New Mexico § 5-5-9 - Limitations upon incurring debts
Full text of New Mexico New Mexico Statutes Annotated § 5-5-9 — Limitations upon incurring debts, with citation guidance and answers to common questions.
§ 5-5-9. Limitations upon incurring debts
No general obligation bonds or other evidences of indebtedness, the payment of which
is secured wholly or in part by a pledge of any proceeds of general ad valorem property
taxes or to which the full faith and credit of a municipality are pledged, shall be
issued, except as follows: A. a county shall so borrow money only for the purpose of erecting necessary public
buildings in connection with any project, and in any such case only after the proposition
to create such debt shall have been submitted at a general or special election to
the qualified electors of the county and approved by a majority of those voting thereon; B. a city shall so contract any such debt only by an ordinance that shall be irrepealable
until the indebtedness therein provided for shall have been fully paid or discharged
and that shall specify the purposes to which the funds to be raised shall be applied. No such debt shall be created unless the question of incurring the debt shall, at
a regular election for councilmen or other officers of the city, have been submitted
to a vote of the qualified electors thereof and a majority of those voting on the
question shall have voted in favor of creating the debt; and C. no municipality shall ever become indebted to an amount in the aggregate, including
existing indebtedness, exceeding four percent on the value of the taxable property
within the municipality as shown by the last preceding assessment for state or county
taxes, but excluding debts contracted by a city for the construction or purchase of
a system for supplying water or of a sewer system for the city; and all bonds or
obligations issued in excess of that amount shall be void.
Frequently Asked Questions About New Mexico § 5-5-9
What does New Mexico Statutes Annotated § 5-5-9 cover?
Section 5-5-9 ("Limitations upon incurring debts") 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 § 5-5-9?
A common citation format is "New Mexico Statutes Annotated § 5-5-9" (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 § 5-5-9 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.