New Mexico Statutes
Article 14 - Interstate Stream Commission; Protection of Interstate Streams
Section 72-14-13 - Water conservation revenue bonds authorized; extent of state obligation.

A. The commission, with the approval of the state board of finance and in accordance with the state board of finance's adopted policies and procedures on financing approvals, is authorized to provide by resolution for the issuance of water conservation revenue bonds of the state for the purpose of paying the cost, as defined in Section 72-14-9 NMSA 1978, of any one or more projects subject to the conditions provided for in Subsection F of this section. The principal of and interest on revenue bonds shall be payable solely from the special fund to be provided for such payment. Revenue bonds shall mature at such time, not more than fifty years from their date, as may be fixed by the resolution, but may be made redeemable before maturity at the option of the state, to be exercised by the commission, at such price and under such terms and conditions as may be fixed by the commission prior to the issuance of the bonds. The commission shall determine the rate of interest not in excess of the maximum net effective interest rate permitted by the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978] or the Public Securities Short-Term Interest Rate Act [6-18-1 to 6-18-16 NMSA 1978] on such bonds, the time of payment of such interest, the form of the bonds and the manner of executing the bonds, and shall fix the denomination of the bonds and the place of payment of principal and interest thereof.
B. All bonds issued under Sections 72-14-9 through 72-14-28 NMSA 1978 shall contain a statement on their faces that the state shall not be obligated to pay the bonds or the interest on the bonds except from the "debt service fund" hereinafter set forth. In case any of the officers whose signatures appear on the bonds cease to be officers before the delivery of the bonds, the signatures shall nevertheless be valid and sufficient for all purposes, as if the officers had remained in office until delivery. All the bonds are declared to have all the qualities and incidents of negotiable instruments. The bonds shall not constitute or be a debt, liability or obligation of the state, and shall be secured only by the revenues of such works and the funds received from the sale or disposal of water and from the operation, lease, sale or other disposition of the works, property and facilities to be acquired out of the proceeds of such bonds and, if so pledged by the commission, from income credited to the permanent reservoirs for irrigation purposes income fund and the improvement of Rio Grande income fund.
C. Provisions may be made for the registration of any of the bonds in the resolution authorizing the bonds. The bonds authorized under the provisions of Sections 72-14-9 through 72-14-28 NMSA 1978 may be issued and sold from time to time at a public or private sale to any purchaser, including the New Mexico finance authority, and in such amounts as may be determined by the commission, and the commission may sell the bonds in such manner and for such price as it may determine to be for the best interests of the state. The state investment officer is authorized to invest the permanent funds of the state in the bonds. The proceeds of such bonds shall be used solely for the payment of the cost of a project and shall be used in such manner and under such restrictions, if any, as the commission may provide.
D. If the proceeds of the bonds, by error of calculation or otherwise, are less than the cost of the project, additional bonds may in like manner be issued to provide the amount of such deficit and, unless otherwise provided in the resolution authorizing the bonds, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued for the same project. If the proceeds of bonds issued for any such project exceed the cost of the project, the surplus shall be paid into the debt service fund provided for the payment of principal and interest of such bonds. Prior to the preparation of definitive bonds, the commission may issue temporary bonds exchangeable for definitive bonds when such bonds have been executed and are available for delivery. Such bonds may be issued without any other proceedings or the happening of any other conditions or things than those proceedings, conditions and things which are specified and required by Sections 72-14-9 through 72-14-28 NMSA 1978 or by the constitution of New Mexico.
E. Each resolution providing for the issuance of bonds shall set forth a project for which the bonds are to be issued, and the bonds authorized by each such resolution shall constitute a separate series. The bonds of each series shall be identified by a series number or letter and may be sold and delivered at one time or from time to time.
F. Revenue bonds issued by the commission for obtaining hydrographic surveys used by the state engineer shall mature not later than ten years from their date of issuance. The commission shall issue bonds for hydrographic surveys in a total amount not exceeding four million dollars ($4,000,000) and in amounts not to exceed two million dollars ($2,000,000) in any fiscal year commencing July 1, 1998.
History: 1953 Comp., § 75-34-13, enacted by Laws 1955, ch. 266, § 5; 1957, ch. 63, § 1; 1997, ch. 241, § 6; 1997, ch. 246, § 6.
The 1997 amendment, effective June 20, 1997, rewrote this section to the extent that a detailed comparison is impracticable.
Laws 1997, ch. 241, § 6 and Laws 1997, ch. 246, § 6, both effective June 20, 1997, enacted identical amendments to this section. The section was set out as amended by Laws 1997, ch. 246, § 6. See 12-1-8 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations § 180.
Right to drain surface water into natural watercourse, 28 A.L.R. 1262.
94 C.J.S. Waters § 234.

