When any county, city, town, village or school district of the state shall have in contemplation the issuance of any bonds payable in whole or in part from ad valorem taxes, the governing authority thereof shall, before initiating any proceedings for such issue, forward to the local government division, or public school finance division, of the department of finance and administration [office of education of the department of finance and administration], a notice of such proposal in writing.
History: Laws 1925, ch. 131, § 1; C.S. 1929, § 33-3801; Laws 1935, ch. 91, § 1; 1941 Comp., § 7-614; 1953 Comp., § 11-6-13; Laws 1959, ch. 127, § 1.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Laws 1977, ch. 246, § 69, abolished the public school finance division of the department of finance and administration, and Laws 1977, ch. 246, § 3, compiled as 9-4-3 NMSA 1978, established the public school finance division of the educational finance and cultural affairs department. Laws 1980, ch. 151, § 58, repealed 9-4-3 NMSA 1978, while Laws 1980, ch. 151, § 47, compiled as 22-8-3 NMSA 1978, established the public school finance division of the department of finance and administration. Laws 1983, ch. 301, § 69, amended 22-8-3 NMSA 1978 to create the office of education within the department of finance and administration.
Failure of notice not sufficient to enjoin issue. — Failure to notify state tax commission of proposed issue of school bonds and to obtain information as to valuation was not sufficient cause for enjoining the issue. White v. Curry Cnty. Bd. of Educ., 1932-NMSC-026, 36 N.M. 177, 10 P.2d 590 (decided under former law).
Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations § 124.
20 C.J.S. Counties § 221; 64 C.J.S. Municipal Corporations § 1658; 79 C.J.S. Schools and School Districts § 362; 87 C.J.S. Towns § 220.
Structure 2021 New Mexico Statutes
Article 15 - Finances of Counties, Municipalities and School Districts
Section 6-15-1 - Bonds payable from ad valorem taxes; notice of proposed issuance.
Section 6-15-3 - Bonds; forms; interest; maturities.
Section 6-15-4 - Tax levy for payment of bonds.
Section 6-15-5 - Sale of bonds.
Section 6-15-6 - [Bids for bonds refused; return of deposits.]
Section 6-15-7 - Maturity date of bonds; limitation.
Section 6-15-8 - ["Municipal corporation" as used in Sections 6-15-3 to 6-15-8 NMSA 1978 defined.]
Section 6-15-9 - Bonds authorized at election; time limit on issuance; exceptions.
Section 6-15-10 - Unissued bonds authorized at election; when void; exceptions.
Section 6-15-12 - Ordinance or resolution for refunding bonds; contents; maturities.
Section 6-15-13 - Execution of refunding bonds; interest coupons; mode of payment; installments.
Section 6-15-14 - Levy of taxes to pay annual installments and interest.
Section 6-15-15 - Exchange for bonds to be refunded; sales.
Section 6-15-16 - [Record of refunding bonds.]
Section 6-15-17 - [Retired refunding bonds to be destroyed.]
Section 6-15-18 - [Bonds surrendered for refunding; record; destruction.]
Section 6-15-19 - [Definition of terms.]
Section 6-15-20 - Application of bond proceeds; procedures; limitations.
Section 6-15-21 - Contributions securing payment of bonds.
Section 6-15-22 - Creation of sinking funds to secure payment of bonds.