3-30-7: Canvass of bond election; certification of results; effect.

A. The vote upon each question proposing to issue negotiable bonds shall be canvassed as provided in the Local Election Act [Chapter 1, Article 22 NMSA 1978], and the municipal clerk shall file the certificate of canvass in the official minute book of the municipality.

B. If a majority of those voting on the question favors the creation of the debt, the governing body of the municipality may proceed to issue the negotiable bonds.