Bond anticipation notes shall not be issued:
A. unless the general obligation bonds for which bond anticipation notes are contemplated have been authorized at an election as required by Article 9, Section 11 of the constitution of New Mexico;
B. in a principal amount in excess of the amount of the general obligation bonds authorized to be issued at an election or, if some portion of the bonds authorized at that election have been issued, in a principal amount in excess of the amount of the authorized but unissued general obligation bonds;
C. in a principal amount in excess of the amount of outstanding general obligation bonds of the school district maturing within one year of the date of issuance of the bond anticipation notes; and
D. unless the proceeds of the bond anticipation notes are to be used for the same purpose for which the general obligation bonds are authorized.
History: Laws 2002, ch. 54, § 6.
ANNOTATIONSEmergency clauses. — Laws 2002, ch. 54, § 11 contained an emergency clause and was approved March 4, 2002.