New Mexico Constitution Article IX § 7 – State indebtedness; purposes
The state may borrow money not exceeding the sum of two hundred thousand dollars [($200,000)] in the aggregate to meet casual deficits or failure in revenue, or for necessary expenses. The state may also contract debts to suppress insurrection and to provide for the public defense.
Terms Used In New Mexico Constitution Article IX § 7 - State indebtedness; purposes
- Contract: A legal written agreement that becomes binding when signed.