If a majority of the votes cast are in favor of disincorporation, the municipality shall be disincorporated after provision has been made for payment of its current indebtedness, contracts and obligations, and for levying the requisite tax to do so. The current indebtedness, contracts and obligations do not include funded or bonded indebtedness nor any contract whose termination date is more than one year beyond the date the election was held.
History: 1953 Comp., ยง 14-4-4, enacted by Laws 1965, ch. 300.
Structure New Mexico Statutes
Article 4 - Disincorporation of Municipality
Section 3-4-1 - Disincorporation; petition; notice of election.
Section 3-4-2 - Disincorporation; ballots.
Section 3-4-3 - Disincorporation; conduct of election.
Section 3-4-4 - Disincorporation; vote required; effect on debts and contracts.
Section 3-4-5 - Disposition of records after disincorporation; pending business.
Section 3-4-6 - Notice of disincorporation; publication.
Section 3-4-7 - Disincorporation; care of property; manager; disposition of funds.
Section 3-4-8 - Income from property of a disincorporated municipality.