Terms of bonds

A. Recreational revenue bonds issued as authorized in Section 5-4-10 NMSA 1978 shall: (1) bear interest at a net effective interest rate and a coupon rate or rates of not exceeding the maximum rates permitted by the Public Securities Act [6-14-1 to 6- 14-3 NMSA 1978] and such interest shall be payable annually or semiannually; (2) be serial in form and maturity or may consist of one bond payable one time or in installments; (3) be numbered consecutively from one upward; and (4) be sold for cash at a public or private sale. B. Recreational revenue bonds may be payable at any time or times not exceeding twenty years from the date of the bonds. History: 1953 Comp., § 6-4-11, enacted by Laws 1965, ch. 88, § 2; 1975, ch. 226, § 3.