New Mexico § 73-11-3 [Special election to authorize sale of bonds at less than

New Mexico Statutes

§ 73-11-3 — [Special election to authorize sale of bonds at less than

New Mexico § 73-11-3

Ch. 73Special Districts

Art. 11Irrigation Districts Cooperating with United States

This text of New Mexico § 73-11-3 ([Special election to authorize sale of bonds at less than) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 73-11-3 (2026).

Text

ninety-five percent par value.] If any irrigation district bonds have been authorized and the board of directors of said district deem it as desirable that the said board be authorized to sell said bonds for less than ninety-five percent of the par value thereof, said board may call a special election to submit to the voters of the district said proposition. Such election shall be held, and notice thereof shall be given in the same manner as is provided in the case of a special election to authorize the issuance of bonds for irrigation districts. The proposition shall be stated in substantially the following form: "Shall the board of directors of . . . . . . . . irrigation district be authorized to sell bonds of the district for less than ninety-five percent of the par value thereof, but n

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ninety-five percent par value.] If any irrigation district bonds have been authorized and the board of directors of said district deem it as desirable that the said board be authorized to sell said bonds for less than ninety-five percent of the par value thereof, said board may call a special election to submit to the voters of the district said proposition. Such election shall be held, and notice thereof shall be given in the same manner as is provided in the case of a special election to authorize the issuance of bonds for irrigation districts. The proposition shall be stated in substantially the following form: "Shall the board of directors of . . . . . . . . irrigation district be authorized to sell bonds of the district for less than ninety-five percent of the par value thereof, but not less than . . . . . . . . percent of the par value?" (Stating the minimum price), followed by the word "yes" or "no," as provided in Section 6 [73-10-6 NMSA 1978] of said Chapter 20. If at least two-thirds of the legal votes cast at such election are for "yes," then the board of directors may sell any such bonds to the highest responsible bidder, at or above the minimum price authorized at such election.