reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 14 - Public Securities › Section 6-14-2 - Definitions.

As used in the Public Securities Act:
A. "net effective interest rate" means the interest rate of public securities, compounded semiannually, necessary to discount the scheduled debt service payments of principal and interest to the date of the public securities and to the price paid to the public body for the public securities, excluding any interest accrued to the date of delivery and based upon a year with the same number of days as the number of days for which interest is computed on the public securities;
B. "public body" means this state or any department, board, agency or instrumentality of the state, any county, city, town, village, school district, other district, educational institution or any other governmental agency or political subdivision of the state; and
C. "public securities" means any bonds, notes, warrants or other obligations now or hereafter authorized to be issued by any public body pursuant to the provisions of any general or special law enacted by the legislature, but does not include bonds, notes, warrants or other obligations issued pursuant to:
(1) the Industrial Revenue Bond Act [Chapter 3, Article 32 NMSA 1978];
(2) the County Improvement District Act [Chapter 4, Article 55A NMSA 1978];
(3) Sections 3-33-1 through 3-33-43 NMSA 1978;
(4) the Pollution Control Revenue Bond Act [3-59-1 to 3-59-14 NMSA 1978];
(5) the County Pollution Control Revenue Bond Act [4-60-1 to 4-60-15 NMSA 1978];
(6) the County Industrial Revenue Bond Act [Chapter 4, Article 59 NMSA 1978];
(7) the Metropolitan Redevelopment Code [3-60A-1 to 3-60A-13, 3-60A-14 to 3-60A-48 NMSA 1978];
(8) the Supplemental Municipal Gross Receipts Tax Act [7-19-10 to 7-19-18 NMSA 1978];
(9) the Hospital Equipment Loan Act [Chapter 58, Article 23 NMSA 1978]; or
(10) the New Mexico Finance Authority Act [Chapter 6, Article 21 NMSA 1978].
History:
1953 Comp., § 11-10-2, enacted by Laws 1970, ch. 10, § 2; 1975, ch. 239, § 1; 1979, ch. 56, § 1; 1979, ch. 270, § 2; 1980, ch. 106, § 5; 1981, ch. 44, § 1; 1986, ch. 60, § 1; 1992, ch. 61, § 33; 1999, ch. 232, § 1.
ANNOTATIONS
The 1999 amendment,
effective, June 18, 1999, in Subsection A, substituted "the interest rate of public securities, compounded semiannually, necessary to discount the scheduled debt service payments of principal and interest to the date of the public securities and to the price paid to the public body for the public securities, excluding any interest accrued to the date of delivery and based upon a year with the same number of days as the number of days for which interest is computed on the public securities" for "the interest rate based on the actual price paid to a public body for its public securities, calculated to maturity according to standard tables of bond values".
The 1992 amendment,
effective March 9, 1992, added Subsection C(10).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
64 Am. Jur. 2d Public Securities and Obligations §§ 2, 3.
11 C.J.S. Bonds § 2.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 14 - Public Securities › Section 6-14-3 - Public securities; price.

A. A public body may issue and sell its public securities at, above or below par and at any net effective interest rate as the public body may determine subject to the remaining provisions of this section.
B. A public body may not issue its public securities as provided in Subsection A of this section at any net effective interest rate in excess of twelve percent a year, except for general obligation bonds which shall have a net effective interest rate of not more than ten percent a year, unless the state board of finance at any time prior to delivery of the public securities approves such higher net effective interest rate in writing, based upon the determination of the state board of finance that the higher rate is reasonable under existing or anticipated bond market conditions.
C. Any such approval of any such net effective interest rate in excess of twelve percent or not more than ten percent for general obligation bonds shall constitute conclusive authority for the affected public body to issue its public securities at the higher net effective interest rate.
History:
1953 Comp., § 11-10-3, enacted by Laws 1970, ch. 10, § 3; 1981, ch. 44, § 2.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
64 Am. Jur. 2d Public Securities and Obligations §§ 374 to 377.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 14 - Public Securities › Section 6-14-4 - Short title.

This act [6-14-4 to 6-14-7 NMSA 1978] may be cited as the "Public Securities Limitation of Action Act."
History:
1953 Comp., § 11-11-1, enacted by Laws 1975, ch. 350, § 1.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 14 - Public Securities › Section 6-14-5 - Definitions.

As used in the Public Securities Limitation of Action Act [6-14-4 to 6-14-7 NMSA 1978];
A. "public security" means a bond, note, certificate of indebtedness or other obligation for the payment of money, issued by this state or by any public body thereof;
B. "state" means the state of New Mexico and any board, commission, department, corporation, instrumentality or agency thereof; and
C. "public body" of the state means any state educational institution or other state institution, its board of regents or other governing body thereof constituting a body corporate, any county, city, town, village, school district, irrigation district, drainage district, conservancy district, sanitation district, water district, commission, authority or other political subdivision of the state constituting a body corporate.
History:
1953 Comp., § 11-11-2, enacted by Laws 1975, ch. 350, § 2.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 14 - Public Securities › Section 6-14-6 - Publication of notice after adoption of resolution or ordinance.

