A. The board of trustees may issue general obligation bonds of the district for the purposes of:
(1) constructing, acquiring or purchasing property for a project;
(2) equipping, furnishing, remodeling or renovating property for a project;
(3) purchasing or acquiring real property deemed necessary for a project; and
(4) refunding outstanding general obligation bonded indebtedness.
B. The board of trustees shall comply with the requirements and procedures set forth in Section 6-15-1 NMSA 1978 with respect to the proposed issuance of general obligation bonds. The local government division of the department of finance and administration shall apply the procedures set forth in Section 6-15-2 NMSA 1978 to the proposed issuance of general obligation bonds by the district.