The proceeds of the bonds of each series issued under the provisions of Sections 72-14-9 through 72-14-28 NMSA 1978 shall be placed to the credit of the appropriate project fund, which fund shall be kept segregated and set apart from all other funds. There shall be credited to the appropriate debt service fund all accrued interest received upon sale of the bonds and there shall also be credited to the appropriate project fund the interest received upon the deposits of money in the project fund and money received by way of grant from the United States or from any other source for the project. The money in each project fund shall be paid out or disbursed in such manner as may be determined by the commission, subject to the provisions of those sections, to pay the cost of the project and there is hereby appropriated annually the money in each project fund for the purposes intended by the commission.
History: 1953 Comp., § 75-34-16, enacted by Laws 1955, ch. 266, § 8; 1997, ch. 241, § 9; 1997, ch. 246, § 9.
The 1997 amendment, effective June 20, 1997, added the section heading, in the first sentence, substituted "Sections 72-14-9 through 72-14-28 NMSA" for "this act" and deleted "at all times" following "fund shall", in the second sentence, inserted the language beginning "shall be credited to" and ending "bonds and there" at the beginning, deleted "all accrued interest upon the bonds and" following "the project fund", and deleted "works as hereinabove defined" at the end, rewrote the last sentence, substituted "project" for "construction" throughout the section and made minor stylistic changes.
Laws 1997, ch. 241, § 9 and Laws 1997, ch. 246, § 9, both effective June 20, 1997, enacted identical amendments to this section. The section was set out as amended by Laws 1997, ch. 246, § 9. 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.