by Section 6-18-8 NMSA 1978; E. the public body may contract with a competent party to provide an index or indices in relation to which the interest rate of the bonds may be determined from time to time; F. bonds with provisions under which the holders or owners may demand payment or put the bonds for purchase or repurchase at any time within one year from the date of such bonds, whether or not such rights may also be exercised after such period, may be sold by competitive or negotiated sale; G. the public body may contract with others to provide to the public body or to the holders or owners of the bonds, or to a trustee or agent on their behalf, a standby or fixed commitment to purchase those bonds at prices provided in or pursuant to such contracts; and H. the provisions of Subsections B, C, D, E, G, H, I and J of Section 6-18-6 NMSA 1978 are applicable to bonds issued under this section, notwithstanding such bonds may have maturities in excess of two years. History: Laws 1983, ch. 161, § 7; 2005, ch. 158, § 3. ANNOTATIONSThe 2005 amendment, effective June 17, 2005, permitted a public body to issue variable rate demand general obligation bonds.
NM Stat § 6-18-8 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 18 - Public Securities Short-Term Interest Rates|Section 6-18-8 - Credit facilities.

With respect to any bonds issued under the provisions of Section 6 or 7 [6-18-6 or 6-18-7 NMSA 1978] of the Public Securities Short-Term Interest Rate Act, the public body may, by the use of credit facilities, provide for: A. additional security for such bonds; B. a primary or contingent source of payment of or reimbursement for the principal of, interest or any redemption premium on the bonds, or the purchase price upon a put or call, as the case may be, and related costs, with respect to such bonds; and C. contracts for the purchase or repurchase of bonds. In connection therewith, the public body may enter into reimbursement agreements, credit agreements, escrow agreements and such other contracts and agreements as are appropriate, pursuant to authorization by the governing body. The public body may do all things as are necessary or appropriate and permitted by law to carry out such agreements, arrangements and contracts, including the issuance of bonds under authority of law, including the Public Securities Short-Term Interest Rate Act, in consideration of advances made under such agreements, arrangements and contracts. The governing body may assign or direct the assignment of the right of the public body with respect to such credit facilities, and may authorize designated agents, or parties, or officers of the public body, to draw upon such credit facilities for the purposes stated in this section. History: Laws 1983, ch. 161, § 8.
NM Stat § 6-18-9 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 18 - Public Securities Short-Term Interest Rates|Section 6-18-9 - Trust agreements.

The public body may, with respect to any bonds issued pursuant to the Public Securities Short-Term Interest Rate Act, enter into trust agreements for the better security of such bonds with any corporate trustee and provide therein for the rights and limitations on rights of the holders and owners of bonds. History: Laws 1983, ch. 161, § 9.
NM Stat § 6-18-10 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 18 - Public Securities Short-Term Interest Rates|Section 6-18-10 - General provisions.

A. The bond legislation for any bonds authorized under the Public Securities Short-Term Interest Rate Act may make or authorize provision for any of the following: (1) the call of the bonds for redemption prior to maturity at the option of the public body or at the option of the owner or holder, the redemption prices to be paid on stated dates of redemption, and other terms and conditions of redemption; (2) the use of facsimiles of the signatures of all officers of the public body required or permitted or sign the bonds if authentication of the bonds, by manual signature, by a trustee or other agent is provided for as a condition of the validity of the bonds, and no such bonds shall be valid unless authenticated, and, if applicable, for the use of a facsimile of the seal of the public body; (3) the manner of giving notice by publication or otherwise, and the time and effect thereof; (4) designating agents for receipt of notice or service in other states; (5) the filing and renewal of any financing statements in any jurisdiction under the Uniform Commercial Code [Chapter 55 NMSA 1978] or comparable law; and (6) any matter related or incidental to authority elsewhere granted in the Public Securities Short-Term Interest Rate Act and deemed by the legislative body to be necessary or convenient to carry out the purpose of that act. B. The issuance of the initial bonds under the Public Securities Short-Term Interest Rate Act within the time periods provided for in Section 6-15-9 or Subsection F [Subsection J] of Section 3-31-1 NMSA 1978 or in any other applicable law relating to time limitations on the issuance of bonds shall constitute compliance with any such law as to such bonds and any renewal, refunding or remarketing of such bonds or of such renewal or refunding bonds, notwithstanding that the renewal or refunding bonds are issued or the remarketing of such bonds occurs after such period. C. Any maximum maturities for bonds provided for by law which otherwise would be applicable to bonds issued under the Public Securities Short-Term Interest Rate Act shall limit the maturities of bonds issued under that act. D. The remarketing of indebtedness after a demand for payment or delivery or put for purchase or repurchase shall not be deemed to be a new issuance of the indebtedness but shall constitute a continuance of the original indebtedness. History: Laws 1983, ch. 161, § 10. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Following the amendment of 3-31-1 NMSA by Laws 1983, Chapter 57, Laws 1995, Chapter 141, and Laws 1998, Chapter 90, the reference to Subsection F of 3-31-1 NMSA 1978 should be to Subsection J of 3-31-1 NMSA 1978.
NM Stat § 6-18-11 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 18 - Public Securities Short-Term Interest Rates|Section 6-18-11 - Costs.

The public body may pay the fees and expenses of, and costs for, agents, trustees, attorneys, credit facilities, placement and sale of bonds, and all other costs and expenses incurred in the authorization, issuance, sale, delivery, call, purchase, remarketing, registration, transfer, exchange, administration and payment of the bonds and interest thereon from the proceeds of the bonds, from sources lawfully available for payment of principal of and interest on the bonds, and from any other sources lawfully available for the purpose, subject to the provisions of the bond legislation and any applicable limitations on indebtedness. History: Laws 1983, ch. 161, § 11.
NM Stat § 6-18-12 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 18 - Public Securities Short-Term Interest Rates|Section 6-18-12 - Provisions for interest payments; tax levy.

