A. The vote upon each question proposing to issue negotiable bonds shall be canvassed as provided in the Local Election Act [N.M. Stat. Ann. Chapter 1, Article 22], and the municipal clerk shall file the certificate of canvass in the official minute book of the municipality.

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B. If a majority of those voting on the question favors the creation of the debt, the governing body of the municipality may proceed to issue the negotiable bonds.