GENERAL LEGAL LIMITATION ON SPENDING GO BOND FUNDS
Misuse of library GO bond funds? Note how this is addressed in New Mexico’s State
Constitution:
Constitution of the State of New Mexico
ARTICLE IX. State, County and Municipal Indebtedness
Sec.
1. Debts of territory and its counties assumed.
2. Payment of county debts by another county.
3. State refunding bonds for assumed debts.
4. Sale of lands for certain bond payments.
5. Remission of county debts to state prohibited.
6. Militia warrants.
7. State indebtedness; purposes.
8. State indebtedness; restrictions.
9. Use of borrowed funds.
10. County indebtedness; restrictions.
11. School district indebtedness restrictions.
12. Municipal indebtedness; restrictions.
Sec. 9. [Use of borrowed funds.]
Any money borrowed by the state, or any county, district or municipality thereof, shall be applied to the purpose for which it was obtained, or to repay such loan, and to no other purpose whatever. (Page 106, italics added)
Found at: http://www.sos.state.nm.us/pdf/2007nmconst.pdf
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NOTE: In each proposed general obligation (GO) bond issue, the purposes for each bond are listed or specified in some detail. Presumably the above section of Article IX has legislation which provides details, enforcement procedures and penalties for violating Article IX, Section 9. As of July 20, 2010, an opinion is pending by the NM Attorney General at the request of three legislators in the question of whether or not the Santa Fe School District’s planned $14 million dollar expenditure on a building not included in a recently passed $160 million bond issue can go forward. The renovated building would be used for consolidating the students now attending three smaller schools which would be closed in a controversial school board decision.
COPYING SECTION 9. For quoting the constitutional article for use in your information packet, op-ed piece, letter-to-the-editor, or drawing attention to business offices which control your funds, copying the following is provided without italics or bold face in Times New Roman 12 point font:
“New Mexico Constitution. Article IX. State, County and Municipal Indebtedness. Sec. 9. [Use of borrowed funds]. Any money borrowed by the state, or any county, district or municipality thereof, shall be applied to the purpose for which it was obtained, or to repay such loan, and to no other purpose whatever.”
Provided by Bonds for Libraries 2010. 7/20/2010 DG