In addition to the powers and authority, and including districts organized for the purpose of cooperating with the government of the United States under the terms of the federal reclamation law and other federal laws now vested in irrigation districts organized and existing under the laws of New Mexico, irrigation districts, through their respective boards of directors are hereby authorized and empowered to borrow money upon the income, credit and assets of such district and pledge the credit, income and assets thereof to secure the same, provided that no such loan shall exceed the sum of thirty dollars ($30.00) per acre for each acre of irrigated land within such district; if said loan exceeds one thousand dollars ($1,000) the same shall be authorized or approved in writing by landowners who own in excess of fifty-one percent of the lands irrigated and assessed by the district for district purposes, as such ownership and acreage be shown by the records of such district as certified by the secretary and president of said district and which said certificate or certificates shall be considered sufficient and conclusive as to the amount of such total irrigated acreage, and of the assent of the landowners authorizing or approving such loan; and after securing the said approval in writing of the landowners, the board of directors of any such district making any such loan is hereby authorized and empowered to execute, make and deliver, in the name of and for and on behalf of such district, notes, debentures, mortgages or pledges, or other form of obligation as shall by the board of directors be deemed for the best interest of such district.
History: Laws 1933, ch. 52, § 1; 1941 Comp., § 77-2508; Laws 1943, ch. 41, § 1; 1953 Comp., § 75-26-8; Laws 1957, ch. 135, § 1.
Cross references. — For borrowing in districts cooperating with federal reclamation law, see 73-11-27 NMSA 1978.
For federal reclamation laws, see 43 U.S.C. § 371 et seq.
Structure New Mexico Statutes
Chapter 73 - Special Districts
Article 13 - General Provisions Relating to Irrigation Districts
Section 73-13-1 - [Office of district.]
Section 73-13-2 - [Location determined by board of directors.]
Section 73-13-3 - [Power to deal in lands and water rights.]
Section 73-13-4 - Transfer water from one tract to another tract owned by district.
Section 73-13-5 - [State engineer notified of transfer.]
Section 73-13-6 - [Assessments on transfer of water rights.]
Section 73-13-7 - [Bondholders may be authorized to appoint director.]
Section 73-13-8 - Borrowing money; limitations.
Section 73-13-9 - [Security for loan; repayment; special assessments.]
Section 73-13-10 - [Execution and acknowledgment of security for loan.]
Section 73-13-11 - Limitation on term of loan; interest; renewal of loan.
Section 73-13-12 - [Advertisement or notice of sale unnecessary; private sale.]
Section 73-13-13 - [Total of loans not to exceed maximum.]
Section 73-13-14 - [Debt constitutes lien on district.]
Section 73-13-15 - [Use of borrowed money.]
Section 73-13-16 - [Special assessment entered by county assessor; lien; collection.]
Section 73-13-17 - [Purpose of act.]
Section 73-13-18 - [Construction of act.]
Section 73-13-19 - [Delinquent tax sales; purchase by district.]
Section 73-13-20 - [Expiration of redemption period; tax deed to district; prior liens.]
Section 73-13-22 - [Authority to purchase; expenses of purchase.]
Section 73-13-23 - When county be reinvested with title.
Section 73-13-24 - [Assessment, levy and collection of taxes by district.]
Section 73-13-25 - [Definitions.]
Section 73-13-26 - [Notice of intention to take over taxation duties.]
Section 73-13-27 - [Meeting for determination of tax rate.]
Section 73-13-29 - [Collections for United States; additional bond of treasurer.]
Section 73-13-30 - [Treasurer; bond; salary.]
Section 73-13-31 - [Assessment roll.]
Section 73-13-32 - [Collection of taxes.]
Section 73-13-34 - [Powers of district treasurer; delinquent taxes.]
Section 73-13-35 - [Accounts kept by treasurer; payments; monthly report; depositories.]
Section 73-13-36 - [County treasurer to turn over funds to district treasurer upon appointment.]
Section 73-13-37 - [Criminal liability of assessor-collector and treasurer.]
Section 73-13-38 - [Insolvency of municipal irrigation districts; appointment of receiver.]
Section 73-13-39 - [Powers of receiver of municipal district.]
Section 73-13-40 - [Powers of receivers of irrigation districts; limitation on power.]
Section 73-13-41 - [Powers upon order of court; effect of action.]
Section 73-13-42 - [Additional powers.]
Section 73-13-43 - [Validating law; definitions.]
Section 73-13-44 - [Establishment and proceedings of districts validated.]
Section 73-13-45 - [Elections and appointments of officers and employees validated.]
Section 73-13-46 - [Unissued bonds; elections validated.]
Section 73-13-47 - Irrigation districts; regulations; recreational use of reservoirs.