Structure New Mexico Statutes

New Mexico Statutes

Chapter 72 - Water Law

Article 14 - Interstate Stream Commission; Protection of Interstate Streams

Section 72-14-1 - Interstate stream commission; creation; membership; organization.

Section 72-14-2 - Expenses.

Section 72-14-3 - [General powers of commission; interstate compacts; employees; attorney general's duties.]

Section 72-14-3.1 - State water plan; purpose; contents.

Section 72-14-3.2 - Water conservation plans; municipalities, counties and water suppliers.

Section 72-14-3.3 - Interstate stream commission; additional powers; strategic water reserve.

Section 72-14-4 - Budget and plan submitted to governor annually.

Section 72-14-5 - Annual expenditures made under budget and plan.

Section 72-14-6 - Appropriation; how disbursements are to be made.

Section 72-14-7 - [Governor authorized to protect water rights in interstate streams.]

Section 72-14-8 - [Governor may employ persons and fix their compensation.]

Section 72-14-9 - Definitions.

Section 72-14-10 - [Power to purchase, exchange and condemn property.]

Section 72-14-11 - Projects using revenue bond proceeds authorized.

Section 72-14-12 - [Power to cross watercourses and avenues of transportation.]

Section 72-14-13 - Water conservation revenue bonds authorized; extent of state obligation.

Section 72-14-14 - Revenues from bonds to be applied to cost of projects and associated expenses.

Section 72-14-15 - Funds established.

Section 72-14-16 - Bond proceeds to be appropriately credited.

Section 72-14-17 - Commission to set prices, rates or charges; contracts; disposition of property.

Section 72-14-18 - Debt service fund; payments into fund; fund pledged for payment of interest, fiscal charges and repayment of principal.

Section 72-14-19 - Permanent reservoirs for irrigation purposes income fund; Rio Grande income fund; appropriation.

Section 72-14-20 - [Contracts and leases with agencies of United States authorized.]

Section 72-14-21 - [Accounts pertaining to works required; control of construction; collection of revenues; sale of water; suits.]

Section 72-14-22 - Rights of bondholders; enforcement.

Section 72-14-23 - New Mexico irrigation works construction fund created; limitation of liability under act; reparation of damages caused in carrying out powers granted; authority of commission to receive contributions.

Section 72-14-24 - Purpose of act.

Section 72-14-24.1 - Acequia and community ditch infrastructure fund; created.

Section 72-14-25 - [Adjustment of plans and operations to facilitate federal aid to project.]

Section 72-14-26 - Disposition of water for public, domestic, industrial and other uses; reconveyance to grantors.

Section 72-14-27 - [Liberal construction of act.]

Section 72-14-28 - [Powers of state agencies and subdivisions to contract with federal government respecting water projects.]

Section 72-14-29 - Loans from New Mexico irrigation works construction fund.

Section 72-14-30 - [Expenditure of funds for feasibility studies.]

Section 72-14-31 - [Loans to include sums for feasibility study.]

Section 72-14-32 - [Loans to supplement federal funds authorized.]

Section 72-14-33 - ["Project" defined.]

Section 72-14-34 - Budgets required.

Section 72-14-35 - [Exemption from Bateman Act.]

Section 72-14-36 - [Special water revenue bonds of interstate stream commission; purpose.]

Section 72-14-37 - [Special water revenue bonds of interstate stream commission; anticipation of tax proceeds.]

Section 72-14-38 - Terms and conditions of bonds.

Section 72-14-39 - Funding.

Section 72-14-40 - Sale of bonds.

Section 72-14-41 - Guarantee by severance tax funds.

Section 72-14-42 - Approval of issue.

Section 72-14-43 - Legislative findings; state appropriation of unappropriated water.

Section 72-14-44 - Interstate stream commission; groundwater appropriation; water rights purchase; water planning funding.

Section 72-14-45 - New Mexico unit fund; purpose; appropriation.