HB 251

Page 1

AN ACT

RELATING TO THE ALBUQUERQUE METROPOLITAN ARROYO FLOOD CONTROL

AUTHORITY; RAISING THE LIMIT OF OUTSTANDING INDEBTEDNESS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Section 72-16-44 NMSA 1978 (being Laws 1963,

Chapter 311, Section 44, as amended) is amended to read:

"72-16-44. ISSUANCE OF BONDS AND INCURRENCE OF DEBT.--

The authority is authorized to borrow money in anticipation of

taxes or other revenues, or both, and to issue bonds to

evidence the amount so borrowed. No bonded indebtedness or

any other indebtedness not payable in full within one year,

except for interim debentures as provided in Sections 72-16-46

and 72-16-89 through 72-16-91 NMSA 1978, shall be created by

the authority without first submitting a proposition of

issuing the bonds to the qualified electors of the authority

and being approved by a majority of electors voting at an

election held for that purpose in accordance with Sections

72-16-28 through 72-16-34 NMSA 1978 and all laws amendatory

thereof and supplemental thereto. Bonds so authorized may be

issued in one series or more and may mature at such times not

exceeding forty years from their issuance as the board may

determine. The total of all outstanding indebtedness at any

one time shall not exceed eighty million dollars ($80,000,000)

without prior approval of the state legislature."