The commission shall provide, in the proceedings authorizing the issuance of each series of bonds, for the paying into the appropriate debt service funds at stated intervals money from other revenues pledged to repay the bonds or all money then remaining in the income fund, after paying all cost of operation, maintenance and repairs of the works. All money in each debt service fund shall be pledged for the payment of and used only for the purpose of paying:
A. interest upon the bonds as such interest falls due;
B. the necessary fiscal agency charges for paying bonds and interest;
C. the principal of the bonds as they fall due; and
D. any premiums upon bonds retired by call or purchase as herein provided.
Prior to the issuance of the bonds of each series, the commission may provide by resolution for using the debt service fund or any part thereof in the purchase of any of the outstanding bonds payable therefrom at the market price thereof. The money in each debt service fund, less such reserve as may be provided for in the resolution authorizing the bonds for the payment of interest, principal, or both, if not used within a reasonable time for the purchase of bonds as provided in this section, shall be applied to the redemption of bonds then subject to redemption at the redemption price then applicable.
History: 1953 Comp., § 75-34-18, enacted by Laws 1955, ch. 266, § 10; 1997, ch. 241, § 11; 1997, ch. 246, § 11.
The 1997 amendment, effective June 20, 1997, added the section heading, inserted "money from other revenues pledged to repay the bonds or" in the introductory paragraph, deleted "but not exceeding the price, if any, at which the same shall, at the next interest date, be payable or redeemable, and all bonds redeemed or purchased shall forthwith be cancelled and no bonds shall be issued in place thereof" at the end of the first sentence of the second paragraph, inserted "or both" and "in this", and deleted "for cancellation" following "purchase of bonds" in the last sentence of that paragraph, substituted "debt service" for "sinking" throughout the section, and made minor stylistic changes.
Laws 1997, ch. 241, § 11 and Laws 1997, ch. 246, § 11, both effective June 20, 1997, enacted identical amendments to this section. The section was set out as amended by Laws 1997, ch. 246, § 11. 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 § 58.
94 C.J.S. Waters § 243.
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.