N.M. Stat. § 67-6-4
The election herein provided for shall be held under the same substantial provisions, and the votes cast for or against such bond issue shall be counted, returned and canvassed and declared, in the same manner and subject to the same rules as votes cast for county officers, and if it appears that said proposed bond issue shall have received a majority of all the votes cast at such election as aforesaid, then the same shall have the effect of authorizing the board of county commissioners to proceed to the issuance of said bonds; but if a majority of the votes cast as aforesaid shall be against the proposed bond issue, then said bonds shall not be issued. Provided, however, that an election for the issuance of bond shall not be held in any county oftener than once in any calendar year.
NMS § 67-6-4