A. Subject to any applicable limitations on indebtedness, with respect to refunding bonds, there may be included in the principal amount, and paid from the proceeds, of bonds issued pursuant to the Public Securities Short-Term Interest Rate Act capitalized interest for three years or such longer period as may otherwise be authorized by law. The proceeds of any levy of property taxes to the extent levied for interest on indebtedness for any period of time covered by such capitalized interest may be used to reimburse the improvement fund for the previous payment of interest from such fund. B. To the extent that bonds issued pursuant to the Public Securities Short-Term Interest Rate Act constitute indebtedness, the officials now or hereafter charged by law with the duty of levying general (ad valorem) taxes for the payment of bonds and interest shall, in the manner provided by law, make an annual levy sufficient to meet the payments of principal and interest on such bonds maturing. Nothing herein contained shall be so construed as to prevent the municipal corporation from applying any other funds that may be in the treasury or investment income actually received from sinking fund investments and available for that purpose, or the proceeds of renewal or refunding bonds or any other funds lawfully available therefor to the payment of the interest on or the principal of or any prior redemption premium in connection with such bonds as the same become due; and the levy or levies of taxes may be diminished to the extent such other revenues are or will be available for the payment of principal and interest of the bonds. Any levy of property taxes for interest on indebtedness for any year may be for the maximum interest that may be payable under the applicable bond legislation in the year in which such levy is collected. If, after provision for payment of interest in that year, there is any amount remaining from the collection of property taxes levied for such interest, it shall be used in succeeding years for the payment of interest on the bonds, and the levy for the succeeding years to provide money for the payment of principal of and interest on the bonds shall be reduced accordingly, except that any such remainder may be used at any time for payment of principal of the bonds if and to the extent permitted by the bond proceedings, provided that the bond legislation shall permit the eventual application of all money collected from such levies to the payment of principal of and interest on indebtedness. History: Laws 1983, ch. 161, § 12.
NM Stat § 6-18-13 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 18 - Public Securities Short-Term Interest Rates|Section 6-18-13 - Finding of necessity by local governments.

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, § 13.
NM Stat § 6-18-14 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 18 - Public Securities Short-Term Interest Rates|Section 6-18-14 - Interest; refunding; approval by local government; additional findings.

Bonds issued under the Public Securities Short-Term Interest Rate Act are not subject to any limitations on interest rates or net effective interest rates or interest rate approval requirements contained in any other laws of this state provided that: A. the bond legislation shall contain findings by the governing body that any fixed rate or rates of interest or discount on the bonds, or in the case of a variable rate or rates of interest, that the maximum rate or method of determining the maximum rate, and that the maximum net effective interest rate on the bonds, are reasonable under existing or anticipated bond market conditions and necessary and advisable for the marketing and sale of the bonds. The bond legislation shall declare that the governing body has considered all relevant information and data in making its findings. The findings and declarations in the bond legislation shall constitute conclusive authority for the public body to issue the bonds within the interest rate limitations set forth herein and in the bond legislation; and B. any bonds issued pursuant to the Public Securities Short-Term Interest Rate Act to renew, or fund or refund, any prior issue of bonds, in whole or in part, may be issued notwithstanding the provisions of any other laws of the state, provided that bond legislation pertinent to the bonds shall contain findings that the issuance of such bonds is necessary or advisable, and the amount of such bonds which it is deemed necessary and advisable to issue. The determination of necessity or advisability contained in the bond legislation shall constitute conclusive authority for the public body to issue any such renewal, funding or refunding bonds and no additional approval of any department, board or other officer of the state or any other official approval is required. History: Laws 1983, ch. 161, § 14.
NM Stat § 6-18-15 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 18 - Public Securities Short-Term Interest Rates|Section 6-18-15 - Liberal construction; alternative authority.

The authority granted by the Public Securities Short-Term Interest Rate Act shall be liberally construed so that the purposes and powers provided for may be carried out in effective, efficient and convenient manners by public bodies. The authority granted by that act is supplemental to and provides alternatives for authority granted by other law, and a public body shall have the authority to exercise powers under that act notwithstanding inconsistent provisions of other laws, or may elect to use the authority of that act in part and the authority of other laws in part with respect to an issue of bonds. Home rule municipalities may, at their option, use the provisions of that act for any bonds they are authorized to issue, but nothing herein shall be deemed to restrict their home rule powers. History: Laws 1983, ch. 161, § 15.
NM Stat § 6-18-16 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 18 - Public Securities Short-Term Interest Rates|Section 6-18-16 - No action maintainable.

No action or proceeding, at law or in equity, to review any bond legislation, or to question the validity or enjoin the performance of any bond legislation, bond or act, or the issuance of any bond authorized by the Public Securities Short-Term Interest Rate Act, or for any other relief against the public body, the owners or holders of bonds or any party to any bond legislation, or against any acts or proceedings done or had under that act, whether based upon irregularities or jurisdictional defects, shall be maintained, unless commenced within thirty days after the initial authorization by the governing body of the bonds, or else be thereafter perpetually barred. History: Laws 1983, ch. 161, § 16.
NM Stat § 6-19-1 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 19 - Economic Advancement Districts|Section 6-19-1 - Short title.

This act [6-19-1 to 6-19-18 NMSA 1978] may be cited as the "Economic Advancement District Act". History: Laws 1987, ch. 115, § 1. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 56 Am. Jur. 2d Municipal Corporations §§ 542, 543; 64 Am. Jur. 2d Public Securities and Obligations §§ 107 to 109. 64 C.J.S. Municipal Corporations §§ 1907 to 1909; 81A C.J.S. States §§ 205, 208, 212.