The council, subject to existing agreements with bondholders, has the power to purchase bonds of the council out of any funds available for that purpose, which may thereupon be canceled, at any reasonable price which, if the bonds are then redeemable, shall not exceed the applicable redemption price plus accrued interest to the next interest payment date thereon. History: Laws 1983, ch. 290, § 23; 1987, ch. 49, § 6.
New Mexico Legal Code