The County and Municipal Gasoline Tax Act is full authority for authorization and issuance of bonds. If [In] any proceeding involving the validity and enforceability of any bond or its security, any bond reciting in substance that it was issued by the county or municipality to aid in financing public transit or transportation projects or any other purpose authorized by the County and Municipal Gasoline Tax Act is conclusively presumed to have been issued for a county or municipal transit or transportation project or other purpose in accordance with that act.
History: 1978 Comp., § 7-24A-17, enacted by Laws 1978, ch. 182, § 17.
ANNOTATIONSEffective dates. — Laws 1978, ch. 182 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 17, 1978, 90 days after the adjournment of the legislature.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.