Whenever, under the provisions of the laws of this state, any intercommunity water or natural gas supply association obtains or has obtained any money or credits by means of the issue of its bonds or other evidences of indebtedness for the purpose of the purchase, construction or extension or repair of any particular system, it shall be unlawful to divert, use or expend any of the money or credits in the purchase, construction or extension or repair of any other system or for any purpose other than that for which the money or credits were or shall be obtained.
History: 1953 Comp., § 14-27-15, enacted by Laws 1965, ch. 300; 1990, ch. 60, § 17.
The 1990 amendment, effective March 2, 1990, made minor stylistic changes throughout the section.
Structure New Mexico Statutes
Article 28 - Water or Natural Gas Associations
Section 3-28-1 - Water or natural gas associations; powers.
Section 3-28-2 - Intercommunity water or natural gas supply association; directors.
Section 3-28-3 - Certificate of association.
Section 3-28-4 - Acknowledgment and filing of original certificate; recording of copy.
Section 3-28-5 - Powers of association as body corporate.
Section 3-28-6 - Amendment of certificate of incorporation.
Section 3-28-7 - Notice of first meeting.
Section 3-28-8 - Board of directors; powers.
Section 3-28-9 - Officers or agents; manner of appointment.
Section 3-28-10 - Revenue bond issues.
Section 3-28-11 - Terms and provisions of revenue bond issues.
Section 3-28-12 - Resolution for issuance of bond; execution.
Section 3-28-13 - Payment of bonds.
Section 3-28-14 - Refunding authorization; terms.
Section 3-28-14.1 - Publication of notice after adoption of resolutions; limitation of action.
Section 3-28-15 - Financial assistance.
Section 3-28-16 - Establishment of rates or contracts for service; lien against property served.
Section 3-28-17 - Proceeds from bond issues not to be diverted from purpose.
Section 3-28-18 - Violations of act; penalty.
Section 3-28-19 - Eminent domain.
Section 3-28-20 - Associations not subject to utility laws.
Section 3-28-21 - New Mexico public utility commission [public regulation commission] jurisdiction.
Section 3-28-22 - Validation; existing association and outstanding bonds.