Pages from NEW MEXICO CONSTITUTION-page 38.pdf

The document outlines various sections related to debt limits and financial regulations for counties, cities, towns, and villages in New Mexico. It specifies that these entities cannot exceed a certain percentage of indebtedness based on the value of taxable property, with exceptions for specific purposes like water or sewer system construction. Additionally, it prohibits the lending or pledging of credit to private enterprises, except for specific circumstances like caring for sick and indigent persons or establishing a veterans' scholarship program. The document also addresses the issuance of refunding bonds, state highway bonds, and laws related to state highway financing without the need for voter approval.