To carry out the purposes of the Water and Sanitation District Act, the board may issue bonds of the district upon approval of the majority of the qualified electors of the district voting on the question pursuant to the provisions of the Local Election Act [Chapter 1, Article 22 NMSA 1978]. Bonds shall bear interest payable semiannually and shall be due and payable serially, either annually or semiannually, commencing not later than three years and extending not more than twenty years from date. The form and terms of the bonds, including provisions for their payment and redemption, shall be determined by the board. If the board so determines, the bonds may be redeemable prior to maturity upon payment of a premium, not exceeding three percent of the principal thereof. The bonds, except for bonds issued in book entry or similar form without the delivery of physical securities, shall be executed in the name of and on behalf of the district and signed by the chair of the board, with the seal of the district affixed thereto, and attested to by the secretary of the board. The bonds shall be sold and shall be in such denominations as the board determines, and the bonds and the attached coupons, if any, shall be payable to the bearer or registered as to principal or as to principal and interest. Interest coupons, if any, shall bear the original or facsimile signature of the chair of the board.
History: 1941 Comp., § 77-3424, enacted by Laws 1943, ch. 80, § 24; 1953 Comp., § 75-18-24; Laws 1963, ch. 261, § 7; 1977, ch. 345, § 8; 1983, ch. 265, § 61; 2019, ch. 212, § 265.
The 2019 amendment, effective April 3, 2019, provided that a bond election to raise funds for a water and sanitation district to carry out the purposes of the Water and Sanitation District Act shall be conducted pursuant to the Local Election Act; and after "majority of the", deleted "taxpaying" and added "qualified", and after "district voting on the question", added "pursuant to the provisions of the Local Election Act".
Am. Jur. 2d, A.L.R. and C.J.S. references. — 94 C.J.S. Waters §§ 241, 243.
Structure New Mexico Statutes
Chapter 73 - Special Districts
Article 21 - Water and Sanitation Districts
Section 73-21-1 - [Declaration of purpose.]
Section 73-21-2 - Short title.
Section 73-21-3 - Purpose of water and sanitation districts.
Section 73-21-4 - Definitions.
Section 73-21-5 - Organization of district.
Section 73-21-7 - Bond of petitioners.
Section 73-21-8 - Notice of hearing on petition.
Section 73-21-9 - Hearing on petitions; election for organization and officers.
Section 73-21-10 - Filing decree.
Section 73-21-11 - [Board of directors; qualification; bond.]
Section 73-21-15 - Board increase; appointed members.
Section 73-21-15.1 - Appointment of first board.
Section 73-21-16 - General powers.
Section 73-21-18 - Levy and collection of taxes.
Section 73-21-19 - Levies to cover defaults and deficiencies.
Section 73-21-20 - Officers levy and collect taxes.
Section 73-21-21 - Sale for delinquencies; purchase by district.
Section 73-21-22 - Sinking fund.
Section 73-21-23 - Inclusion [of additional property].
Section 73-21-24 - Exclusion [from district].
Section 73-21-25 - Liability of property included or excluded.
Section 73-21-26 - Bonds; interest; form.
Section 73-21-27 - Community Service District Act provisions apply.
Section 73-21-28 - Board resolution; indebtedness; election.
Section 73-21-31 - Effect of election; subsequent elections.
Section 73-21-32 - Correction of faulty notices.
Section 73-21-33 - Early hearings.
Section 73-21-34 - Liberal construction.
Section 73-21-35 - Character of act.
Section 73-21-36 - Acquisition, construction or improvement of systems; joint revenue bonds.
Section 73-21-37 - Interest; maturity; form; method of sale.
Section 73-21-38 - Revenue bond issuance.
Section 73-21-39 - Bonds collectible from operating revenues.
Section 73-21-40 - Rates; bondholders' remedy and taxpayer elector.
Section 73-21-41 - Restricted use of bond funds.
Section 73-21-42 - Violations; penalties.
Section 73-21-43 - Validation; existing districts.
Section 73-21-44 - Sale of system; escrow of proceeds.
Section 73-21-45 - Refunding bonds.
Section 73-21-46 - Limitations upon issuance.
Section 73-21-47 - Proceeds of refunding bonds.
Section 73-21-48 - Refunding bonds; detail; form.
Section 73-21-49 - Combination of issues.
Section 73-21-50 - Tax levy for general obligation refunding bonds.
Section 73-21-51 - Applicability of other bond provisions.
Section 73-21-52 - Duties of local government division.
Section 73-21-53 - Use of bond proceeds restricted.
Section 73-21-54 - Board's determination final.
Section 73-21-55 - Districts not subject to utility laws; option to submit to regulation.