Subject to the provisions of this article the boards of county commissioners of the several counties in this state are hereby authorized to issue bonds for the construction and repair of roads and bridges within the limits of their respective counties to an amount, which including the existing indebtedness of said counties, shall not exceed four per centum on the value of the taxable property within any such county, as shown by the last preceding assessment for state and county taxes.
History: Laws 1912, ch. 79, § 1; Code 1915, § 2683; C.S. 1929, § 64-901; 1941 Comp., § 58-501; 1953 Comp., § 55-5-1.
ANNOTATIONSMeaning of "this article". — The term "this article," inserted by the 1915 Code compilers, refers to Laws 1915, ch. 52, art. VI, §§ 2683 to 2689, the provisions of which are presently compiled as 67-6-1 to 67-6-7 NMSA 1978.
County highway bonds issued to match federal fund for repair of roads not classified as county roads. — 1974 Op. Att'y Gen. No. 74-27.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations §§ 500 to 505.