A public body, or the state, after having adopted a resolution or ordinance authorizing the issuance of public securities, shall publish notice of the adoption of such resolution once in a newspaper of general circulation within the political subdivision, or in the case of the state, of general statewide circulation. Compliance with the Municipal Code [Chapter 3 NMSA 1978, except Article 66] requirements for the publication of ordinances shall constitute compliance by municipalities of the requirements of the Public Securities Limitation of Action Act [6-14-4 to 6-14-7 NMSA 1978].
History:
1953 Comp., § 11-11-3, enacted by Laws 1975, ch. 350, § 3.
ANNOTATIONS
Cross references.
— For publication of ordinances,
see
3-17-3 and 3-17-5 NMSA 1978.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 14 - Public Securities › Section 6-14-7 - Validation; limitation of action.

After the passage of thirty days from the publication required by Section 3 [6-14-6 NMSA 1978] of the Public Securities Limitation of Action Act, any action attacking the validity of any proceedings had or taken by the state or any public body preliminary to and in the authorization and issuance of the public securities described in the notice is perpetually barred.
History:
1953 Comp., § 11-11-4, enacted by Laws 1975, ch. 350, § 4.
ANNOTATIONS
Attacking validity of proceedings.
— The plaintiff's attack on the legality of the bond issue ordinance is an attack on the validity of the proceedings in which the ordinance was enacted, and thus is subject to the statute of limitations.
Bolton v. Board of Cnty. Comm'rs
, 1994-NMCA-167, 119 N.M. 355, 890 P.2d 808.
Reasonableness of thirty-day limitations period.
— In view of the need for issuance of bond issues by numerous public entities, the thirty-day statute of limitations imposed under the Public Securities Limitation of Action Act does not unreasonably restrict legitimate challenges to the validity of bond issues.
Bolton v. Board of Cnty. Comm'rs
, 1994-NMCA-167, 119 N.M. 355, 890 P.2d 808.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
64 Am. Jur. 2d Public Securities and Obligations §§ 407 to 414.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 14 - Public Securities › Section 6-14-8 - Short title.

Sections 6-14-8 through 6-14-11 NMSA 1978 may be cited as the "Supplemental Public Securities Act."
History:
1978 Comp., § 6-14-8, enacted by Laws 1983, ch. 265, § 1.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 14 - Public Securities › Section 6-14-9 - Definitions.

As used in the Supplemental Public Securities Act:
A. "authorizing instrument" means the ordinance, resolution, other official action or any applicable combination thereof by which public securities are authorized to be issued by a public body;
B. "public body" means this state or any department, board, agency or instrumentality of the state, any county, city, town, village, school district, other district or educational institution or any other governmental agency or political subdivision of the state or the New Mexico finance authority;
C. "public securities" means any bonds, notes, loans, warrants or other obligations now or hereafter authorized to be issued by any public body pursuant to the provisions of any general or special statute, any constitutional or statutory charter or any other law; and
D. "registrar" means the treasurer or any other officer of the public body or of any other public body or any corporate or other trustee, registrar, paying agent, transfer agent, custodian or other financial intermediary within the United States as may be appointed or designated in the authorizing instrument.
History:
1978 Comp., § 6-14-9, enacted by Laws 1983, ch. 265, § 2; 2017, ch. 120, § 1.
ANNOTATIONS
The 2017 amendment,
effective July 1, 2017, revised the definition of "public body" to include the New Mexico finance authority as used in the Supplemental Public Securities Act; in Subsection B, after "of the state", added "or the New Mexico finance authority".
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 14 - Public Securities › Section 6-14-10 - Form; payment; registrar; transfer; authentication of public securities; records.

A. Public securities may be issued in book entry form, with or without the delivery of physical securities, any registered form or bearer form, with or without interest coupons, or in any combination thereof, with or without the right of conversion to another form, and in any denomination or denominations, with or without the right of conversion to any other denomination, subject to such conditions for transfer as may be provided in the authorizing instrument.
B. Any public body may appoint a registrar or registrars to perform such duties with respect to the registration, custody, conversion, exchange and transfer of its public securities as may be provided in the authorizing instrument.
C. Public securities may be made registrable, transferable and payable by the registrar under such terms and conditions as may be provided in the authorizing instrument. Payment at designated due dates or in installments may be made by check, draft, warrant or other order for payment or medium of payment and under such other conditions as may be provided in the authorizing instrument.
D. The authorizing instrument may require that the public securities be authenticated with the manual or facsimile signature of an officer or other authorized person of the registrar or of any other officer or officers of the public body whose manual or facsimile signature is not otherwise required by law or by any combination thereof; provided that no manual or facsimile signature is required if the public securities are issued in book entry form without the delivery of physical securities. Any registrar may hold in custody any partially or fully executed public securities if provided by, and to the extent permitted by, the authorizing instrument.
E. Records with regard to the ownership or pledge of public securities are not subject to inspection or copying under any law of this state relating to the right of the public to inspect or copy public records. Registration records of the public body may be maintained at such locations within the United States as may be determined by the authorizing instrument.
History:
1978 Comp., § 6-14-10, enacted by Laws 1983, ch. 265, § 3.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
64 Am. Jur. 2d Public Securities and Obligations §§ 167 to 182, 229 to 232.
20 C.J.S. Counties § 222; 64 C.J.S. Municipal Corporations §§ 1684 to 1693, 1699, 1700; 81A C.J.S. States §§ 255 to 258; 87 C.J.S. Towns § 215.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 14 - Public Securities › Section 6-14-10.1 - Investment of proceeds; compliance with Internal Revenue Code of 1986.

