The state may borrow money not exceeding the sum of two hundred thousand dollars [($200,000)] in the aggregate to meet casual deficits or failure in revenue, or for necessary expenses. The state may also contract debts to suppress insurrection and to provide for the public defense.[1]
State Indebtedness; Purposes
N.M. Const. art. IX, § 7 — under State, County and Municipal Indebtedness.
N.M. Const. art. IX, § 7
State Indebtedness; Purposes