HB 361
Page 1
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
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