Notwithstanding any other provision of law to the contrary, and in addition to any other investments which may be authorized by the laws of New Mexico, a public body may invest the proceeds of public securities, and of any other securities now or hereafter authorized to be issued by any public body pursuant to the provisions of any general or special law enacted by the legislature or pursuant to the home rule powers of any public body in obligations the interest on which is excluded from gross income of the recipient for federal income tax purposes and in any other instrument which does not constitute "investment property" under Section 148 of the Internal Revenue Code of 1986. Any such obligation or instrument shall be rated in any of the three highest major rating categories, without regard to any modification of the rating by the addition of a plus or minus sign or numerical designation to show relative standing within a major rating category, by one or more nationally recognized rating agencies. Income from any such investments may be used to meet rebate, penalty, interest and other obligations of the public body under the code. As used in this section the term "proceeds" includes all amounts treated as proceeds or gross proceeds as defined in Section 148 of the Internal Revenue Code of 1986, as amended, including any regulations applicable thereunder of tax exempt bonds as defined in Section 150 of that code.
History:
1978 Comp., § 6-14-10.1, enacted by Laws 1988, ch. 45, § 2.
ANNOTATIONS
Repeals and reenactments.
— Laws 1988, ch. 45, § 2 repealed former 6-14-10.1 NMSA, as enacted by Laws 1987, ch. 188, § 1, and enacted a new section, effective March 4, 1988.
Cross references.
— For Section 148 of the Internal Revenue Code of 1986,
see
26 U.S.C.S. § 148.
For Section 150 of the Internal Revenue Code of 1986,
see
U.S.C.S. § 150.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 14 - Public Securities › Section 6-14-11 - Scope of act.

The Supplemental Public Securities Act [6-14-8 to 6-14-11 NMSA 1978] is cumulative of and in addition to all other laws concerning public securities, and any public body may issue public securities in the manner provided in the Supplemental Public Securities Act notwithstanding any conflict or inconsistency between the provisions of the Supplemental Public Securities Act and the provisions of any other law.
History:
1978 Comp., § 6-14-11, enacted by Laws 1983, ch. 265, § 4.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 14 - Public Securities › Section 6-14-12 - Legislative intent.

It is the intent of the legislature that the provisions of the Supplemental Public Securities Act [6-14-8 to 6-14-11 NMSA 1978] be applicable to all public securities of all public bodies of this state, notwithstanding any failure of this act or any other act of the legislature to expressly amend the applicable provisions of any other statute authorizing such public securities.
History:
Laws 1983, ch. 265, § 63.
ANNOTATIONS
Compiler's notes.
— The term, "this act," means Laws 1983, ch. 265, which is presently compiled as 3-32-7, 3-33-24, 3-33-41, 3-34-2, 3-34-3, 3-35-8, 3-39-9, 3-44-2, 4-34-3, 4-48A-15, 4-48A-22, 4-48B-20, 4-49-4, 4-55A-20, 4-55A-37, 4-59-5, 6-9-1, 6-9-2, 6-12-6 to 6-12-8, 6-13-5, 6-13-11, 6-14-8 to 6-14-10, 6-14-11, 6-14-12, 6-15-5, 6-15-11, 6-15-13, 7-27-16, 7-27-17, 16-2-23, 17-1-19, 21-3-15, 21-5-14, 21-7-15, 21-8-17, 21-11-17, 22-18-11, 72-4-4, 72-16-56, 72-16-58, 72-16-63, 72-16-71, 72-18-57, 73-7-37, 73-9-17, 73-11-1, 73-12-15, 73-12-16, 73-16-7, 73-16-50 and 73-21-26 NMSA 1978.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15 - Finances of Counties, Municipalities and School Districts › Section 6-15-1 - Bonds payable from ad valorem taxes; notice of proposed issuance.

