A. The vote upon each question proposing to issue negotiable bonds shall be canvassed as provided in the Local Election Act [Chapter 1, Article 22 NMSA 1978], and the municipal clerk shall file the certificate of canvass in the official minute book of the municipality.
B. If a majority of those voting on the question favors the creation of the debt, the governing body of the municipality may proceed to issue the negotiable bonds.
History: 1953 Comp., § 14-29-7, enacted by Laws 1965, ch. 300; 1985, ch. 208, § 117; 2018, ch. 79, § 66.
ANNOTATIONSThe 2018 amendment, effective July 1, 2018, provided that bond elections shall be canvassed pursuant to the provisions of the Local Election Act, and made technical changes; and in Subsection A, deleted "Municipal Election Code" and added "Local Election Act", and after "municipal clerk shall", deleted "certify the results of the election and".
Temporary provisions. — Laws 2018, ch. 79, § 174 provided that references in law to the Municipal Election Code and to the School Election Law shall be deemed to be references to the Local Election Act.
Constitutionality. — This section does not fall within constitutional prohibition against special or local laws regulating precinct affairs. City of Raton v. Sproule, 1967-NMSC-141, 78 N.M. 138, 429 P.2d 336.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations §§ 170 to 175.
64 C.J.S. Municipal Corporations § 1928.