0001|                           SENATE BILL 1153
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                           MANNY M. ARAGON
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0005|     
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0006|                                   
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0007|     
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0008|                                   
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO FLOOD CONTROL AUTHORITIES; ESTABLISHING THE DEBT
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0012|     LIMIT FOR THE ALBUQUERQUE METROPOLITAN ARROYO FLOOD CONTROL
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0013|     AUTHORITY; AMENDING SECTION 72-16-44 NMSA 1978 (BEING LAWS
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0014|     1963, CHAPTER 311, SECTION 44, AS AMENDED).
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  Section 72-16-44 NMSA 1978 (being Laws 1963,
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0018|     Chapter 311, Section 44, as amended) is amended to read:
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0019|          "72-16-44.  ISSUANCE OF BONDS AND INCURRENCE OF DEBT.--The
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0020|     authority is authorized to borrow money in anticipation of
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0021|     taxes or other revenues, or both, and to issue bonds to
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0022|     evidence the amount so borrowed.  No bonded indebtedness or any
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0023|     other indebtedness not payable in full within one year, except
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0024|     for interim debentures as provided in Sections 72-16-46 and 72-
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0025|     16-89 through 72-16-91 NMSA 1978, shall be created by the
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0001|     authority without first submitting a proposition of issuing
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0002|     such bonds to the qualified electors of the authority and being
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0003|     approved by a majority of such electors voting thereon at an
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0004|     election held for that purpose in accordance with Sections 72-
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0005|     16-28 through 
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0006|     72-16-34 NMSA 1978 and all laws amendatory thereof and
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0007|     supplemental thereto.  Bonds so authorized may be issued in one
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0008|     series or more and may mature at such time or times not
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0009|     exceeding forty years from their issuance as the board may
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0010|     determine.  The total of all outstanding indebtedness at any
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0011|     one time shall not exceed <s>[twenty million dollars
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<s></s>0012| <s>    ($20,000,000)]</s> <u>sixty million dollars ($60,000,000)</u> without
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0013|     prior approval of the state legislature."
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0014|                                  
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