When any county, city, town, village or school district of the state shall have in contemplation the issuance of any bonds payable in whole or in part from ad valorem taxes, the governing authority thereof shall, before initiating any proceedings for such issue, forward to the local government division, or public school finance division, of the department of finance and administration [office of education of the department of finance and administration], a notice of such proposal in writing.
History:
Laws 1925, ch. 131, § 1; C.S. 1929, § 33-3801; Laws 1935, ch. 91, § 1; 1941 Comp., § 7-614; 1953 Comp., § 11-6-13; Laws 1959, ch. 127, § 1.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law. Laws 1977, ch. 246, § 69, abolished the public school finance division of the department of finance and administration, and Laws 1977, ch. 246, § 3, compiled as 9-4-3 NMSA 1978, established the public school finance division of the educational finance and cultural affairs department. Laws 1980, ch. 151, § 58, repealed 9-4-3 NMSA 1978, while Laws 1980, ch. 151, § 47, compiled as 22-8-3 NMSA 1978, established the public school finance division of the department of finance and administration. Laws 1983, ch. 301, § 69, amended 22-8-3 NMSA 1978 to create the office of education within the department of finance and administration.
Failure of notice not sufficient to enjoin issue.
— Failure to notify state tax commission of proposed issue of school bonds and to obtain information as to valuation was not sufficient cause for enjoining the issue.
White v. Curry Cnty. Bd. of Educ
., 1932-NMSC-026, 36 N.M. 177, 10 P.2d 590 (decided under former law).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
64 Am. Jur. 2d Public Securities and Obligations § 124.
20 C.J.S. Counties § 221; 64 C.J.S. Municipal Corporations § 1658; 79 C.J.S. Schools and School Districts § 362; 87 C.J.S. Towns § 220.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15 - Finances of Counties, Municipalities and School Districts › Section 6-15-2 - Bond issues; local government division, or public school finance division, of the department of finance and administration to furnish information; transcripts of proceedings; disposition.

It shall be the duty of the local government division, or public school finance division, of the department of finance and administration [office of education of the department of finance and administration], upon the receipt of the notice mentioned in Section 1 [6-15-1 NMSA 1978] hereof to furnish such governing authorities with all necessary information with reference to the valuation, present outstanding bonded indebtedness, limitations as to tax rates and debt contracting power and such other information as may be useful to such governing authorities and to the voters of such county, city, town, village or school district in the consideration of any proposal to issue bonds. Upon the adoption of a bond issue as provided by law by a county, city, town, village or school district, the governing authorities thereof shall prepare a true and complete transcript of proceedings, also three exact copies of such transcript of the proceedings had in connection with such bond issue. One copy of the transcript of the proceedings shall be immediately filed with the local government division, or public school finance division, of the department of finance and administration, one kept by the governing authorities and one copy to be furnished to the officer approving the bond issue as to its legality as provided by law.
History:
Laws 1925, ch. 131, § 2; C.S. 1929, § 33-3802; 1941 Comp., § 7-615; 1953 Comp., § 11-6-14; Laws 1959, ch. 127, § 2.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law. Laws 1977, ch. 246, § 69, abolished the public school finance division of the department of finance and administration, and Laws 1977, ch. 246, § 3, compiled as 9-4-3 NMSA 1978, established the public school finance division of the educational finance and cultural affairs department. Laws 1980, ch. 151, § 58, repealed 9-4-3 NMSA 1978, while Laws 1980, ch. 151, § 47, compiled as 22-8-3 NMSA 1978, established the public school finance division of the department of finance and administration. Laws 1983, ch. 301, § 69, amended 22-8-3 NMSA 1978 to create the office of education within the department of finance and administration.
No authority to limit proceeds to advertising.
— There is no authority in this section or related statutes which authorizes the state tax commission to limit proceeds of a fair bond sale to advertising purposes only. 1958 Op. Att'y Gen. No. 58-47 (rendered prior to 1959 amendment).
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15 - Finances of Counties, Municipalities and School Districts › Section 6-15-3 - Bonds; forms; interest; maturities.

A. Hereafter all general obligation bonds, except refunding bonds, issued under lawful authority by any county, city, town, village or school district shall be issued in accordance with the provisions of Sections 6-15-3 through 6-15-8 NMSA 1978. As used in Sections 6-15-3 through 6-15-8 NMSA 1978, the term "bonds" means only such general obligations [obligation] bonds, other than refunding bonds, of any county, city, town, village or school district. The bonds shall mature not more than twenty years from their date and be numbered from one upwards consecutively. Interest on all such bonds shall be payable either annually or semiannually, as may be set forth in the act of the governing body of the issuing municipal corporation; provided, that the first installment of interest coming due may be for any period of time which shall not exceed one year from the date of the bonds.
B. The resolution or ordinance authorizing the bonds may provide for the creation of a sinking fund to secure payment of principal or principal and interest on the bonds and may provide for mandatory annual payments to be made to the sinking fund from the taxes levied and collected pursuant to Section 6-15-4 NMSA 1978.
History:
Laws 1929, ch. 201, § 1; C.S. 1929, § 16-101; 1941 Comp., § 7-616; 1953 Comp., § 11-6-15; Laws 1973, ch. 393, § 1; 1975, ch. 326, § 1.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Cross references.
— For limitation on life of bond,
see
6-15-7 NMSA 1978.
For creation of sinking fund,
see
6-15-22 NMSA 1978.
Maturities at 20 to 30 years invalid.
— A preliminary resolution providing for a proposed bond issue for a hospital, fixing the maturities at 20 to 30 years, was invalid since under Section 6-15-7 NMSA 1978 such bonds cannot have a maturity longer than 20 years.
Mann v. City of Artesia
, 1938-NMSC-014, 42 N.M. 224, 76 P.2d 941.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
64 Am. Jur. 2d Public Securities and Obligations §§ 165 to 182.
20 C.J.S. Counties § 222; 64 C.J.S. Municipal Corporations § 1684; 79 C.J.S. Schools and School Districts § 371; 87 C.J.S. Towns § 215.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15 - Finances of Counties, Municipalities and School Districts › Section 6-15-4 - Tax levy for payment of bonds.

