A. At a regular or special meeting called for the purpose of issuing revenue bonds as authorized in Section 4-62-1 NMSA 1978, the governing body may adopt an ordinance that:

(1) declares the necessity for issuing revenue bonds;

(2) authorizes the issuance of revenue bonds by an affirmative vote of two-thirds of all the members of the governing body; and

(3) designates the source of the pledged revenues.

B. If a majority of a five-member governing body, but fewer than four members, votes in favor of adopting the ordinance authorizing the issuance of revenue bonds, the ordinance is adopted but shall not become effective until the question of issuing the revenue bonds is submitted to a vote of the qualified electors for their approval at a special or regular county election. If an election is necessary, the election shall be conducted in the manner provided in Section 4-49-8 NMSA 1978. Notice of the election shall be given as provided in Section 4-49-8 NMSA 1978.

C. In addition and as alternative to adopting an ordinance as required by the provisions of Subsections A and B of this section, at a regular or special meeting called for the purpose of issuing revenue bonds as authorized in Section 4-62-1 NMSA 1978, the governing body may authorize the issuance and sale, from time to time, of revenue bonds in amounts not to exceed one million dollars ($1,000,000) at any one time to the New Mexico finance authority by adoption of a resolution that:

(1) declares the necessity for issuing and selling revenue bonds to the New Mexico finance authority;

(2) authorizes the issuance and sale of revenue bonds to the New Mexico finance authority by an affirmative vote of a majority of all the members of the governing body; and

(3) designates the source of the pledged revenues.

At the option of the governing body, revenue bonds in an amount in excess of one million dollars ($1,000,000) may be authorized by an ordinance adopted in accordance with Subsections A and B of this section and issued and sold to the New Mexico finance authority.

D. No ordinance or resolution may be adopted under the provisions of this section that uses as pledged revenues the county gross receipts tax for a purpose that would be inconsistent with the purpose for which that county gross receipts tax revenue was dedicated. Any revenue in excess of the amount necessary to meet all annual principal and interest payments and other requirements incident to repayment of the bonds may be transferred to any other fund of the county.

History: 1978 Comp., § 4-62-4, enacted by Laws 1992, ch. 95, § 4; 1995, ch. 141, § 10.

The 1995 amendment, effective April 5, 1995, added the language beginning "resolution" in the section heading, substituted "fewer" for "less" in the first sentence in Subsection B, added Subsection C, redesignated former Subsection C as Subsection D, and inserted "or resolution" in the first sentence in Subsection D.

Avoiding inconsistent use provision. — The use for bond debt payment of revenue previously dedicated by ordinance for road fund purposes may have been inconsistent with that prior dedication, a later ordinance repealed that dedication and provided by amended dedication that the revenue was to be used to pay bond debt. By repeal, the county eliminated any potential or actual inconsistent use of the revenue that might violate the inconsistent-use prohibition of Subsection D of 4-62-4 NMSA 1978. Lemire v. Board of Comm'rs of Cnty. of Chaves, 2002-NMCA-026, 131 N.M. 672, 41 P.3d 940, cert. denied, 131 N.M. 737, 42 P.3d 842.