2009 New Mexico Statutes
Chapter 72 - Water Law.
Article 18 - Flood Control Districts
Section 72-18-48 - Issuance of bonds and incurrence of debt.

72-18-48. Issuance of bonds and incurrence of debt.

A district is authorized to borrow money in anticipation of taxes or other revenues and to issue bonds to evidence the amount so borrowed. No bonded indebtedness nor any other indebtedness not payable in full within one year, except for interim debentures as provided in Sections 49 and 63 through 65 [72-18-49 and 72-18-63 to 72-18-65 NMSA 1978] of the Flood Control District Act, shall be created by the district without first submitting the proposition of issuing the bonds to the qualified registered electors of the district, which proposition shall be approved by a majority of the qualified registered electors voting at an election held for that purpose in accordance with Sections 35 through 40 [72-18-35 to 72-18-40 NMSA 1978] of that act. Bonds so authorized may be issued in one series or more and may mature at such time or times not exceeding forty years from their issuance as the board may determine. The total of all outstanding indebtedness at any one time shall not exceed four percent of the value of the taxable property in the district as shown by the last preceding assessment for county taxes for each county in which the district is located.