The officials now or hereafter charged by law with the duty of levying general (ad valorem) taxes for the payment of bonds and interest shall, in the manner provided by law, make an annual levy sufficient to meet the annual or semiannual payments of principal and interest on the bonds maturing or the mandatory sinking fund payments as in this article provided. Nothing herein contained shall be so construed as to prevent the municipal corporation from applying any other funds that may be in the treasury or investment income actually received from sinking fund investments and available for that purpose to the payment of the interest on or the principal of or any prior redemption premium in connection with such bonds as the same become due; and upon such payments, the levy or levies herein provided may thereupon to that extent be diminished.
History:
Laws 1929, ch. 201, § 2; C.S. 1929, § 16-102; 1941 Comp., § 7-617; 1953 Comp., § 11-6-16; Laws 1973, ch. 393, § 2; 1975, ch. 326, § 2.
ANNOTATIONS
Cross references.
— For destruction of documentary evidence of extinguished public debt,
see
6-10-62 NMSA 1978.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15 - Finances of Counties, Municipalities and School Districts › Section 6-15-6 - [Bids for bonds refused; return of deposits.]

If a bid be accepted the deposits of all other bidders shall be thereupon returned; if all bids be rejected, then all deposits shall be returned forthwith.
History:
Laws 1929, ch. 201, § 4; C.S. 1929, § 16-104; 1941 Comp., § 7-619; 1953 Comp., § 11-6-18.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15 - Finances of Counties, Municipalities and School Districts › Section 6-15-7 - Maturity date of bonds; limitation.

Bonds issued hereunder shall never be issued to run for a longer period than twenty years from the date of the bonds.
History:
Laws 1929, ch. 201, § 5; C.S. 1929, § 16-105; 1941 Comp., § 7-620; 1953 Comp., § 11-6-19; Laws 1973, ch. 393, § 4.
ANNOTATIONS
Cross references.
— For limitation on issuance of bonds,
see
6-15-9 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
64 Am. Jur. 2d Public Securities and Obligations § 173.
20 C.J.S. Counties § 222; 64 C.J.S. Municipal Corporations §§ 1690 to 1693; 79 C.J.S. Schools and School Districts § 371; 87 C.J.S. Towns § 215.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15 - Finances of Counties, Municipalities and School Districts › Section 6-15-8 - ["Municipal corporation" as used in Sections 6-15-3 to 6-15-8 NMSA 1978 defined.]

The term municipal corporation shall, for the purpose of this act [6-15-3 to 6-15-8 NMSA 1978], be construed to mean county, incorporated city, incorporated town, incorporated village or school district.
History:
Laws 1929, ch. 201, § 7; C.S. 1929, § 16-107; 1941 Comp., § 7-621; 1953 Comp., § 11-6-20.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Section limited to issuance and sale of bonds.
— The inclusion of school districts in the definition of the term "municipal corporation" is, by the wording of this section, limited to the purposes of the act, 6-15-3 to 6-15-8 NMSA 1978, said purposes having to do with the issuance and sale of bonds of political subdivisions. Being so limited, it is not a general legislative declaration.
McWhorter v. Board of Educ
., 1958-NMSC-015, 63 N.M. 421, 320 P.2d 1025.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15 - Finances of Counties, Municipalities and School Districts › Section 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.
History:
Laws 1933, ch. 114, § 2; 1934 (S.S.), ch. 12, § 2; 1941 Comp., § 7-623; 1953 Comp., § 11-6-22; Laws 1959, ch. 358, § 2; 1987, ch. 172, § 2; 1999, ch. 232, § 4; 2003, ch. 188, § 2.
ANNOTATIONS
The 2003 amendment,
effective June 20, 2003, substituted "within four years, the time allowed in Section 6-15-9 NMSA 1978" for "and sold within three years" following "not been issued", inserted "school" following "judgments against the", deleted "and, except where the issuance of the bonds has been authorized at a regular election for officers of any school district, county or municipality or, where authorized by statute, at a special election held for those purposes" following "county or municipality", deleted "of New Mexico" twice in the last sentence, and substituted "the four-year period allowed in Section 6-15-9 NMSA 1978" for "the three-year period" at the end.
The 1999 amendment,
effective, June 18, 1999, deleted "initiation of proceedings for the" preceding "special election authorizing the proposed issue" in the first sentence, and substituted "state of New Mexico at private sale in any case in which the state of New Mexico or the United States has made an offer" for "state in any case in which the state has made an offer" in the second sentence.
The 1987 amendment,
effective June 19, 1987, deleted "or are hereafter" preceding "authorized by special election", "heretofore or may be hereafter" preceding "authorized at a regular election" and substituted "three years" for "two years" and "is void" for "shall be null and void" in the first sentence; deleted "of America" following "United States", "of New Mexico" following "state", and "heretofore, or hereafter shall be" preceding "accepted prior" and substituted "has made" for "heretofore made or shall hereafter make" and "three-year period" for "two-year period" in the second sentence; and made other minor word changes throughout the section.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15 - Finances of Counties, Municipalities and School Districts › Section 6-15-13 - Execution of refunding bonds; interest coupons; mode of payment; installments.

