Subject to the provisions of this article the boards of county commissioners of the several counties in this state are hereby authorized to issue bonds for the construction and repair of roads and bridges within the limits of their respective counties to an amount, which including the existing indebtedness of said counties, shall not exceed four per centum on the value of the taxable property within any such county, as shown by the last preceding assessment for state and county taxes.
History: Laws 1912, ch. 79, § 1; Code 1915, § 2683; C.S. 1929, § 64-901; 1941 Comp., § 58-501; 1953 Comp., § 55-5-1.
Meaning of "this article". — The term "this article," inserted by the 1915 Code compilers, refers to Laws 1915, ch. 52, art. VI, §§ 2683 to 2689, the provisions of which are presently compiled as 67-6-1 to 67-6-7 NMSA 1978.
County highway bonds issued to match federal fund for repair of roads not classified as county roads. — 1974 Op. Att'y Gen. No. 74-27.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations §§ 500 to 505.
Structure New Mexico Statutes
Article 6 - County Highways and Bridge Bonds
Section 67-6-1 - [Bond issue by county commissioners; limitation.]
Section 67-6-2 - [Aggregate amount; denominations; interest; date of maturity; prior redemption.]
Section 67-6-3 - [Petition for bond issue; election call; ballots.]
Section 67-6-4 - [Election on bond issue; conduct; returns; limitation on frequency.]
Section 67-6-5 - [Taxation; general fund; interest fund.]
Section 67-6-6 - [County highway sinking fund; payment of bond principal and interest.]
Section 67-6-7 - [Proceeds of bonds; payment into county road fund.]