A. Any revenue bonds issued under the provisions of the Redevelopment Bonding Law [3-60A-26 to 3-60A-46 NMSA 1978] and at any time outstanding may at any time and from time to time be refunded by a local government by the issuance of its refunding bonds in such amount as the local government may deem necessary to refund the principal of the bonds to be so refunded, any unpaid interest on the bonds and any premiums and incidental expenses necessary to be paid in connection with the bonds.

B. Any refunding may be effected, whether the bonds to be refunded have matured or shall thereafter mature, either by sale of the refunding bonds and the application of the proceeds, directly or indirectly, to the payment of the bonds to be refunded or by exchange of the refunding bonds for the bonds to be refunded, but the holders of any bonds to be so refunded shall not be compelled, without their consent, to surrender their bonds for payment or exchange prior to the date on which they are payable by maturity date, option to redeem or otherwise or if they are called for redemption prior to the date on which they are by their terms subject to redemption by option or otherwise.

C. All refunding bonds issued under authority of the Redevelopment Bonding Law to refund revenue bonds shall be payable solely from revenues out of which bonds to be refunded are payable or from revenues out of which bonds of the same character may be made payable under the Redevelopment Bonding Law or any other law in effect at the time of the refunding.

History: Laws 1979, ch. 391, § 42; 2018, ch. 60, § 39.

The 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties, and made technical changes throughout the section; in Subsection A, replaced "municipality" and "governing body" with "local government" throughout the subsection.