A district is authorized to borrow money in anticipation of taxes or other revenues and to issue bonds to evidence the amount so borrowed. No bonded indebtedness nor any other indebtedness not payable in full within one year, except for interim debentures as provided in Sections 72-18-49 and 72-18-63 through 72-18-65 NMSA 1978, shall be created by the district without first submitting the proposition of issuing the bonds to the qualified electors of the district, which proposition shall be approved by a majority of the qualified electors voting at an election held for that purpose in accordance with Sections 72-18-35 and 72-18-35.1 NMSA 1978. Bonds so authorized may be issued in one series or more and may mature at such time, not exceeding forty years from their issuance, as the board may determine. The total of all outstanding indebtedness at any one time shall not exceed four percent of the value of the taxable property in the district as shown by the last preceding assessment for county taxes for each county in which the district is located.
History: Laws 1981, ch. 377, § 48; 2019, ch. 212, § 248.
The 2019 amendment, effective April 3, 2019, revised certain statutory citations in the section; after "debentures as provided in Sections", deleted "49 and 63 through 65 of the Flood Control District Act" and added "72-18-49 and 72-18-63 through 72-18-65 NMSA 1978", after "in accordance with Sections", deleted "35 through 40 of that act" and added "72-18-35 and 72-18-35.1 NMSA 1978", and after each occurrence of "qualified", deleted "registered".
Structure New Mexico Statutes
Article 18 - Flood Control Districts
Section 72-18-1 - Short title.
Section 72-18-2 - Legislative declaration.
Section 72-18-3 - Definitions.
Section 72-18-4 - Organization of district; jurisdiction.
Section 72-18-6 - Bond of petitioners.
Section 72-18-7 - Notice of hearing on petition.
Section 72-18-9 - Nominations for initial board.
Section 72-18-10 - Organizational election.
Section 72-18-11 - Filing decree.
Section 72-18-12 - Board of directors; qualification; bond.
Section 72-18-13 - Organization of board; initial terms of directors.
Section 72-18-14 - Election of directors.
Section 72-18-15 - Vacancies on the board.
Section 72-18-16 - Meetings of board.
Section 72-18-17 - Compensation of directors.
Section 72-18-18 - Interest in contracts and property disqualifications.
Section 72-18-19 - Board's administrative powers.
Section 72-18-20 - Additional powers.
Section 72-18-21 - Levy and collection of taxes.
Section 72-18-22 - Reserve fund.
Section 72-18-23 - Delinquent taxes.
Section 72-18-24 - Inclusion of additional property.
Section 72-18-25 - Exclusion from district.
Section 72-18-25.1 - Exclusion from district; boundary adjustments.
Section 72-18-26 - Liability of property included or excluded.
Section 72-18-27 - Dissolution; petition for election; application.
Section 72-18-28 - Dissolution; requirements for application.
Section 72-18-29 - Dissolution; notice of filing application.
Section 72-18-30 - Dissolution; hearings; court powers.
Section 72-18-31 - Dissolution; election notice.
Section 72-18-32 - Dissolution; limitation on elections.
Section 72-18-33 - Dissolution; order entered; conditions attached.
Section 72-18-34 - Dissolution; disposition of remaining funds.
Section 72-18-35.1 - Election of directors; established district.
Section 72-18-42 - Powers of public bodies.
Section 72-18-43 - Effect of extraterritorial functions.
Section 72-18-44 - Forms of borrowing.
Section 72-18-45 - Issuance of notes.
Section 72-18-46 - Issuance of warrants.
Section 72-18-47 - Maturities of notes and warrants.
Section 72-18-48 - Issuance of bonds and incurrence of debt.
Section 72-18-49 - Issuance of interim debentures.
Section 72-18-50 - Payment of securities.
Section 72-18-51 - Additionally secured securities.
Section 72-18-52 - Pledge of revenues.
Section 72-18-53 - Payment recital in securities.
Section 72-18-54 - Limitations upon payment of securities.
Section 72-18-55 - Security details.
Section 72-18-56 - Capitalization of costs.
Section 72-18-57 - Execution of securities and interest coupons.
Section 72-18-58 - Signatures of predecessors in office.
Section 72-18-59 - Repurchase of securities.
Section 72-18-60 - Limitations on liabilities.
Section 72-18-61 - Interest after maturity.
Section 72-18-62 - Refunding bonds.
Section 72-18-63 - Issuance of interim debentures and pledge of bonds as collateral security.
Section 72-18-64 - Interim debentures not to be extended.
Section 72-18-66 - Publication or resolution of proceedings; actions.
Section 72-18-67 - Property exempt from general taxes.
Section 72-18-68 - Securities and income exempt.