New Mexico § 5-3-9 - Cities of five thousand or more; authority; joint action with county; bond issue; election; form of bonds; installment payments; tax levy; estimate of cost

§ 5-3-9. Cities of five thousand or more; authority; joint action with county; bond issue; election; form of bonds; installment payments; tax levy; estimate of cost

A. Any incorporated city, town or village having a population of at least five thousand

shall have power to purchase, improve or erect public auditoriums or buildings of

a similar nature for general civic purposes, or to authorize the improvement or erection

of public auditoriums or buildings of a similar nature by agreement with the officers

of the county in which the municipality is located, and shall have power to issue

and sell bonds for the purposes herein mentioned. Provided, that the total indebtedness of any such city, town or village shall not

exceed the percentage now provided by law of the value of the taxable property therein

as shown by the last preceding assessment for state or county taxes. If a majority of all the legal votes cast at a legal election shall be in favor

of the issuance of the bonds, it shall be the duty of the authorities of the city,

town or village to have the bonds issued as soon as practicable. B. Any bonds, lawfully issued, may be issued in serial form or in form of term bonds,

and consistent with convenient denominations, the principal of the serial bonds shall

be payable serially either in substantial equal annual installments, or in such annual

installments as to require a substantially equal levy for principal and interest each

year until all the bonds of the issue have been paid in full. Provided, that the first installment shall be payable in not more than five years

and the final installment shall be payable in not more than thirty years after the

date of the bonds. The bonds shall bear interest at the rate of not to exceed six percent a year, payable

either annually or semiannually. The interest payments may be evidenced by coupons in the usual form, payable upon

presentation in such place as may be provided in the bonds. C. After the bonds are duly issued and sold, a special tax shall be levied upon all

property within the city, town or village each year until the bonds and interest shall

be paid in full. The special tax shall be levied and collected in the same manner as other taxes

are levied and collected, sufficient to pay interest thereon and that portion of principal

or sinking fund which may be necessary for the payment due upon the bonds during the

succeeding year as provided in this section. D. No election shall be called to vote upon any bond issue until the city, town or

village engineer or some other competent engineer shall have filed, under oath, with

the clerk or other proper officer of the city, town or village, a carefully prepared

estimate of the approximate cost of the proposed improvement to be made, and no bonds

shall be issued in excess of the estimate. It shall be the duty of the proper authorities of the city, town or village to provide

by ordinance for the levy, collection and payment of a sufficient amount of money

each year to meet the interest, sinking fund and principal requirements of the bonds

and the ordinance shall not be repealed until the bonds and interest are paid in full.