- A. In connection with issuance of refunding bonds as provided in Sections 4-55A-35 through 4-55A-38 NMSA 1978, the board may by ordinance provide that any unpaid assessment and accrued interest on the assessment shall be paid in not more than twenty years with interest at a rate of interest not less than the rate borne by the refunding bonds and with the penalties as lawfully attached to the original assessment. The owner of a tract or parcel of land that is assessed may at any time pay the assessment in full with interest to the time of payment.
- B. The assessment may be collected as provided in Section 4-55A-19 NMSA 1978, and the refunding bonds may be secured and enforced as the original lien was established as provided in that section.
History: Laws 1980, ch. 91, § 38; 1991, ch. 199, § 57.
ANNOTATIONS
The 1991 amendment, effective April 4, 1991, in Subsection A, substituted "Sections 4-55A-35 through 4-55A-38 NMSA 1978" for "Sections 35 through 38 of the County Improvement District Act", "may by ordinance" for "shall by ordinance", "twenty years with interest at a rate of interest not less than the rate borne" for "twenty equal annual or forty semiannual installments with interest at the rate of interest borne" and made a minor stylistic change and, in Subsection B, substituted "may" for "shall" in two places and "Section 4-55A-19 NMSA 1978" for "Section 19 of the County Improvement District Act".