New Mexico Statutes 22-19B-6. Limitations on issuance of bond anticipation notes
Bond anticipation notes shall not be issued:
Terms Used In New Mexico Statutes 22-19B-6
- 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. unless the general obligation bonds for which bond anticipation notes are contemplated have been authorized at an election as required by Article 9, § 11 of the constitution of New Mexico;
B. in a principal amount in excess of the amount of the general obligation bonds authorized to be issued at an election or, if some portion of the bonds authorized at that election have been issued, in a principal amount in excess of the amount of the authorized but unissued general obligation bonds;
C. in a principal amount in excess of the amount of outstanding general obligation bonds of the school district maturing within one year of the date of issuance of the bond anticipation notes; and
D. unless the proceeds of the bond anticipation notes are to be used for the same purpose for which the general obligation bonds are authorized.