N.M. Const. art. XXII, § 12

[Territorial obligations; names of political subdivisions.] All lawful debts and obligations of the several counties of the territory of New Mexico not assumed by the state and of the school districts, municipalities, irrigation districts and improvement districts, therein, existing at the time of its admission as a state, shall remain valid and unaffected by the change of government, until paid or refunded according to law; and all counties, municipalities and districts in said territory shall continue with the same names, boundaries and rights until changed in accordance with the constitution and laws of the state.