Section 3-5-1 - Municipal consolidation; commissioners; ordinances; special election; declaration of consolidation; payment of bonded indebtedness or judgment levyA. Whenever any two or more contiguous municipalities wish to consolidate as one municipality, the governing body of each municipality shall appoint three commissioners who shall prepare the terms for consolidation and submit the terms for consolidation to the respective governing bodies. If each governing body approves the terms for consolidation, it shall adopt an ordinance declaring approval of the terms for consolidation and shall provide for an election on the question of consolidation. The election shall be conducted pursuant to the provisions of the Local Election Act [Chapter 1, Article 22 NMSA 1978].B. If a majority of the votes cast in each municipality favors consolidation, the governing body of each municipality shall declare, by ordinance, that consolidation has been approved between the municipalities and proceed to consolidate under the terms for consolidation. The municipal clerk of each municipality shall notify the secretary of finance and administration and the secretary of taxation and revenue that the consolidation has been approved by the electorate. If the question of consolidating the municipalities fails to receive a majority vote favoring consolidation in any one of the municipalities, the consolidation shall fail.C. If on the day of the election on consolidation any municipality proposing to consolidate has outstanding indebtedness or a judgment payable from a tax on property and the consolidation is approved, a tax sufficient to pay the interest and principal on such indebtedness or judgment shall continue to be levied on the property within the boundary of the municipality as it existed on the day of the election on the question of consolidation. Indebtedness created by the issuance of revenue bonds and the current obligations of each municipality shall be assumed by the consolidated municipality. The consolidated municipality may refund the indebtedness of the municipalities that are consolidated.D. Certified copies of the entire proceedings for consolidation shall be filed with the clerk of the municipality so consolidated, the county clerk and the secretary of state. When certified copies of the consolidation have been filed as required in this section, the consolidation is complete.1953 Comp., § 14-5-1, enacted by Laws 1965, ch. 300; 1981, ch. 204, § 6.Amended by 2018, c. 79,s. 50, eff. 7/1/2018.