0001|                               AN ACT
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0002| RELATING TO EDUCATIONAL ASSISTANCE REVENUE BONDS; EXTENDING THE
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0003| TERM FOR WHICH BONDS MAY BE ISSUED TO THIRTY YEARS; DECLARING AN
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0004| EMERGENCY.
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0005| 
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0006| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0007|      Section 1.  Section 21-21A-8 NMSA 1978 (being Laws 1981, Chapter 319, Section 8, as
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0008| amended) is amended to read:
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0009|      "21-21A-8.  ISSUANCE OF REVENUE BONDS.--The foundation may from time to
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0010| time issue negotiable revenue bonds.  The proceeds of the sale of the bonds issued pursuant to
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0011| the Educational Assistance Act may be used to fund reserves for the bonds, to pay interest on the
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0012| bonds and to pay the necessary expenses of issuing the bonds, including but not limited to bond
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0013| counsel and fiscal advisory fees and other legal, consulting and printing fees and costs.  All
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0014| bonds may be issued in one or more series.  The bonds of each issue shall be dated and bear
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0015| interest, payable as prescribed by the foundation.  The bonds shall mature serially or otherwise
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0016| not later than thirty years from their date and may be redeemable before maturity, at the option
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0017| of the foundation, at prices and under terms and conditions fixed by the foundation in its resolu-
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0018| tion or trust agreement providing for issuance of the bonds.  The resolution or trust agreement
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0019| shall also determine the form of the bonds, including the form of any interest coupons to be
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0020| attached to the bonds, and shall fix the denominations of the bonds and the place of the payment
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0021| of the principal and interest of the bonds.  The bonds shall be executed on behalf of the
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0022| foundation as special obligations of the foundation payable only from the funds specified in the
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0023| Educational Assistance Act and shall not be a debt of the state, any eligible post-secondary
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0024| institution or any municipality, and neither the state nor any eligible post-secondary institution
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0025| or municipality shall be liable for the bonds.  The resolution or trust agreement may provide for
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0001| registration of the bonds as to ownership and for successive conversion and reconversion from
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0002| registered to bearer bonds and vice versa.  The bonds may be registered in the office of the foun-
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0003| dation.  After the registration and delivery to the purchasers, the bonds are incontestable and
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0004| constitute special obligations of the foundation, and the bonds and coupons are negotiable
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0005| instruments under the laws of the state.  The bonds may be sold at public or private sale by the
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0006| foundation at prices and in accordance with procedures and terms it determines to be advan-
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0007| tageous and reasonably obtainable.  The foundation may provide for replacement of any bond
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0008| which is mutilated or destroyed.  No bond proceeds may be expended for the making or
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0009| purchase of any educational loan, unless such loan is an insured educational loan."
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0010|      Section 2.  EMERGENCY.--It is necessary for the public peace, health and safety
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0011| that this act take effect immediately.                                                    
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0012|                                                               
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