New Mexico Statutes 22-19B-3. Definitions
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As used in the School District Bond Anticipation Notes Act:
Terms Used In New Mexico Statutes 22-19B-3
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
A. “bond anticipation note” means a security evidencing an obligation of the school district that precedes the issuance of general obligation bonds; and
B. “general obligation bond” means indebtedness issued by a school district that constitutes a debt for the purpose of Article 9, § 11 of the constitution of New Mexico.