{"data":{"id":"us-nm/5-5-8","jurisdiction":"us-nm","citation":"5-5-8","heading":"Short-term notes.","body":"A municipality, upon the affirmative vote of at least two-thirds of the members of its governing body present and constituting a quorum, is hereby authorized to borrow money without an election in anticipation of the collection of taxes or other revenues and to issue short-term notes to evidence the amount so borrowed. Such short-term notes shall be payable from the fund for which the money was borrowed; shall mature before the close of the fiscal year in which the money is so borrowed; and shall not be extended or funded except in compliance with the provisions of this act [5-5-1 to 5-5-23, 5-5-25 to 5-5-27 NMSA 1978] concerning the issuance of general obligation bonds.","path":["Chapter 5 - Municipalities and Counties","ARTICLE 5 Joint City-County Building"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18447/index.do","current_through":"2025-07-01","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"4f0a86aab98cbd9e8071c08b2c2fde0fd0e1c3046a38b785be4f36133fb0c0cb","source_id":"us-nm","stale":false,"prev":"us-nm/5-5-7","next":"us-nm/5-5-9"},"notice":"GroundRules: Original legal text. Not legal advice."}