Whenever the governing board of any state institution, by affirmative vote of a majority of its members duly entered in the minutes of the board, determines by resolution that it is necessary to erect, purchase or otherwise acquire, alter, improve, furnish or equip any buildings or structures at the institution, or acquire land for its use, or to retire the whole or any part of any series of bonds previously issued in conformity with law, or for any of these purposes, the board may issue and sell bonds of the state institution as provided by the Institution Bond Act.
History: 1941 Comp., § 6-256, enacted by Laws 1949, ch. 121, § 3; 1953 Comp., § 11-9-4, compiled and amended by Laws 1963, ch. 298, §§ 2, 4.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations § 36.
81A C.J.S. States § 252.
Structure New Mexico Statutes
Article 13 - Institution Bonds
Section 6-13-2 - State institutions.
Section 6-13-3 - General borrowing authority.
Section 6-13-4 - General bonding authority.
Section 6-13-5 - Bonds; form; terms.
Section 6-13-6 - [Sale of bonds.]
Section 6-13-7 - [Proceeds from sale of bonds; building and improvement fund; expenditures.]
Section 6-13-8 - [Interest and retirement fund; establishment; purpose.]
Section 6-13-9 - [Pledge of income from permanent funds of state institutions.]
Section 6-13-11 - Bond payment.
Section 6-13-13 - [Bonds issued in series.]
Section 6-13-14 - [Limitation on amount of issue.]
Section 6-13-15 - [Exemption from taxation.]
Section 6-13-16 - [Funds derived from sale of bonds; restrictions on use.]
Section 6-13-17 - [Issuance and sale of bonds; approval of state board of finance.]
Section 6-13-18 - Security; priority of liens.
Section 6-13-19 - Refunding; purposes.
Section 6-13-20 - Refunding; issuance of bonds.
Section 6-13-21 - Refunding; conditions of bonds.
Section 6-13-22 - Refunding; escrowed proceeds.
Section 6-13-23 - Refunding; payment of bonds.
Section 6-13-24 - Refunding; bonds retired.
Section 6-13-25 - Refunding; priority of liens.