Article IX — State, County and Municipal Indebtedness
16 sections · 0 paragraphs in this article.
N.M. Const. art. IX, § 1 Debts of Territory and Its Counties Assumed
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The state hereby assumes the debts and liabilities of the territory of New Mexico, and the debts of the counties thereof, which were valid and subsisting on June twentieth, nineteen hundred and ten, and pledges its faith and credit for the payment thereof. The legislature shall, …
N.M. Const. art. IX, § 2 Payment of County Debts by Another County
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No county shall be required to pay any portion of the debt of any other county so assumed by the state, and the bonds of Grant and Santa Fe counties which were validated, approved and confirmed by act of congress of January sixteenth, eighteen hundred and ninety-seven, shall be p…
N.M. Const. art. IX, § 3 State Refunding Bonds for Assumed Debts
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The bonds authorized by law to provide for the payment of such indebtedness shall be issued in three series, as follows:
N.M. Const. art. IX, § 4 Sale of Lands for Certain Bond Payments
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The proper officers of the state shall, as soon as practicable, select and locate the one million acres of land granted to the state by congress for the payment of the said bonds of Grant and Santa Fe counties, and sell the same or sufficient thereof to pay the interest and princ…
N.M. Const. art. IX, § 5 Remission of County Debts to State Prohibited
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The legislature shall never enact any law releasing any county, or any of the taxable property therein, from its obligation to pay to the state any moneys expended by the state by reason of its assumption or payment of the debt of such county.[1]
N.M. Const. art. IX, § 6 Militia Warrants
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No law shall ever be passed by the legislature validating or legalizing, directly or indirectly, the militia warrants alleged to be outstanding against the territory of New Mexico, or any portion thereof; and no such warrant shall be prima facie or conclusive evidence of the vali…
N.M. Const. art. IX, § 7 State Indebtedness; Purposes
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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 defens…
N.M. Const. art. IX, § 8 State Indebtedness; Restrictions
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A. No debt other than those specified in the preceding section shall be contracted by or on behalf of this state, unless authorized by law for some specified work or object; which law shall provide for an annual tax levy sufficient to pay the interest and to provide a sinking fun…
N.M. Const. art. IX, § 9 Use of Borrowed Funds
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Any money borrowed by the state, or any county, district or municipality thereof, shall be applied to the purpose for which it was obtained, or to repay such loan, and to no other purpose whatever.[1]
N.M. Const. art. IX, § 10 County Indebtedness; Restrictions
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No county shall borrow money except for the following purposes: A. erecting, remodeling and making additions to necessary public buildings; B. constructing or repairing public roads and bridges and purchasing capital equipment for such projects; C. constructing or acquiring a sys…
N.M. Const. art. IX, § 11 School District Indebtedness; Restrictions
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A. Except as provided in Subsection C of this section, no school district shall borrow money except for the purpose of erecting, remodeling, making additions to and furnishing school buildings or purchasing or improving school grounds or any combination of these purposes, and in …
N.M. Const. art. IX, § 12 Municipal Indebtedness; Restrictions
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No city, town or village shall contract any debt except by an ordinance, which shall be irrepealable until the indebtedness therein provided for shall have been fully paid or discharged, and which shall specify the purposes to which the funds to be raised shall be applied, and wh…
N.M. Const. art. IX, § 13 County and Municipal Debt Limit; Exceptions
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No county, city, town or village shall ever become indebted to an amount in the aggregate, including existing indebtedness, exceeding four per centum on the value of the taxable property within such county, city, town or village, as shown by the last preceding assessment for stat…
N.M. Const. art. IX, § 14 Aid to private enterprise; veterans' scholarship programs; student loans; job opportunities; affordable housing
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Neither the state nor any county, school district or municipality, except as otherwise provided in this constitution, shall directly or indirectly lend or pledge its credit or make any donation to or in aid of any person, association or public or private corporation or in aid of …
N.M. Const. art. IX, § 15 State and Local Refunding Bonds
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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]
N.M. Const. art. IX, § 16 State Highway Bonds
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Laws enacted by the fifth legislature authorizing the issue and sale of state highway bonds for the purpose of providing funds for the construction and improvement of state highways and to enable the state to meet and secure allotments of federal funds to aid in construction and …