New Mexico Statutes
Article 11 - Irrigation Districts Cooperating with United States Under Reclamation Laws; Fiscal Affairs; Local Improvements and Special Powers
Section 73-11-3 - [Special election to authorize sale of bonds at less than ninety-five percent par value.]

If any irrigation district bonds have been authorized and the board of directors of said district deem it as desirable that the said board be authorized to sell said bonds for less than ninety-five percent of the par value thereof, said board may call a special election to submit to the voters of the district said proposition. Such election shall be held, and notice thereof shall be given in the same manner as is provided in the case of a special election to authorize the issuance of bonds for irrigation districts. The proposition shall be stated in substantially the following form: "Shall the board of directors of . . . . . . . . irrigation district be authorized to sell bonds of the district for less than ninety-five percent of the par value thereof, but not less than . . . . . . . . percent of the par value?" (Stating the minimum price), followed by the word "yes" or "no," as provided in Section 6 [73-10-6 NMSA 1978] of said Chapter 20. If at least two-thirds of the legal votes cast at such election are for "yes," then the board of directors may sell any such bonds to the highest responsible bidder, at or above the minimum price authorized at such election.
History: Laws 1921, ch. 39, § 9; C.S. 1929, § 73-163; 1941 Comp., § 77-2303; 1953 Comp., § 75-24-3.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes. — For the meaning of the term "this act", see compiler's notes to 73-11-1 NMSA 1978.
Cross references. — For definitions of "irrigation district" and "directors," see 73-11-54 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 45 Am. Jur. 2d Irrigation § 67.
94 C.J.S. Waters § 330.

Structure New Mexico Statutes