The authority is authorized to borrow money in anticipation of taxes or other revenues, or both, and to issue bonds to evidence the amount so borrowed. No bonded indebtedness or any other indebtedness not payable in full within one year, except for interim debentures as provided in Sections 72-16-46 and 72-16-89 through 72-16-91 NMSA 1978, shall be created by the authority without first submitting a proposition of issuing the bonds to the qualified electors of the authority and being approved by a majority of electors voting at an election held for that purpose in accordance with Sections 72-16-28 through 72-16-34 NMSA 1978 and all laws amendatory thereof and supplemental thereto. Bonds so authorized may be issued in one series or more and may mature at such times not exceeding forty years from their issuance as the board may determine. The total of all outstanding indebtedness at any one time shall not exceed eighty million dollars ($80,000,000) without prior approval of the state legislature.

History: 1953 Comp., § 75-36-44, enacted by Laws 1963, ch. 311, § 44; 1973, ch. 171, § 1; 1985, ch. 190, § 13; 1997, ch. 87, § 1; 2007, ch. 352, § 1.

The 2007 amendment, effective June 15, 2007, increased the maximum total indebtedness from $40,000,000 to $80,000,000.

The 1997 amendment, effective June 20, 1997, substituted "forty million dollars ($40,000,000)" for "twenty million dollars ($20,000,000)" in the last sentence.

The 1985 amendment, effective June 14, 1985, substituted "or any other indebtedness" for "nor any other indebtedness" and "Sections 72-16-46 and 72-16-89 through 72-16-91 NMSA 1978" for "Sections 46, 89, 90 and 91 hereof" near the beginning, "qualified electors" for "taxpaying electors" near the middle, and "Sections 72-16-28 through 72-16-34 NMSA 1978" for "Sections 28 to 34, both inclusive of this act" near the end of the second sentence.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations § 24.