Bonding authority; property tax increment.

A. Subject to the limitations and in accordance with Article 9 of the constitution of New Mexico and Sections 6-15-1 and 6-15-2 NMSA 1978, a district board may issue and dispose of property tax increment bonds for the purpose of securing funds for undertaking tax increment development projects within the purposes of the Tax Increment for Development Act. B. Before property tax increment bonds are issued, the district board shall submit the question of authorizing the issuance of property tax increment bonds to the owners for a determination and to a vote of the qualified electors within the tax increment development area. C. The district board shall give notice of a property tax increment bond election as required by the Local Election Act [Chapter 1, Article 22 NMSA 1978] and the Tax Increment for Development Act. D. The ballot question shall state the purpose for which the property tax increment bonds are to be issued and the amount of the issue. If property tax increment bonds are to be issued for more than one purpose, a separate ballot question shall be submitted to the voters for each purpose to be voted upon. The ballot question shall contain words indicating the purpose of the bond issued and a place for a vote in favor of or in opposition to each property tax increment bond issue. E. Except as otherwise provided in the Tax Increment for Development Act, property tax increment bonds: (1) may have interest, principal value or any part thereof payable at intervals or at maturity, as determined by the governing body; (2) may be subject to a prior redemption at the district's option at a time or upon terms and conditions with or without payment of premium or premiums, as determined by the district board; (3) may mature at any time not exceeding twenty-five years after the date of issuance; (4) may be serial in form and maturity or may consist of one bond payable at one time or in installments or may be in another form, as determined by the district board; (5) shall be sold for cash at, above or below par and at a price that results in a net effective interest rate that does not exceed the maximum permitted by the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978] and the Public Securities Short-Term Interest Rate Act [6-18-1 to 6-18-16 NMSA 1978]; and (6) may be sold at public or negotiated sale. F. Except as otherwise provided by law, the district board shall determine the denominations, places of payment, terms and conditions and the form of property tax increment bonds. G. The secretary and treasurer of the district board shall sign property tax increment bonds. H. The property tax increment bonds may be executed in the manner provided by the Uniform Facsimile Signature of Public Officials Act [6-9-1 to 6-9-6 NMSA 1978].