In all cases where bond issues by the school districts, counties or municipalities have been authorized by special election and the bonds have not been issued within four years, the time allowed in Section 6-15-9 NMSA 1978 from the date of the special election authorizing the proposed issue, the proposed bond issue is void, except where issued for refunding bonded debt or for payment of judgments against the school district, county or municipality. Such bonds may be sold to the United States or to the state at private sale in any case in which the state or the United States has made an offer to purchase the bonds and the offer was accepted prior to the expiration of the four-year period allowed in Section 6-15-9 NMSA 1978.

History: Laws 1933, ch. 114, § 2; 1934 (S.S.), ch. 12, § 2; 1941 Comp., § 7-623; 1953 Comp., § 11-6-22; Laws 1959, ch. 358, § 2; 1987, ch. 172, § 2; 1999, ch. 232, § 4; 2003, ch. 188, § 2.

The 2003 amendment, effective June 20, 2003, substituted "within four years, the time allowed in Section 6-15-9 NMSA 1978" for "and sold within three years" following "not been issued", inserted "school" following "judgments against the", deleted "and, except where the issuance of the bonds has been authorized at a regular election for officers of any school district, county or municipality or, where authorized by statute, at a special election held for those purposes" following "county or municipality", deleted "of New Mexico" twice in the last sentence, and substituted "the four-year period allowed in Section 6-15-9 NMSA 1978" for "the three-year period" at the end.

The 1999 amendment, effective, June 18, 1999, deleted "initiation of proceedings for the" preceding "special election authorizing the proposed issue" in the first sentence, and substituted "state of New Mexico at private sale in any case in which the state of New Mexico or the United States has made an offer" for "state in any case in which the state has made an offer" in the second sentence.

The 1987 amendment, effective June 19, 1987, deleted "or are hereafter" preceding "authorized by special election", "heretofore or may be hereafter" preceding "authorized at a regular election" and substituted "three years" for "two years" and "is void" for "shall be null and void" in the first sentence; deleted "of America" following "United States", "of New Mexico" following "state", and "heretofore, or hereafter shall be" preceding "accepted prior" and substituted "has made" for "heretofore made or shall hereafter make" and "three-year period" for "two-year period" in the second sentence; and made other minor word changes throughout the section.