Nothing in this article shall be construed to prohibit the issue of bonds for the purpose of paying or refunding any valid state, county, district or municipal bonds and it shall not be necessary to submit the question of the issue of such bonds to a vote as herein provided.[1]
State and Local Refunding Bonds
N.M. Const. art. IX, § 15 — under State, County and Municipal Indebtedness.
N.M. Const. art. IX, § 15
State and Local Refunding Bonds