New Mexico Statutes
Article 4 - Surveys, Investigations and Adjudication of Rights
Section 72-4-8 - Water system cost paid from bond proceeds only.

No county that undertakes to acquire or establish a water supply system under the authority of Sections 72-4-2 through 72-4-12 NMSA 1978 shall have the power to pay out of its general funds or otherwise contribute any part of the costs of acquiring a water supply system. The entire cost of acquiring the system shall be paid out of the proceeds from the sale of water revenue bonds issued under the authority of Sections 72-4-2 through 72-4-12 NMSA 1978.
History: 1953 Comp., § 75-4-1.7, enacted by Laws 1959, ch. 286, § 7; 1993, ch. 308, § 5.
The 1993 amendment, effective April 8, 1993, added the section heading, inserted the language beginning "that undertakes" and ending "72-4-12 NMSA 1978" in the first sentence, and substituted "the system shall" for "any system must" and "Sections 72-4-2 through 72-4-12 NMSA 1978" for "this 1959 act" in the second sentence.
Funding for acquiring water rights not restricted. — This section applies only to the funding of water systems, and it does not restrict the funding for the acquisition of water rights in the same manner, such that a county may use ad valorem taxes to fund water contracts. San Juan Water Comm'n v. Taxpayers & Water Users, 1993-NMSC-050, 116 N.M. 106, 860 P.2d 748.

Structure New Mexico Statutes