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 72-19-46 and 72-19-89 through 72-19-91 NMSA 1978, shall be created by the authority without first submitting a proposition of issuing such bonds to the qualified electors of the authority and being approved by a majority of such electors voting thereon at an election held for that purpose in accordance with Sections 72-19-28 through 72-19-34 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 time or 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 sixty million dollars ($60,000,000) without prior approval of the state legislature."

History: Laws 1990, ch. 14, § 44; 2009, ch. 30, § 1; 2009, ch. 31, § 1.

The 2009 amendments, effective July 1, 2009, increased the maximum allowable indebtedness from thirty million dollars ($30,000,000) to sixty million dollars ($60,000,000).

Laws 2009, ch. 30, § 1 and Laws 2009, ch. 31, § 1, both effective July 1, 2009, enacted identical amendments to this section. The section was set out as amended by Laws 2009, ch. 31, § 1. See 12-1-8 NMSA 1978.