2016 New Mexico Statutes
Chapter 6 - Public Finances
Article 15 - Finances of Counties, Municipalities and School Districts
Section 6-15-9 - Bonds authorized at election; time limit on issuance; exceptions.
6-15-9. Bonds authorized at election; time limit on issuance; exceptions.
Bonds shall not be issued or sold by a school district, county or municipality after the expiration of four years from the date of the election authorizing the issue, except for the purpose of refunding previous bond issues or in payment of judgments. The bonds may be sold to the United States or to the state in any case in which the state or the United States has made an offer to purchase the bonds and the offer was accepted prior to the expiration of the four-year period. Any period of time when the validity of bonds or the election therefor is in litigation shall be excluded from the four-year period.
History: Laws 1933, ch. 114, 1; 1934 (S.S.), ch. 12, 1; 1941 Comp., 7-622; 1953 Comp., 11-6-21; Laws 1959, ch. 358, 1; 1975, ch. 224, 1; 1987, ch. 172, 1; 1999, ch. 232, 3; 2003, ch. 188, 1.
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