2013 New Mexico Statutes
Chapter 22 - Public Schools
Article 4 - Creation, Consolidation and Annexation of School Districts
Section 22-4-15 - Consolidated school districts; outstanding contracts; indebtedness. (1967)

A.   All contracts entered into by a local school board of a school district prior to consolidation shall be honored by the consolidated school district. The acquiring of tenure rights and tenure rights that have been obtained shall not be affected by consolidation.   

B.   Any outstanding school district bonds or other indebtedness of a school district shall not be affected by consolidation. Whenever a school district included within a consolidation has outstanding school district bonds or certificates of indebtedness, the school district shall retain its identity for the purpose of paying any debt service until the bonds or certificates are paid in full. No school district included within a consolidation shall become responsible for the debt service of any other school district included within the consolidation.