Section 72-17-44 - Issuance of bonds and incurrence of debt.
72-17-44. Issuance of bonds and incurrence of debt.
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 nor any other indebtedness not payable in full within one year, except for interim debentures as provided in Sections 46, 89, 90, and 91 [72-17-46, 72-17-89 to 72-17-91 NMSA 1978] hereof, shall be created by the authority without first submitting a proposition of issuing such bonds to the taxpaying electors of the authority and being approved by a majority of such electors voting thereon at an election held for that purpose in accordance with Sections 28 to 34 [72-17-28 to 72-17-34 NMSA 1978], both inclusive, of this act, and all laws amendatory thereof and supplemental thereto. Bonds so authorized may be issued in one series or more and may mature at such time or 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 twelve million five hundred thousand dollars ($12,500,000), without prior approval of the state legislature.