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New Mexico Constitution Art. IX, § 10. County indebtedness

Current as of January 01, 2024 | Updated by Findlaw Staff

No county shall borrow money except for the following purposes:

A. erecting, remodeling and making additions to necessary public buildings;

B. constructing or repairing public roads and bridges and purchasing capital equipment for such projects;

C. constructing or acquiring a system for supplying water, including the acquisition of water and water rights, necessary real estate or rights-of-way and easements;

D. constructing or acquiring a sewer system, including the necessary real estate or rights-of-way and easements;

E. constructing an airport or sanitary landfill, including the necessary real estate;

F. acquiring necessary real estate for open space, open space trails and related areas and facilities; or

G. the purchase of books and other library resources for libraries in the county.

In such cases, indebtedness shall be incurred only after the proposition to create such debt has been submitted to the registered voters of the county and approved by a majority of those voting thereon. No bonds issued for such purpose shall run for more than fifty years. Provided, however, that no money derived from general obligation bonds issued and sold hereunder shall be used for maintaining existing buildings and, if so, such bonds shall be invalid.

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Cite this article: FindLaw.com - New Mexico Constitution Art. IX, § 10. County indebtedness - last updated January 01, 2024 | https://codes.findlaw.com/nm/new-mexico-constitution/nm-const-art-ix-sect-10/

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