The commission shall create three separate funds in respect of the bonds of each series: one fund to be known as the "project fund, series ______________"; another fund to be known as the "income fund, series ______________"; and another fund to be known as the "debt service fund, series ______________"; each fund to be identified by the same series number or letter as the bonds of such series. The money in each fund shall be deposited in such depository and secured in such manner as may be determined by the commission. It is lawful for any bank or trust company incorporated under the laws of this state or of the United States to act as such depository and to furnish such indemnifying bonds or to pledge such securities as may be required by the commission. A separate account shall be kept in each project fund and in each income fund for each project. All expenditures not properly chargeable to the project fund account or to the income fund account of any one project shall be charged by the commission in such proportions as it determines to the project fund accounts or to the income fund accounts, as the case may be, of the projects in respect of which such expenditures were incurred.
History: 1953 Comp., § 75-34-15, enacted by Laws 1955, ch. 266, § 7; 1997, ch. 241, § 8; 1997, ch. 246, § 8.
The 1997 amendment, effective June 20, 1997, added the section heading; in the first sentence, deleted "create a fund to be known as 'administration fund' and shall also" following "shall" at the beginning, inserted "debt service" near the middle and substituted "commission" for "board" at the end; and substituted "project" for "construction" and "income" for "water" throughout the section.
Laws 1997, ch. 241, § 8 and Laws 1997, ch. 246, § 8, both effective June 20, 1997, enacted identical amendments to this section. The section was set out as amended by Laws 1997, ch. 246, § 8. See 12-1-8 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 94 C.J.S. Waters § 241.
Structure New Mexico Statutes
Article 14 - Interstate Stream Commission; Protection of Interstate Streams
Section 72-14-1 - Interstate stream commission; creation; membership; organization.
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 72-14-20 - [Contracts and leases with agencies of United States authorized.]
Section 72-14-22 - Rights of bondholders; enforcement.
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 72-14-27 - [Liberal construction of act.]
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 72-14-38 - Terms and conditions of bonds.
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 72-14-45 - New Mexico unit fund; purpose; appropriation.