Section 73-11-26 - Proceeding to determine validity of power plant bonds; decision res judicata. - New Mexico Statutes

73-11-26. [Proceeding to determine validity of power plant bonds; decision res judicata.]

The board of directors shall, within sixty days after the adoption of a resolution finding and declaring that the bond election has been voted upon favorably by the electorate of the district, commence special proceedings in the district court in and by which the proceedings of the said board, and of the said district, providing for and authorizing the issue and sale of said bonds of said district, whether said bonds or any of them have or have not been sold or disposed of, shall be judicially examined, approved and confirmed according to the procedure provided in Sections 53 to 57 [73-11-6 to 73-11-10 NMSA 1978], inclusive, of Chapter 20, Session Laws of 1919 of New Mexico; and the final decree in such proceedings shall be res judicate [judicata] of all matters and things which may arise as to the legality and regularity of such issue of bonds and the right to issue same.