It shall be the duty of the local government division, or public school finance division, of the department of finance and administration [office of education of the department of finance and administration], upon the receipt of the notice mentioned in Section 1 [6-15-1 NMSA 1978] hereof to furnish such governing authorities with all necessary information with reference to the valuation, present outstanding bonded indebtedness, limitations as to tax rates and debt contracting power and such other information as may be useful to such governing authorities and to the voters of such county, city, town, village or school district in the consideration of any proposal to issue bonds. Upon the adoption of a bond issue as provided by law by a county, city, town, village or school district, the governing authorities thereof shall prepare a true and complete transcript of proceedings, also three exact copies of such transcript of the proceedings had in connection with such bond issue. One copy of the transcript of the proceedings shall be immediately filed with the local government division, or public school finance division, of the department of finance and administration, one kept by the governing authorities and one copy to be furnished to the officer approving the bond issue as to its legality as provided by law.
History: Laws 1925, ch. 131, § 2; C.S. 1929, § 33-3802; 1941 Comp., § 7-615; 1953 Comp., § 11-6-14; Laws 1959, ch. 127, § 2.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Laws 1977, ch. 246, § 69, abolished the public school finance division of the department of finance and administration, and Laws 1977, ch. 246, § 3, compiled as 9-4-3 NMSA 1978, established the public school finance division of the educational finance and cultural affairs department. Laws 1980, ch. 151, § 58, repealed 9-4-3 NMSA 1978, while Laws 1980, ch. 151, § 47, compiled as 22-8-3 NMSA 1978, established the public school finance division of the department of finance and administration. Laws 1983, ch. 301, § 69, amended 22-8-3 NMSA 1978 to create the office of education within the department of finance and administration.
No authority to limit proceeds to advertising. — There is no authority in this section or related statutes which authorizes the state tax commission to limit proceeds of a fair bond sale to advertising purposes only. 1958 Op. Att'y Gen. No. 58-47 (rendered prior to 1959 amendment).