A. A school district may issue bond anticipation notes for any purpose for which general obligation bonds are authorized to be issued. B. The principal amount of bond anticipation notes shall be payable solely from the proceeds of the general obligation bonds for which the bond anticipation notes are issued and shall not be considered debt of the school district for purposes of Article 9, Section 11 of the constitution of New Mexico. History: Laws 2002, ch. 54, § 4. ANNOTATIONSEmergency clauses. — Laws 2002, ch. 54, § 11 contained an emergency clause and was approved March 4, 2002.
New Mexico Legal Code