A. Whenever an improvement district has been created and bonds or assignable certificates have been issued to finance the improvement, a county shall:
(1) act as agent for the collection of the assessments;
(2) collect the assessments when due;
(3) act as trustee for the benefit of the holders of the bonds or assignable certificates;
(4) annually prepare a statement that shall:
(a) be available for inspection in the office of the county treasurer;
(b) reflect the financial condition of the improvement district; and
(c) list all the delinquencies existing at that time; and
(5) institute proceedings to foreclose the assessment lien against any tract or parcel of land that is delinquent in the payment of the assessment or installment of an assessment for a period of more than one year.
B. If more than one improvement district is created, the money from assessments in each district shall be kept in a separate fund and used for the payment of principal and interest of the bonds or assignable certificates outstanding against that improvement district.
History: Laws 1980, ch. 91, § 22; 1991, ch. 199, § 45.
The 1991 amendment, effective April 4, 1991, deleted "negotiable coupon" preceding "bonds" in two places in Subsection A and once in Subsection B and, in Subsection A, substituted "when due" for "annually or semiannually" at the end of Paragraph (2), redesignated former Subparagraph (d) of Paragraph (4) as Paragraph (5) and made related and minor stylistic changes.
Structure New Mexico Statutes
Article 55A - County Improvement Districts
Section 4-55A-1 - Short title.
Section 4-55A-2 - Improvement district; definitions.
Section 4-55A-3 - Improvement district; authorization; limitation.
Section 4-55A-4 - Improvement district; purpose.
Section 4-55A-4.1 - Improvement district; additional purpose.
Section 4-55A-5 - Improvement district; powers of a county.
Section 4-55A-8 - Improvement district; notice of assessment; protests.
Section 4-55A-9 - Improvement district; provisional order; protest; action in district court.
Section 4-55A-11 - Improvement district; notice of preliminary hearing.
Section 4-55A-12.1 - Imposition of improvement district property tax; limitations.
Section 4-55A-15 - Notice of bid; acceptance of bid.
Section 4-55A-16 - Improvement district; assessment of railroad property.
Section 4-55A-17 - Improvement district; assessment roll; notice of assessment hearing.
Section 4-55A-19 - Improvement district; assessments; terms of payment; liens.
Section 4-55A-20 - Improvement district; authority to issue bonds or assignable certificates.
Section 4-55A-22 - Improvement district; additional duties imposed on county.
Section 4-55A-23 - Improvement district; acceptance of deed in lieu of foreclosure.
Section 4-55A-25 - Improvement district; title subject to redemption vests in trustee.
Section 4-55A-27 - Improvement district; assessment funds; expenditures; misuse; penalties.
Section 4-55A-28 - Transfer of improvement district funds.
Section 4-55A-29 - Improvement district; reassessment after voiding of assessments; procedure.
Section 4-55A-30 - Improvement district; reassessment; defects waived; credit for previous payment.
Section 4-55A-31 - Improvement district; appeal to district court.
Section 4-55A-33 - Improvement district; appeal of reassessment; procedure exclusive.
Section 4-55A-35 - Improvement district; refunding improvement bonds; authority.
Section 4-55A-36 - Refunding bonds; escrow; detail.
Section 4-55A-39 - Improvement district; construction of sections.
Section 4-55A-40 - Street and road improvement fund authorization.
Section 4-55A-41 - Street and road improvement fund; use.
Section 4-55A-43 - Street and road improvement fund; diverting proceeds from tax.