§ 73-21-28 — Board resolution; indebtedness; election

Whenever the board shall, by resolution, determine that the interest of the district and the public interest or necessity demand the acquisition, construction, installation or completion of any works or other improvements or facilities, or the making of any contract with the United States or other persons or corporations, to carry out the objects or purposes of the district, requiring the creation of a general obligation indebtedness of five thousand dollars ($5,000) or more, secured by property tax revenue from within the district, the board shall order the submission of the proposition of issuing the obligations or bonds or creating other indebtedness to the qualified electors of the district at a district election held in accordance with the provisions of the Local Election Act [Chapter 1, Article 22 NMSA 1978]. The declaration of public interest or necessity required in this section and the provision for the holding of the election may be included within one and the same resolution. The resolution, in addition to the declaration of public interest or necessity, shall recite the objects and purposes for which the indebtedness is proposed to be incurred, the estimated cost of the works or improvements, as the case may be, the amount of principal of the indebtedness to be incurred and the maximum rate of interest to be paid on the indebtedness. The resolution shall also announce the date upon which the election shall be held; provided that the date is not in conflict with the provisions of Section 1-24-1 NMSA 1978.

Legislative History

1941 Comp., § 77-3425, enacted by Laws 1943, ch. 80, § 25; 1953 Comp., §