The refunding bonds shall be in such form as the governing body may determine and, unless issued in book entry or similar form without the delivery of physical securities, shall refer to the act under which they are issued, be executed in the name of the county, municipality or school district, signed by the chairman or president of the governing body, sealed with the seal of the county, municipality or school district and attested by the county, municipal or school district clerk or secretary. The interest accruing on the refunding bonds shall be payable semiannually or annually. Both principal and interest of the bonds shall be payable in lawful money of the United States at such place or places as may be determined by the governing body of the county, municipality or school district. The principal of the bonds shall mature on the date or dates set by the governing body, with or without option of prior redemption, not later than twenty-five years from the date of the bonds.
History:
Laws 1927, ch. 128, § 3; C.S. 1929, § 90-1103; 1941 Comp., § 7-626; 1953 Comp., § 11-6-25; Laws 1963, ch. 234, § 3; 1975, ch. 326, § 4; 1983, ch. 265, § 30.
ANNOTATIONS
Compiler's notes.
— The reference in the section heading to "interest coupons" is apparently irrelevant in light of the 1983 amendment, which deleted references to interest coupons.
Cross references.
— For facsimile signatures of public officials,
see
6-9-1 NMSA 1978 et seq.
Payment of school refunding bonds.
— School refunding bonds payable in gold coin or its equivalent in lawful money did not invalidate bonds which were payable in gold coin equal to current standard of weight and fineness since such bonds were payable in lawful money of the United States.
Southwest Sec. Co. v. Board of Educ
., 1936-NMSC-008, 40 N.M. 59, 54 P.2d 412 (decided under former law).
Provision for seal on school district bonds is directory only
and is not essential to valid obligation.
Estancia Bd. of Educ. v. Woodmen of World
, 77 F.2d 31 (10th Cir. 1935).
Legislative intent.
— Considering the purpose of the Uniform Facsimile Signature of Public Officials Act (Sections 6-9-1 to 6-9-6 NMSA 1978), it is the legislative intention that the provisions of such act be applicable to the signatures affixed to advance county, municipality or school district refunding bonds provided for in this section. 1965 Op. Att'y Gen. No. 65-67.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
20 C.J.S. Counties §§ 222, 226; 64 C.J.S. Municipal Corporations § 1684; 79 C.J.S. Schools and School Districts § 371.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15 - Finances of Counties, Municipalities and School Districts › Section 6-15-14 - Levy of taxes to pay annual installments and interest.

The governing body of any county, municipality or school district which shall have issued refunding bonds under the provisions of Sections 6-15-11 to 6-15-22 NMSA 1978, shall, during each year in which any of said bonds shall be outstanding, cause an annual tax to be levied on all property in the county, municipality or school district subject to taxation, sufficient to produce one year's interest on all of said bonds then outstanding, and to pay the annual installment of the principal of said bonds that will become due and payable in the next ensuing year or the annual mandatory sinking fund requirement if the principal is to be paid from a sinking fund. Such taxes shall be levied, assessed and collected at the times and in the manner that other county, municipal or school district taxes are levied, assessed and collected, and the proceeds of such taxes shall be kept in a special fund or sinking fund to be used only for the payment of the interest on and for the redemption of such bonds.
History:
Laws 1927, ch. 128, § 5; C.S. 1929, § 90-1105; 1941 Comp., § 7-628; 1953 Comp., § 11-6-27; Laws 1975, ch. 326, § 5.
ANNOTATIONS
Cross references.
— For destruction of documentary evidence of extinguished public debt,
see
6-10-62 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
64 Am. Jur. 2d Public Securities and Obligations §§ 58 to 62, 344, 349, 376.
20 C.J.S. Counties § 226; 64 C.J.S. Municipal Corporations § 1706; 79 C.J.S. Schools and School Districts § 374.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15 - Finances of Counties, Municipalities and School Districts › Section 6-15-15 - Exchange for bonds to be refunded; sales.

