2023 New Mexico Statutes › Chapter 3 - Municipalities › Article 45 - Municipal Housing › Section 3-45-12 - Form and sale of bonds; interest on certain obligations.

A. Bonds of a city issued under the Municipal Housing Law shall be authorized by its resolution and may be issued in any one or more series and shall bear such date, mature at such time, bear interest at such rate, be in such denomination, be in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable in such medium of payment at such place and be subject to such terms of redemption, with or without premium, as the resolution, its trust indenture or the bond so issued may provide.
B. Obligations issued by a city that are true loan obligations made to the farm service agency of the United States department of agriculture or the department of housing and urban development may bear interest at a rate of interest not exceeding par.
C. The bonds shall be sold at not less than par at public sale held after notice published once at least five days prior to the sale in a newspaper having a general circulation in the city jurisdiction and in a financial newspaper published in the city of San Francisco, California, or in the city of New York, New York; provided that the bonds may be sold to the federal government at private sale at not less than par, and, in the event less than all of the bonds authorized in connection with any housing project are sold to the federal government, the balance of the bonds may be sold at private sale at not less than par at an interest cost to the city not to exceed the interest cost to the city of the portion of the bonds sold to the federal government.
D. In case any of the officers of the city, the authority or any of its instrumentalities whose signatures appear on any bonds or coupons cease to be officers before the delivery of the bonds, the signatures shall, nevertheless, be valid and sufficient for all purposes the same as if the officers had remained in office until delivery. Any provision of any law to the contrary notwithstanding, any bonds issued pursuant to the Municipal Housing Law shall be fully negotiable.
E. In any suit, action or proceedings involving the validity or enforceability of any bond of a city or the security for the bond, any such bond reciting in substance that it has been issued by the city to aid in financing a housing project to provide dwelling accommodations for persons of low and moderate income shall be conclusively deemed to have been issued for a housing project of that character, and the housing project shall be conclusively deemed to have been planned, located and constructed in accordance with the purposes and provisions of the Municipal Housing Law.
History:
1953 Comp., § 14-46-12, enacted by Laws 1965, ch. 300; 1979, ch. 270, § 1; 1989, ch. 50, § 5; 2009, ch. 226, § 10; 2014, ch. 60, § 3.
ANNOTATIONS
Cross references.
— For definition of "publish" or "publication,"
see
3-1-2 NMSA 1978.
The 2014 amendment,
effective July 1, 2014, changed the name of the federal agency that is the obligee of city loan obligations; and in Subsection B, after "made to the", deleted "farmers home administration" and added "farm service agency".
The 2009 amendment,
effective April 7, 2009, in Subsection C, after "general circulation in the city", added "jurisdiction"; and in Subsection E, after "person of low", added "and moderate".
The 1989 amendment,
effective June 16, 1989, deleted "not exceeding five percent per annum" following "rate" in Subsection A; substituted "par" for "nine and one-half percent per annum" at the end in Subsection B; in Subsection D inserted "the authority or any of its instrumentalities" in the first sentence; and made minor stylistic changes throughout the section.