0001|                               AN ACT
    |
0002| RELATING TO PUBLIC FINANCES; EXTENDING THE TIME LIMIT FOR ISSUANCE OF
    |
0003| GENERAL OBLIGATION BONDS BY A SCHOOL DISTRICT, COUNTY OR MUNICIPALITY TO
    |
0004| FOUR YEARS; AMENDING SECTIONS OF THE NMSA 1978.
    |
0005| 
    |
0006| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0007|      Section 1.  Section 6-15-9 NMSA 1978 (being Laws 1933, Chapter
    |
0008| 114, Section 1, as amended) is amended to read:
    |
0009|      "6-15-9.  BONDS AUTHORIZED AT ELECTION--TIME LIMIT ON
    |
0010|                                                               ISSUANCE--EXCEPTIONS.--No bonds shall be issued by any school district,
    |
0011|                                                               county or municipality after the expiration of four years from the date
    |
0012|                                                               of the election authorizing the issue, except for the purpose of
    |
0013|                                                               refunding previous bond issues or in payment of judgments or if the
    |
0014|                                                               issuance of the bonds has been authorized at a regular election for
    |
0015|                                                               officers of a school district, county or municipality or, where
    |
0016|                                                               authorized by statute, at a special election held for that purpose.  The
    |
0017|                                                               bonds may be issued after the expiration of the four-year period if the
    |
0018|                                                               school district, county or municipality has received an offer to
    |
0019|                                                               purchase the bonds and the offer was accepted prior to the expiration of
    |
0020|                                                               the four-year period.  Any period of time when the validity of bonds or
    |
0021|                                                               the election authorizing the issue is in litigation shall be excluded
    |
0022|                                                               from the four-year period."
    |
0023|                                                                  Section 2.  Section 6-15-10 NMSA 1978 (being Laws 1933, Chapter
    |
0024|                                                               114, Section 2, as amended) is amended to read:
    |
0025|                                                                  "6-15-10.  UNISSUED BONDS AUTHORIZED AT ELECTION--WHEN VOID--EX-
    |
0001|                                                               CEPTIONS.--In all cases where bond issues by the school districts,
    |
0002|                                                               counties or municipalities have been authorized by special election and
    |
0003|                                                               the bonds have not been issued within four years from the date of the
    |
0004|                                                               special election authorizing the proposed issue, the proposed bond issue
    |
0005|                                                               is void, except where issued for refunding bonded debt or for payment of
    |
0006|                                                               judgments against the school district, county or municipality and except
    |
0007|                                                               where the issuance of the bonds has been authorized at a regular
    |
0008|                                                               election for officers of any school district, county or municipality or,
    |
0009|                                                               where authorized by statute, at a special election held for those
    |
0010|                                                               purposes.  The bonds may be issued after the expiration of the four-year
    |
0011|                                                               period if the school district, county or municipality has received an
    |
0012|                                                               offer to purchase the bonds and the offer was accepted prior to the
    |
0013|                                                               expiration of the four-year period."
    |
0014|                                                                                                                             
    |
0015|                                                               
    |
0016|                                                                   HB
    |
0017| 62
    |
0018|                                                              Page 
    |