All such refunding bonds may be exchanged dollar for dollar for the bonds to be refunded, or they may be sold as directed by the governing body, and the proceeds thereof shall be applied only to the purpose for which said refunding bonds were issued.
History:
Laws 1927, ch. 128, § 6; C.S. 1929, § 90-1106; 1941 Comp., § 7-629; 1953 Comp., § 11-6-28; Laws 1963, ch. 234, § 4.
ANNOTATIONS
Authority of school district.
— This act (Sections 6-15-11 to 6-15-19 NMSA 1978) authorizes a school district to issue refunding bonds for sale enforceable in the hands of the purchaser.
Southwest Sec. Co. v. Board of Educ
., 1936-NMSC-008, 40 N.M. 59, 54 P.2d 412.
Bona fide purchaser's right to rely on certificate.
— A bona fide purchaser of a bond purported to be a school refunding bond has a right to rely on the certificate that exchange of the bonds had been effectuated and refunded bonds destroyed, made by authorized officers, and the school board is estopped to assert falsity of certificate.
Estancia Bd. of Educ. v. Woodmen of World
, 77 F.2d 31 (10th Cir. 1935).
Estoppel of school district raising invalidity of bond.
— A school district is estopped from setting up the invalidity of bonds as against a bona fide purchaser on ground that the old bonds had not been canceled and record made of such acts where the bonds recited that all statutory requirements had been fulfilled and the board had certified to delivery and cancellation of old bonds.
Southwest Sec. Co. v. Board of Educ
., 1936-NMSC-008, 40 N.M. 59, 54 P.2d 412.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Power of governmental unit to issue bonds as implying power to refund them, 1 A.L.R.2d 134.
20 C.J.S. Counties § 225; 64 C.J.S. Municipal Corporations § 1679; 79 C.J.S. Schools and School Districts § 370.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15 - Finances of Counties, Municipalities and School Districts › Section 6-15-16 - [Record of refunding bonds.]

The governing body of any county, municipality or school district issuing bonds under this act [6-15-11 to 6-15-19 NMSA 1978 NMSA 1978] shall keep a record thereof in a book to be kept for that purpose, showing the date, number, amount and maturity of such bonds and all payments of interest or principal of any such bonds.
History:
Laws 1927, ch. 128, § 7; C.S. 1929, § 90-1107; 1941 Comp., § 7-630; 1953 Comp., § 11-6-29.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15 - Finances of Counties, Municipalities and School Districts › Section 6-15-17 - [Retired refunding bonds to be destroyed.]

All such refunding bonds paid and retired shall be burned and destroyed by the governing body which retires the same, and a record of such destruction and the number and amount of bonds destroyed shall be entered on the records of such governing body.
History:
Laws 1927, ch. 128, § 8; C.S. 1929, § 90-1108; 1941 Comp., § 7-631; 1953 Comp., § 11-6-30.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15 - Finances of Counties, Municipalities and School Districts › Section 6-15-18 - [Bonds surrendered for refunding; record; destruction.]

Upon the surrender of any bonds refunded under the provisions of this act [6-15-11 to 6-15-19 NMSA 1978], there shall be entered on the records of the governing body to whom surrendered the fact of such surrender and the number, amount, date and character of the bonds so surrendered; and such bonds shall be destroyed by such governing body and the fact of such destruction shall be likewise entered on such record.
History:
Laws 1927, ch. 128, § 9; C.S. 1929, § 90-1109; 1941 Comp., § 7-632; 1953 Comp., § 11-6-31.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15 - Finances of Counties, Municipalities and School Districts › Section 6-15-19 - [Definition of terms.]

The term "municipality" shall mean any incorporated city, town, or village in this state, whether the same shall have been incorporated by special character [charter] or under the general laws of this state. The term "school district" shall mean and include all municipal independent union high school or rural districts, whether the same shall be under the jurisdiction of a county board of education or municipal boards of education, and shall include districts organized for high school purposes. The term "governing body" shall mean the board of county commissioners, city council, board of trustees, board of commissioners or similar legislative bodies of municipalities, and shall mean the board of education or similar board having control of school affairs.
History:
Laws 1927, ch. 128, § 10; C.S. 1929, § 90-1110; 1941 Comp., § 7-633; 1953 Comp., § 11-6-32.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15 - Finances of Counties, Municipalities and School Districts › Section 6-15-21 - Contributions securing payment of bonds.

In order to provide for the payment of maturing principal and interest, or call premium if any, on any of its general obligation or general obligation refunding bonds a county, municipality or school district may contribute any available money to aid in the purchase of securities to be placed in a trust or escrow created pursuant to Section 6-15-20 NMSA 1978, or may create any such trust or enter into any such escrow agreement if such trust or escrow agreement is to be wholly funded with cash or securities transferred from any fund of such county, municipality or school district, or purchased with the proceeds of any available money from any fund of such county, municipality or school district.
History:
1953 Comp., § 11-6-34.2, enacted by Laws 1975, ch. 326, § 7.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15 - Finances of Counties, Municipalities and School Districts › Section 6-15-23 - Repealed.

History:
1953 Comp., § 11-6-35, enacted by Laws 1970, ch. 6, § 1; 1978 Comp., § 6-15-23, repealed by Laws 2019, ch. 212, § 284.
ANNOTATIONS
Repeals.
— Laws 2019, ch. 212, § 284 repealed 6-15-23 NMSA 1978, as enacted by Laws 1970, ch. 6, § 1, relating to the short title of the Bond Election Act, effective April 3, 2019. For provisions of former section,
see
the 2018 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15 - Finances of Counties, Municipalities and School Districts › Section 6-15-24 - Repealed.

