New Mexico Statutes 6-19-9. General obligation bonds
A. The board of trustees may issue general obligation bonds of the district for the purposes of:
Terms Used In New Mexico Statutes 6-19-9
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(1) constructing, acquiring or purchasing property for a project;
(2) equipping, furnishing, remodeling or renovating property for a project;
(3) purchasing or acquiring real property deemed necessary for a project; and
(4) refunding outstanding general obligation bonded indebtedness.
B. The board of trustees shall comply with the requirements and procedures set forth in Section 6-15-1 N.M. Stat. Ann. with respect to the proposed issuance of general obligation bonds. The local government division of the department of finance and administration shall apply the procedures set forth in Section 6-15-2 N.M. Stat. Ann. to the proposed issuance of general obligation bonds by the district.