Whenever a majority of the qualified electors of a district voting on a proposal to issue bonds has authorized the district to issue bonds for an authorized purpose, the district may borrow money without any other election in anticipation of taxes, the proceeds of the bonds or any other revenues of the district, and may issue interim debentures to evidence the amount so borrowed. Interim debentures may mature at such time not exceeding a period of time equal to the estimated time needed to effect the purpose for which the bonds are so authorized to be issued, plus two years, as the board may determine. Except as otherwise provided in this section and in Sections 72-18-64 and 72-18-65 NMSA 1978, interim debentures shall be issued as provided for securities in Sections 72-18-49 through 72-18-61 NMSA 1978. Taxes, other revenues of the district, including without limiting the generality of the foregoing proceeds of bonds to be thereafter issued or reissued or bonds issued for the purpose of securing the payment of interim debentures, may be pledged for the purpose of securing the payment of the interim debentures. Bonds pledged as collateral security for the payment of any interim debentures shall mature at such time as the board may determine, not exceeding forty years from the date of either any of such bonds or any such interim debentures, whichever date is earlier. Any such bonds pledged as collateral security shall not be issued in an aggregate principal amount exceeding the aggregate principal amount of the interim debentures secured by a pledge of such bonds.
History: Laws 1981, ch. 377, § 63; 2019, ch. 212, § 249.
The 2019 amendment, effective April 3, 2019, revised certain statutory citations in the section; after "qualified", deleted "registered"; after "and in Sections", deleted "64 and 65 of the Flood Control District Act" and added "72-18-64 and 72-18-65 NMSA 1978", and after "securities in Sections", deleted "49 through 61 of that act" and added "72-18-49 through 72-18-61 NMSA 1978".
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.