Section 4-33-7 - Effective date of annexation; effect of outstanding indebtedness. - New Mexico Statutes

4-33-7. [Effective date of annexation; effect of outstanding indebtedness.]

If the proposition carries, the area described in the petition shall be and become a part of the county to which annexation was made on January 1 of the next odd-numbered year. Provided that whenever there shall be any outstanding indebtedness of the county or school district in which such area was originally located, the annexation shall not be complete for debt service purposes until such indebtedness is discharged in full.