The authority is authorized to borrow money in anticipation of taxes or other revenues, or both, and to issue bonds to evidence the amount so borrowed. No bonded indebtedness or any other indebtedness not payable in full within one year, except for interim debentures as provided in Sections 72-16-46 and 72-16-89 through 72-16-91 NMSA 1978, shall be created by the authority without first submitting a proposition of issuing the bonds to the qualified electors of the authority and being approved by a majority of electors voting at an election held for that purpose in accordance with Sections 72-16-28 through 72-16-34 NMSA 1978 and all laws amendatory thereof and supplemental thereto. Bonds so authorized may be issued in one series or more and may mature at such times not exceeding forty years from their issuance as the board may determine. The total of all outstanding indebtedness at any one time shall not exceed eighty million dollars ($80,000,000) without prior approval of the state legislature.
History: 1953 Comp., § 75-36-44, enacted by Laws 1963, ch. 311, § 44; 1973, ch. 171, § 1; 1985, ch. 190, § 13; 1997, ch. 87, § 1; 2007, ch. 352, § 1.
The 2007 amendment, effective June 15, 2007, increased the maximum total indebtedness from $40,000,000 to $80,000,000.
The 1997 amendment, effective June 20, 1997, substituted "forty million dollars ($40,000,000)" for "twenty million dollars ($20,000,000)" in the last sentence.
The 1985 amendment, effective June 14, 1985, substituted "or any other indebtedness" for "nor any other indebtedness" and "Sections 72-16-46 and 72-16-89 through 72-16-91 NMSA 1978" for "Sections 46, 89, 90 and 91 hereof" near the beginning, "qualified electors" for "taxpaying electors" near the middle, and "Sections 72-16-28 through 72-16-34 NMSA 1978" for "Sections 28 to 34, both inclusive of this act" near the end of the second sentence.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations § 24.
Structure New Mexico Statutes
Article 16 - Albuquerque Metropolitan Arroyo Flood Control
Section 72-16-1 - Short title.
Section 72-16-2 - Legislative declaration.
Section 72-16-3 - Decision of board or governing body final.
Section 72-16-4 - Definitions.
Section 72-16-5 - Creation of authority.
Section 72-16-6 - Boundaries of authority.
Section 72-16-7 - Provision for remonstrances.
Section 72-16-8 - Board of directors.
Section 72-16-9 - Appointment of first board.
Section 72-16-10 - Election of directors.
Section 72-16-11 - Nomination of directors.
Section 72-16-12 - Filling vacancies on board.
Section 72-16-13 - Organizational meetings.
Section 72-16-14 - Board's administrative powers.
Section 72-16-15 - Records of board.
Section 72-16-16 - Meetings of board.
Section 72-16-16.1 - Joint powers agreement authorized.
Section 72-16-17 - Compensation of directors.
Section 72-16-18 - Interest in contracts and property disqualifications.
Section 72-16-19 - Flood control system; hearings thereon.
Section 72-16-20 - Implementing powers.
Section 72-16-21 - Protection of property rights.
Section 72-16-22 - Additional powers of the authority.
Section 72-16-23 - Levy and collection of taxes.
Section 72-16-24 - Levies to cover deficiencies.
Section 72-16-25 - Sinking fund.
Section 72-16-26 - Manner of levying and collecting taxes.
Section 72-16-27 - Delinquent taxes.
Section 72-16-35 - Dissolution of authority.
Section 72-16-36 - Filing of dissolution resolution.
Section 72-16-37 - Disposition of property, funds and taxes of authority.
Section 72-16-38 - Powers of public bodies.
Section 72-16-39 - Effect of extraterritorial functions.
Section 72-16-40 - Forms of borrowing.
Section 72-16-41 - Issuance of notes.
Section 72-16-42 - Issuance of warrants.
Section 72-16-43 - Maturities of notes and warrants.
Section 72-16-44 - Issuance of bonds and incurrence of debt.
Section 72-16-45 - Issuance of temporary bonds.
Section 72-16-46 - Issuance of interim debentures.
Section 72-16-47 - Payment of securities.
Section 72-16-48 - Additionally secured securities.
Section 72-16-49 - Pledge of revenues.
Section 72-16-50 - Ranking among different issues.
Section 72-16-51 - Ranking among securities of same issue.
Section 72-16-52 - Payment recital in securities.
Section 72-16-53 - Incontestable recital in securities.
Section 72-16-54 - Limitations upon payment of securities.
Section 72-16-55 - Limitations upon incurring any debt.
Section 72-16-56 - Security details.
Section 72-16-57 - Capitalization of costs.
Section 72-16-58 - Other security details.
Section 72-16-59 - Reissuance of securities.
Section 72-16-60 - Negotiability.
Section 72-16-61 - Single bonds.
Section 72-16-62 - Lost or destroyed securities.
Section 72-16-63 - Execution of securities.
Section 72-16-64 - Interest coupons.
Section 72-16-65 - Facsimile signatures.
Section 72-16-66 - Facsimile seal.
Section 72-16-67 - Signatures of predecessors in office.
Section 72-16-68 - Facsimile signatures of predecessors.
Section 72-16-69 - Repurchase of securities.
Section 72-16-70 - Customary provisions.
Section 72-16-71 - Sale of securities.
Section 72-16-72 - Sale discount or commission prohibited.
Section 72-16-73 - Application of proceeds.
Section 72-16-74 - Use of unexpended proceeds.
Section 72-16-75 - Validity unaffected by use of proceeds.
Section 72-16-76 - Covenants in security proceedings.
Section 72-16-77 - Remedies of security holders.
Section 72-16-78 - Limitations upon liabilities.
Section 72-16-79 - Cancellation of paid securities.
Section 72-16-80 - Interest after maturity.
Section 72-16-81 - Refunding bonds.
Section 72-16-82 - Method of issuance.
Section 72-16-83 - Limitations upon issuance.
Section 72-16-84 - Use of refunding bond proceeds.
Section 72-16-85 - Payment of refunding bonds.
Section 72-16-86 - Combination of refunding and other bonds.
Section 72-16-87 - Supplemental provisions.
Section 72-16-88 - Board's determination final.
Section 72-16-89 - Issuance of interim debentures and pledge of bonds as collateral security.
Section 72-16-90 - Interim debentures not to be extended.
Section 72-16-92 - Publication of resolution or proceedings.
Section 72-16-93 - Failure to contest legality constitutes bar.
Section 72-16-94 - Confirmation of contract proceedings.
Section 72-16-95 - Review and judgment of court.
Section 72-16-96 - Purpose of tax exemptions.
Section 72-16-97 - Property exempt from general taxes.
Section 72-16-98 - Securities and income therefrom exempt.
Section 72-16-99 - Freedom from judicial process.
Section 72-16-100 - Resort to judicial process.
Section 72-16-101 - Legal investments in securities.