N.M. Const. art. IV, § 29
No law authorizing indebtedness shall be enacted which does not provide for levying a tax sufficient to pay the interest, and for the payment at maturity of the principal.
State Revenue Bond Act. — Former State Revenue Bond Act (Laws 1963, ch. 271, now repealed) did not violate this section. State ex rel. State Park & Recreation Comm'n v. New Mexico State Auth., 1966-NMSC-033, 76 N.M. 1, 411 P.2d 984.
Street improvement bonds. — Special street improvement bonds authorized under Laws 1947, ch. 122 (repealed) did not create a debt as contemplated by this section. Stone v. City of Hobbs, 1950-NMSC-032, 54 N.M. 237, 220 P.2d 704.
State Highway Bond Act. — This section was not violated by the former State Highway Bond Act (Laws 1912, ch. 58). Catron v. Marron, 1914-NMSC-048, 19 N.M. 200, 142 P. 380.
Am. Jur. 2d, A.L.R. and C.J.S. references. — Public debt, permissive or mandatory character of legislation in relation to payment of, 103 A.L.R. 812.
81A C.J.S. States § 217.