Statutes > New Mexico Statutes > Chapter 6 - Public Finances. > Article 15 - Finances of Counties, Municipalities and School Districts, 6-15-1 through 6-15-28. > Section 6-15-1 - Bonds payable from ad valorem taxes; notice of proposed issuance.

Section 6-15-1 - Bonds payable from ad valorem taxes; notice of proposed issuance.

6-15-1. Bonds payable from ad valorem taxes; notice of proposed issuance.

When any county, city, town, village or school district of the state shall have in contemplation the issuance of any bonds payable in whole or in part from ad valorem taxes, the governing authority thereof shall, before initiating any proceedings for such issue, forward to the local government division, or public school finance division, of the department of finance and administration [office of education of the department of finance and administration], a notice of such proposal in writing.