New Mexico § 5-11-24 - Dissolution of district
Full text of New Mexico New Mexico Statutes Annotated § 5-11-24 — Dissolution of district, with citation guidance and answers to common questions.
§ 5-11-24. Dissolution of district
A. The district shall be dissolved by the district board by a resolution of the district
board upon a determination that each of the following conditions exist: (1) all improvements owned by the district have been, or provision has been made for
all improvements to be, conveyed to the municipality or county in which the district
is located; (2) either the district has no outstanding bond obligations or the municipality or
county has assumed all of the outstanding bond obligations of the district; and (3) all obligations of the district pursuant to any development agreement with the
municipality or county have been satisfied. B. All property in the district that is subject to the lien of district taxes or special
levies shall remain subject to the lien for the payment of general obligation bonds
and special levy bonds, notwithstanding dissolution of the district. The district shall not be dissolved if any revenue bonds of the district remain
outstanding unless an amount of money sufficient, together with investment income
thereon, to make all payments due on the revenue bonds either at maturity or prior
redemption has been deposited with a trustee or escrow agent and pledged to the payment
and redemption of the bonds. The district may continue to operate after dissolution only as needed to collect
money and make payments on any outstanding bonds.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 5-11-24
What does New Mexico Statutes Annotated § 5-11-24 cover?
Section 5-11-24 ("Dissolution of district") 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 § 5-11-24?
A common citation format is "New Mexico Statutes Annotated § 5-11-24" (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 § 5-11-24 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.