N.M. Stat. § 74-10-40
Maturities of notes and warrants.
Notes and warrants may mature at such time not exceeding one year from the
respective dates of their issuance as the board may determine. They shall not be
extended or funded except by the issuance of bonds or interim debentures in
compliance with Sections 41 and 43 [74-10-41 and 74-10-43 NMSA 1978] of the Solid
Waste Authority Act.