New Mexico Statutes Chapter 21. State and Private Education Institutions § 21-13-23. Dissolution of community college districts

A. submission of a plan for the dissolution of the community college district to the executive secretary of the higher education department  1 by a petition signed by ten percent of the qualified electors residing within the district. Upon receipt of a proper plan and petition, the executive secretary shall call a special election for the purpose of referring to the qualified electors residing in the district the question of dissolution. Plans for the dissolution of a community college district shall provide for the payment of all district debts and liabilities and for the equitable distribution of all remaining assets to the school districts within the community college district;

B. if the executive secretary of the higher education department  1 finds that a majority of the qualified electors voting on the issue at the special election has authorized the dissolution, the community college board shall proceed with the approved plan. Upon completion of the plan, the community college board shall submit a full report to the executive secretary and a copy of the report to each local school district board within the community college district; and

C. upon receipt of the final report of the community college board, the executive secretary of the higher education department  1 shall examine the report to determine whether any outstanding obligations still exist and whether the terms of the approved plan have been accomplished. If, upon determination by the executive secretary, no obligations are yet outstanding and the provisions of the plan have been fulfilled, he shall formally declare the community college district dissolved.