History:
1953 Comp., § 11-6-36, enacted by Laws 1970, ch. 6, § 2; 1971, ch. 132, § 1; 1978 Comp., § 6-15-24, repealed by Laws 2019, ch. 212, § 284.
ANNOTATIONS
Repeals.
— Laws 2019, ch. 212, § 284 repealed 6-15-24 NMSA 1978, as enacted by Laws 1970, ch. 6, § 2, relating to definitions of the Bond Election Act, effective April 3, 2019. For provisions of former section,
see
the 2018 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15 - Finances of Counties, Municipalities and School Districts › Section 6-15-25 - Repealed.

History:
1953 Comp., § 11-6-37, enacted by Laws 1970, ch. 6, § 3; 1971, ch. 132, § 2; 1978 Comp., § 6-15-25, repealed by Laws 2019, ch. 212, § 284.
ANNOTATIONS
Repeals.
— Laws 2019, ch. 212, § 284 repealed 6-15-25 NMSA 1978, as enacted by Laws 1970, ch. 6, § 3, relating to findings of the Bond Election Act, purpose of act, effective April 3, 2019. For provisions of former section,
see
the 2018 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15 - Finances of Counties, Municipalities and School Districts › Section 6-15-26 - Repealed.

History:
1953 Comp., § 11-6-38, enacted by Laws 1971, ch. 132, § 3; 1975, ch. 36, § 1; 1985, ch. 208, § 120; 2018, ch. 79, § 75; 1978 Comp., § 6-15-26, repealed by Laws 2019, ch. 212, § 284.
ANNOTATIONS
Repeals.
— Laws 2019, ch. 212, § 284 repealed 6-15-26 NMSA 1978, as enacted by Laws 1971, ch. 132, § 3, relating to bond elections, effective April 3, 2019. For provisions of former section,
see
the 2018 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15 - Finances of Counties, Municipalities and School Districts › Section 6-15-27 - Repealed.

History:
1953 Comp., § 11-6-39, enacted by Laws 1970, ch. 6, § 5; 1978 Comp., § 6-15-27, repealed by Laws 2019, ch. 212, § 284.
ANNOTATIONS
Repeals.
— Laws 2019, ch. 212, § 284 repealed 6-15-27 NMSA 1978, as enacted by Laws 1970, ch. 6, § 5, relating to scope of the Bond Election Act, effective April 3, 2019. For provisions of former section,
see
the 2018 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15 - Finances of Counties, Municipalities and School Districts › Section 6-15-28 - Repealed.

History:
1953 Comp., § 11-6-40, enacted by Laws 1970, ch. 6, § 6; 1971, ch. 132, § 4; 1978 Comp., § 6-15-28, repealed by Laws 2019, ch. 212, § 284.
ANNOTATIONS
Repeals.
— Laws 2019, ch. 212, § 284 repealed 6-15-28 NMSA 1978, as enacted by Laws 1970, ch. 6, § 6, relating to validation of the Bond Election Act, effective April 3, 2019. For provisions of former section,
see
the 2018 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15A - Education Technology Equipment › Section 6-15A-1 - Short title.

Chapter 6, Article 15A NMSA 1978 may be cited as the "Education Technology Equipment Act".
History:
Laws 1997, ch. 193, § 1; 2015, ch. 68, § 1.
ANNOTATIONS
Cross references.
— For restrictions on school district indebtedness,
see
N.M. Const., art. IX, § 11.
The 2015 amendment,
effective July 1, 2015, changed the statutory reference of the Education Technology Equipment Act from "Sections 1 through 16 of this act" to "Chapter 6, Article 15A NMSA 1978".
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15A - Education Technology Equipment › Section 6-15A-2 - Purpose.

The purpose of the Education Technology Equipment Act is to implement the provision of Article IX, Section 11 of the constitution of New Mexico, as approved by the voters of the state of New Mexico at the general election held in November, 1996, which declares that a school district may create a debt under the constitution of New Mexico by entering into a lease-purchase arrangement to acquire education technology equipment without submitting the proposition to a vote of the qualified electors of the school district.
History:
Laws 1997, ch. 193, § 2.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15A - Education Technology Equipment › Section 6-15A-4 - Notice of proposed lease-purchase arrangements.

When a school district contemplates entering into a lease-purchase arrangement payable in whole or in part from ad valorem taxes, the local school board, before initiating any proceedings for approval of such lease-purchase arrangement, shall forward to the school budget planning unit of the state department of public education, a written notice of the proposed lease-purchase arrangement.
History:
Laws 1997, ch. 193, § 4.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15A - Education Technology Equipment › Section 6-15A-5 - School budget planning unit of the state department of public education to furnish information, transcripts of proceedings and disposition.

The school budget planning unit of the state department of public education, upon the receipt of the notice mentioned in Section 4 [6-15A-4 NMSA 1978] of the Education Technology Equipment Act shall furnish all necessary information with reference to the valuation, present outstanding bonded indebtedness, present outstanding lease-purchase arrangements and limitations as to tax rates and debt contracting power and other information useful to the local school board in the consideration of a proposed lease-purchase arrangement. Upon entering into a lease-purchase arrangement, the local school board shall prepare two true and complete transcripts of proceedings relating to the lease-purchase arrangement, one to be immediately filed with the school budget planning unit of the [state] department of public education and one to be kept by the local school board.
History:
Laws 1997, ch. 193, § 5.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.