NM Stat § 3-30-5 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 30 - Municipal Debt; Voting on Question|Section 3-30-5 - General obligation bonds; authority to issue.

Subject to the limitations and in accordance with Article 9 of the constitution of New Mexico and Sections 6-15-1 and 6-15-2 NMSA 1978, a municipality may issue and dispose of negotiable bonds for the purpose of securing funds for: A. erecting and operating natural or artificial gas works; B. erecting and operating electric works; C. constructing, purchasing, rehabilitating or remodeling, or any combination thereof, public buildings, including additions and improvements thereto; D. building, beautifying and improving public parks within or without the municipal boundary, but not beyond the planning and platting jurisdiction of the municipality; E. acquiring land or buildings for playgrounds, recreation centers, zoos and other recreational purposes, and the equipment thereof, or any combination thereof; F. providing proper means for protecting from fire including but not necessarily limited to purchasing apparatus for fire protection and providing, enlarging and improving fire equipment and facilities; G. laying off, opening, constructing, repairing, and otherwise improving municipal alleys, streets, public roads and bridges, or any combination thereof; H. providing apparatus for the collection and disposal of garbage and refuse; I. acquiring, constructing and maintaining garbage and refuse disposal areas and plants within or without the municipal boundary; J. constructing or purchasing a system for supplying water or constructing and purchasing such a system, for the municipality, including without limiting the generality of the foregoing, the enlargement, improvement, extension or acquisition of the system, and acquisition of water or water rights, necessary real estate or rights-of-way, bridges and easements, and necessary apparatus for a water system, or any combination of the foregoing; K. constructing or purchasing a sewer system or the construction and purchase of a sewer system, including without limiting the generality of the foregoing, acquiring, enlarging, improving or extending, or any combination of the foregoing, said system; L. flood control purposes as provided in Section 3-41-1 NMSA 1978; M. constructing, purchasing, rehabilitating or remodeling, or any combination thereof, hospitals, including additions and improvements thereto; N. purchasing, improving or erecting public auditoriums or public buildings of a similar nature for general civic purposes, or for authorizing the improvement or erection of public auditoriums or buildings of a similar nature by agreement, with the officers of the county in which the municipality is located; and O. acquiring, purchasing, constructing, improving, rehabilitating, or remodeling, or any combination thereof, of cemeteries or mausoleums. History: 1953 Comp., § 14-29-5, enacted by Laws 1973, ch. 395, § 2. ANNOTATIONSRepeals and reenactments. — Laws 1973, ch. 395, § 2, repealed 14-29-5, 1953 Comp., relating to authority to issue general obligation bonds, and enacted a new section. Cross references. — For power of municipality to construct, purchase, rehabilitate and care for buildings, see 3-18-4 NMSA 1978. For authority of improvement district to issue negotiable coupon bonds or assignable certificates, see 3-33-24 NMSA 1978. For refunding improvement bonds, see 3-33-39 to 3-33-43 NMSA 1978. For Pollution Control Revenue Bond Act, see 3-59-1 NMSA 1978 et seq. For contracting of debts by municipalities, see N.M. Const., art. IX, §§ 9, 12, 13 and 15. For right to construct and maintain auditoriums, see 5-3-1 NMSA 1978 et seq. For notice of issuance of bonds, see 6-15-1, 6-15-2 NMSA 1978. Constitutionality. — This section does not fall within constitutional prohibition against special or local laws regulating precinct affairs. City of Raton v. Sproule, 1967-NMSC-141, 78 N.M. 138, 429 P.2d 336. If the primary object of a building to be constructed was a municipal purpose, the fact that it might be incidentally used for theatrical purposes would not render the action in erecting it invalid. Smith v. City of Raton, 1914-NMSC-017, 18 N.M. 613, 140 P. 109. Purchase of existing building not permitted under bond voted for purpose of erection. — A town does not have authority to purchase for municipal purposes a building already erected from the proceeds of a bond issue voted for the purpose of erecting such a building. 1954 Op. Att'y Gen. No. 54-5957. Law reviews. — For comment, "The Last Bastion Crumbles: All Property Restrictions on Franchise Are Unconstitutional," see 1 N.M.L. Rev. 403 (1971). Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations §§ 75 to 90, 94 to 123. Change in law as to municipal bonds as affecting bonds previously authorized or voted, but not issued, 19 A.L.R. 1055. Estoppel to deny validity of municipal bonds issued under an unconstitutional statute, 37 A.L.R. 1310. Power of municipality or other governmental body to issue refunding bonds to retire obligation in respect of which the creation and maintenance of a sinking fund by taxation is required, 157 A.L.R. 794. Estoppel by recitals in bonds to set up violation of provision limiting indebtedness, 158 A.L.R. 943. Estoppel as to purpose of bonds by recital therein, 158 A.L.R. 949. Power of governmental unit to issue bonds as implying power to refund them, 1 A.L.R.2d 134. Validity of municipal bond issue as against owners of property, annexation of which to municipality became effective after date of election at which issue was approved by voters, 10 A.L.R.2d 559. 64 C.J.S. Municipal Corporations § 1902 et seq.