New Mexico Statutes 3-23-2. Election on question of acquiring utility
A. No municipality shall acquire a municipal utility from funds acquired from the issuance of revenue bonds until the question of acquiring the utility is submitted, at a regular local election or special election, to a vote of the qualified electors of the municipality, and a majority of the votes cast on the question favors the acquisition of the utility. No special election shall be set for a date ninety days prior to the day of a regular local election. The acquisition by a municipality, which owns municipal electric facilities on July 1, 1979, of a generating facility or any interest in a jointly owned generating facility from funds acquired from the issuance of revenue bonds shall not be subject to the election requirement of this section.
B. Each question shall be listed separately on the ballot. The ballot shall: (1) contain a general description of the property to be acquired; and
(2) allow each voter to indicate whether the voter favors or opposes the acquisition.
C. The election shall be called and conducted as provided in the Local Election Act [N.M. Stat. Ann. Chapter 1, Article 22].
D. If a majority of the votes cast on the question favors the acquisition of the utility, the governing body may acquire the utility.
E. If, pursuant to Article 9, § 12 of the constitution of New Mexico and Sections 3-30-1 through 3-30-9 N.M. Stat. Ann., the qualified electors of the municipality and nonresident municipal electors have voted in favor of creating a debt for the acquisition of a municipal utility and the municipality has incurred the debt, the municipality need not hold the election required in this section and it shall be presumed that the acquisition of a municipal utility has been approved, or, if the municipality has owned and operated a municipal utility for a period of more than one year, it shall be presumed that the acquisition of the municipal utility has been approved.