SENATE BILL 299

47th legislature - STATE OF NEW MEXICO - second session, 2006

INTRODUCED BY

John Arthur Smith

AN ACT

RELATING TO TAXATION; EXTENDING THE MATURITY TIME FOR REVENUE BONDS ISSUED PURSUANT TO THE PROVISIONS OF THE COUNTY CORRECTIONAL FACILITY GROSS RECEIPTS TAX ACT.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. Section 7-20F-10 NMSA 1978 (being Laws 1993, Chapter 303, Section 10) is amended to read:

     "7-20F-10. REVENUE BONDS--TERMS.--Revenue bonds issued pursuant to provisions of the County Correctional Facility Gross Receipts Tax Act:

          A. may have interest, appreciated principal value or any part thereof payable at intervals or at maturity as may be determined by the county board in the ordinance;

          B. shall be subject to a prior redemption at the county's option at such time or times and upon such terms and conditions without the payment of premiums;

          C. may mature at any time or times not exceeding [ten] twenty-five years after the date of issuance;

          D. may be serial in form and maturity or may consist of one bond payable at one time or in installments or may be in such other form as may be determined by the county board;

          E. shall be sold for cash at above or below par and at a price that results in a net effective interest rate that does not exceed the maximum permitted by the Public Securities Act; and

          F. may be sold at public or negotiated sale."

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