2020 New Mexico Statutes
Chapter 4 - Counties
Article 49 - Bonds for Courthouses, Jails, Bridges, Hospitals and Libraries
Section 4-49-1 - Bonds for remodeling and making additions.

Bonds may be issued under the provisions of Sections 4-49-1 through 4-49-21 NMSA 1978 for the purpose of remodeling and making additions to necessary public buildings and for water, sewer or sanitary landfill systems and airports under the same conditions as provided for issuance of bonds for constructing them. Provided, however, that no money derived from general obligation bonds issued and sold under the provisions of Sections 4-49-1 through 4-49-21 NMSA 1978 shall be used for maintaining existing buildings, and, if used for that purpose, the bonds shall be invalid.

History: 1953 Comp., § 15-49-2.1, enacted by Laws 1963, ch. 246, § 1; 1983, ch. 184, § 1.

Cross references. — For provisions relating to form, interest, maturities, payment, sale and other matters relating to general obligation bonds issued by counties, see 6-15-3 NMSA 1978 et seq.

Extent of bond issues limited. — A county may borrow money through the issuance of general obligation bonds only to the extent authorized by law or necessarily implied therefrom. 1980 Op. Att'y Gen. No. 80-02.

Proper expenditures from bond proceeds. — In addition to actual construction-related costs, the proceeds of general obligation bond issues of a county may be expended only for the purchase of the construction site and for equipment which becomes an integral part of the building being constructed (i.e., fixtures) or which is of a permanent or nondepletable nature and reasonably necessary to the use of the building for its intended purpose (e.g., beds, mattresses and other permanent furnishings). 1980 Op. Att'y Gen. No. 80-02.