0001|                           SENATE BILL 332
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0002|     43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998
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0003|                            INTRODUCED BY
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0004|                          FERNANDO R. MACIAS
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0005|     
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0006|                                   
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0007|     
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0008|                                   
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO COUNTY REVENUE BONDS; AMENDING SECTION 4-62-7 NMSA
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0012|     1978 (BEING LAWS 1992, CHAPTER 95, SECTION 7) TO CHANGE A
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0013|     PROVISION PERTAINING TO PLEDGE OF REVENUES FOR PAYMENT OF
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0014|     REFUNDING BONDS.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  Section 4-62-7 NMSA 1978 (being Laws 1992,
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0018|     Chapter 95, Section 7) is amended to read:
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0019|          "4-62-7.  REVENUE BONDS--REFUNDING AUTHORIZATION.--
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0020|               A.  Any county having issued revenue bonds as
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0021|     authorized in Sections 4-62-1 through 4-62-6 NMSA 1978 or
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0022|     pursuant to any other laws enabling the governing body of any
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0023|     county having issued revenue bonds payable only out of the
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0024|     pledged revenue may issue refunding revenue bonds for the
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0025|     purpose of refinancing, paying and discharging all or any part
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0001|     of the outstanding bonds of any outstanding issues:
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0002|                    (1)  for the acceleration, deceleration or
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0003|     other modification of the payment of such obligations,
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0004|     including without limitation any capitalization of any
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0005|     interest thereon in arrears or about to become due for any
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0006|     period not exceeding one year from the date of the refunding
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0007|     bonds;
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0008|                    (2)  for the purpose of reducing interest
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0009|     costs or effecting other economies;
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0010|                    (3)  for the purpose of modifying or
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0011|     eliminating restrictive contractual limitations pertaining to
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0012|     the issuance of additional bonds, otherwise concerning the
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0013|     outstanding bonds or to any facilities relating thereto; or
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0014|                    (4)  for any combination of such purposes.
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0015|               B.  The county may pledge irrevocably for the
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0016|     payment of interest and principal on refunding bonds the
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0017|     appropriate pledged revenues that may be pledged to an
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0018|     original issue of bonds as provided in Section 4-62-1 NMSA
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0019|     1978.  <s>[Nothing in]</s> This section permits the pledge of
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0020|     revenues from one source to the payment of bonds that refund
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0021|     bonds payable from a different source of revenue.
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0022|               C.  Bonds for refunding and bonds for any purpose
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0023|     permitted by Section 4-62-1 NMSA 1978 may be issued separately
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0024|     or issued in combination in one or more series."
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0025|                              
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