New Mexico Const. art. IX, § 13

New Mexico Constitution

Article IX, § 13 — County and municipal debt limit; exceptions

New Mexico Const. art. IX, § 13 (County and municipal debt limit; exceptions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

JurisdictionNew Mexico DocumentConstitution

ArticleIX

Section§ 13

CitationNew Mexico Const. art. IX, § 13

Bluebook

N.M. Const. art. IX, § 13.

Full Text

No county, city, town or village shall ever become indebted to an amount in the aggregate, including existing indebtedness, exceeding four per centum on the value of the taxable property within such county, city, town or village, as shown by the last preceding assessment for state or county taxes; and all bonds or obligations issued in excess of such amount shall be void; provided, that any city, town or village may contract debts in excess of such limitation for the construction or purchase of a system for supplying water, or of a sewer system, for such city, town or village.

Add this to your briefcase to access full text.

No county, city, town or village shall ever become indebted to an amount in the aggregate, including existing indebtedness, exceeding four per centum on the value of the taxable property within such county, city, town or village, as shown by the last preceding assessment for state or county taxes; and all bonds or obligations issued in excess of such amount shall be void; provided, that any city, town or village may contract debts in excess of such limitation for the construction or purchase of a system for supplying water, or of a sewer system, for such city, town or village.