AN ACT
RELATING TO PUBLIC FINANCE; EXTENDING
THE TIME LIMIT FOR ISSUANCE OF GENERAL OBLIGATION BONDS BY CERTAIN SCHOOL
DISTRICTS, COUNTIES AND MUNICIPALITIES TO FOUR YEARS.
BE IT ENACTED BY THE LEGISLATURE OF
THE STATE OF NEW MEXICO:
Section 1. Section 6-15-9 NMSA 1978 (being Laws 1933,
Chapter 114, Section 1, as amended) is amended to read:
"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."
Section 2. Section 6-15-10 NMSA 1978 (being Laws 1933,
Chapter 114, Section 2, as amended) is amended to read:
"6-15-10. UNISSUED BONDS AUTHORIZED AT ELECTION--WHEN
VOID--EXCEPTIONS.--In all cases where bond issues by the school districts,
counties or municipalities have been authorized by special election and the
bonds have not been issued within four years, the time allowed in Section
6-15-9 NMSA 1978 from the date of the special election authorizing the proposed
issue, the proposed bond issue is void, except where issued for refunding
bonded debt or for payment of judgments against the school district, county or
municipality. Such bonds may be sold to
the United States or to the state at private sale 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 allowed in
Section 6-15-9 NMSA 1978."
HB 164
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