All bonds issued pursuant to the Teacher Housing Revenue Bond Act shall:
A. be fully negotiable within the provisions of the Uniform Commercial Code [Chapter 55 NMSA 1978];
B. have a duration of time not to exceed forty years from their date of issuance;
C. have interest, appreciated principal value or any part thereof payable at intervals or at maturity as determined by the local school board;
D. be sold at a price that does not result in a net effective interest rate in excess of twelve percent a year unless a higher rate of interest is approved by the state board of finance pursuant to the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978];
E. have a principal maturity schedule as determined by the local school board; and
F. be sold at public or private sale at, above or below par.
History: Laws 2002, ch. 22, § 9.
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