General.
A County is authorized to issue bonds for the construction and repair or roads and bridges within the County. County Highway and Bridge Bonds are secured by the full faith and credit of the County. Bonds are repaid by property owners in the County; property owners pay a proportional share of the principal and interest on the bonds each year the bonds are outstanding. Payments are collected by the Treasurer along with the property tax.

Cumulative Authority for Issuance of a Highway and Bridge Bond.
 This Section is adopted pursuant to the authority of NMSA 1978, sections 67-6-1 through 67-6-7 (as amended), and shall be deemed to provide an additional and alternative method for providing for the construction and repair of roads and bridges. This Section is adopted to implement the provisions of the SGMP and other sections of the SLDC and shall not be regarded as in derogation of any powers now existing.

Limitation.
The County is authorized to issue bonds for the construction and repair of roads and bridges in an amount not to exceed (taking into consideration all bonded indebtedness of the County) four percent of the value of taxable property within the County.

Issuing Authority, Procedure.
A Highway and Bridge Bond is issued by the Board of County Commissioners, but is initiated by petition signed by not less than ten percent of the qualified electors in the County. Within thirty (30) days after receipt of such a petition, the Board of County Commissioners shall call a special election within ninety days on the question whether such bonds should be issued. Anyone registered to vote in the County at the time the election is held, including persons living within the limits of a municipality and persons who do not own property, and eligible to participate in the election on the question whether a Highway and Bridge Bond should be issued.