New Mexico § 16-5-9 - Authority of commission to incur indebtedness
Full text of New Mexico New Mexico Statutes Annotated § 16-5-9 — Authority of commission to incur indebtedness, with citation guidance and answers to common questions.
§ 16-5-9. Authority of commission to incur indebtedness
A. The commission has authority to incur indebtedness for the following purposes: (1) expenditures to make emergency repairs, replacements or additions to the railroad's
equipment or facilities; and (2) capital expenditures for development, improvement and acquisition of facilities
and equipment for the railroad. B. Before the authority to incur indebtedness may be exercised, a majority of the
commission members shall vote in favor of a resolution that: (1) specifies the amount of indebtedness to be incurred; (2) specifies in detail the purposes for the loan; and (3) authorizes the chairman of the commission to execute all documents on behalf of
the commission to incur the indebtedness by negotiating a loan from a financial institution. C. The total indebtedness existing at any time under the authority granted in this
section shall not exceed two hundred fifty thousand dollars ($250,000). D. Any indebtedness incurred under the authority of this section shall not create
a debt of the state or pledge the general credit of the state or commission. It shall not constitute personal indebtedness of any member of the commission. Except as provided in Subsection E of this section, the indebtedness shall not be
secured by any type of security interest in the real or personal property of the railroad,
nor shall that property be subject to any legal process to satisfy a judgment for
the indebtedness in the event of nonpayment of the indebtedness. E. The commission may pledge as security for the repayment of indebtedness incurred
and outstanding under the authority of this section all of the railroad user fees
authorized to be charged under Section 5 of the Cumbres and Toltec Scenic Railroad
Act.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 16-5-9
What does New Mexico Statutes Annotated § 16-5-9 cover?
Section 16-5-9 ("Authority of commission to incur indebtedness") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 16-5-9?
A common citation format is "New Mexico Statutes Annotated § 16-5-9" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 16-5-9 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.