New Mexico Statutes
Article 49 - Bonds for Courthouses, Jails, Bridges, Hospitals and Libraries
Section 4-49-7 - General obligation bonds; authority to issue.

The boards of county commissioners may issue the general obligation bonds of the county in any sum necessary, not greater than four percent, inclusive of all other bonded indebtedness, of the assessed value of the taxable property of the county, for the purpose of building courthouses, jails, bridges, hospitals, public libraries, facilities for the holding of county fairs, cultural facilities, purchasing books or other library resources, building juvenile detention homes, athletic facilities, parking structures, administrative facilities, facilities for housing equipment, repairing equipment and servicing equipment and sewerage facilities, constructing or repairing public roads and for construction and acquisition of water, sewer or sanitary landfill systems and airports.
History: 1953 Comp., § 15-49-6.2, enacted by Laws 1973, ch. 400, § 2; 1975, ch. 84, § 2; 1976, ch. 42, § 2; 1979, ch. 137, § 2; 1983, ch. 184, § 3; 1985, ch. 50, § 2; 1991, ch. 89, § 2.
Cross references. — For hospital funding, see 4-48B-1 NMSA 1978 et seq.
For restrictions on county indebtedness, see N.M. Const., art. IX, § 10.
For bonds for juvenile detention homes, see 33-6-1, 33-6-2 NMSA 1978.
The 1991 amendment, effective June 14, 1991, inserted "purchasing books or other library resources, building" near the middle of the section.
Proper expenditures from bond proceeds. — In addition to actual construction-related costs, the proceeds of general obligation bond issues of a county may be expended only for the purchase of the construction site and for equipment which becomes an integral part of the building being constructed (i.e., fixtures) or which is of a permanent or nondepletable nature and reasonably necessary to the use of the building for its intended purpose (e.g., beds, mattresses and other permanent furnishings). 1980 Op. Att'y Gen. No. 80-02.

Structure New Mexico Statutes