6-10-5. General fund deficiency; certificates of indebtedness.
81 words·~1 min read·
/nm/chapter-6-public-finances/article-10-public-money/6-10-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In the event of a deficiency in the state general fund, upon prior approval by the state board of finance there shall be issued certificates of indebtedness of the state of New Mexico. These certificates shall be issued in an amount as may be required but not in excess of the constitutional limitation; such certificates shall be in the form prescribed by the attorney general of the state.
History: 1953 Comp., § 11-2-3.3, enacted by Laws 1963, ch. 36, § 1.