reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-71 - Sale of securities.

Any securities herein authorized, except for warrants not issued for cash and except for temporary bonds issued pending preparation of definitive bond or bonds, shall be sold at public or private sale at, above or below par at a net effective interest rate not exceeding the maximum net effective interest rate permitted by the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978], as hereafter amended and supplemented.
History:
1953 Comp., § 75-36-71, enacted by Laws 1963, ch. 311, § 71; 1983, ch. 265, § 52.
ANNOTATIONS
The 1983 amendment
rewrote the section.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 64 Am. Jur. 2d Public Securities and Obligations §§ 218, 228.
64 C.J.S. Municipal Corporations § 1930.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-72 - Sale discount or commission prohibited.

No discount (except as hereinabove provided) or commission shall be allowed or paid on or for any security sale to any purchaser or bidder, directly or indirectly; but nothing herein contained shall be construed as prohibiting the board from employing legal, fiscal, engineering and other expert services in connection with any project or facilities herein authorized and with the authorization, issuance and sale of securities.
History:
1953 Comp., § 75-36-72, enacted by Laws 1963, ch. 311, § 72.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 64 Am. Jur. 2d Public Securities and Obligations §§ 230, 235.
64 C.J.S. Municipal Corporations § 1932.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-73 - Application of proceeds.

All moneys received from the issuance of any securities herein authorized shall be used solely for the purpose (or purposes) for which issued and the cost of any project thereby delineated. Any accrued interest and any premium shall be applied to the payment of the interest on or the principal of the securities, or both interest and principal, or shall be deposited in a reserve therefor, as the board may determine.
History:
1953 Comp., § 75-36-73, enacted by Laws 1963, ch. 311, § 73.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-74 - Use of unexpended proceeds.

Any unexpended balance of such security proceeds remaining after the completion of the acquisition or improvement and equipment of the project or the completion of the purpose or purposes for which such securities were issued shall be paid immediately into the fund created for the payment of the principal of said securities and shall be used therefor, subject to the provisions as to the times and methods for their payment as stated in the securities and the proceedings authorizing or otherwise appertaining to their issuance, or so paid into a reserve therefor.
History:
1953 Comp., § 75-36-74, enacted by Laws 1963, ch. 311, § 74.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-75 - Validity unaffected by use of proceeds.

The validity of said securities shall not be dependent on nor affected by the validity or regularity of any proceedings relating to the acquisition or improvement and equipment of the project or the proper competion [completion] of any project for which the securities are issued. The purchaser or purchasers of the securities shall in no manner be responsible for the application of the proceeds of the securities by the authority or any of its officers, agents and employees.
History:
1953 Comp., § 75-36-75, enacted by Laws 1963, ch. 311, § 75.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-76 - Covenants in security proceedings.

Any resolution or trust indenture authorizing the issuance of securitiees [securities] or any other instrument appertaining thereto may contain covenants and other provisions (notwithstanding such covenants and provisions may limit the exercise of powers conferred hereby), in order to secure the payment of such securities, in agreement with the holders and owners of such securities, as the board may determine, including without limiting the generality of the foregoing, all such acts and things as may be necessary or convenient or desirable in order to secure the authority's securities, or in the discretion of the board tend to make the securities more marketable, notwithstanding that such covenant, act or thing may not be enumerated herein, it being the intention hereof to give the authority power to do all things in the issuance of securities and for their security except as herein specifically limited.
History:
1953 Comp., § 75-36-76, enacted by Laws 1963, ch. 311, § 76.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 64 Am. Jur. 2d Public Securities and Obligations § 199.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-77 - Remedies of security holders.

Subject to any contractual limitations binding upon the holders of any issue or series of securities, or trustee therefor, including but not limited to the restriction of the exercise of any remedy to a specified proportion, percentage or number of such holders, and subject to any prior or superior rights of others, any holder of securities, or trustee therefor, shall have the right and power, for the equal benefit and protection of all holders of securities similarly situated:
A. by mandamus or other suit, action or proceeding at law or in equity to enforce his rights against the authority and its board and any of its officers, agents and employees, and to require and compel the authority or its board or any such officers, agents or employees to perform and carry out its and their duties, obligations or other commitments hereunder and its and their covenants and agreements with the holder of any security;
B. by action or suit in equity to require the authority and its board to account as if they were the trustee of an express trust;
C. by action or suit in equity to have appointed a receiver, which receiver may enter and take possession of any system, or project or services revenues from which are pledged for the payment of the securities, prescribe sufficient fees derived from the operation thereof, and collect, receive and apply all revenues or other moneys pledged for the payment of the securities in the same manner as the authority itself might do in accordance with the obligations of the authority;
D. by action or suit in equity to enjoin any acts or things which may be unlawful or in violation of the rights of the holder of any security and to bring suit thereupon.
History:
1953 Comp., § 75-36-77, enacted by Laws 1963, ch. 311, § 77.
ANNOTATIONS
Cross references.
— For one form of action known as "civil action,"
see
Rule 1-002 NMRA.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 64 Am. Jur. 2d Public Securities and Obligations §§ 485 to 491.
64 C.J.S. Municipal Corporations §§ 1956, 1972.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-78 - Limitations upon liabilities.

Neither the directors nor any person executing securities issued hereunder shall be liable personally on the securities by reason of the issuance thereof. Securities issued pursuant to this act [72-16-1 to 72-16-103 NMSA 1978] shall not be in any way a debt or liability of the state or of any municipality or other public body and shall not create or constitute any indebtedness, liability or obligation of the state or of any such municipality or other public body, either legal, moral or otherwise, and nothing in this act contained shall be construed to authorize the authority to incur any indebtedness on behalf of or in any way to obligate the state or any municipality or other public body, except the authority and except as herein otherwise expressly stated or necessarily implied.
History:
1953 Comp., § 75-36-78, enacted by Laws 1963, ch. 311, § 78.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— Personal liability of public officers to holders of invalid public money obligations, 87 A.L.R. 273.
94 C.J.S. Waters § 331.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-79 - Cancellation of paid securities.

Whenever the treasurer of the authority shall redeem and pay any of the securities issued under the provisions hereof, he shall cancel the same by writing across the face thereof or stamping thereon the word "paid," together with the date of its payment, sign his name thereto, and transmit the same to the secretary of the authority, taking his receipt therefor, which receipt shall be filed in the records of the authority. The secretary shall credit the treasurer on his books for the amount so paid.
History:
1953 Comp., § 75-36-79, enacted by Laws 1963, ch. 311, § 79.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 94 C.J.S. Waters § 330.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-80 - Interest after maturity.

No interest shall accrue on any security herein authorized after it becomes due and payable, provided funds for the payment of the principal of and the interest on the security and any prior redemption premium due are available to the paying agent for such payment without default.
History:
1953 Comp., § 75-36-80, enacted by Laws 1963, ch. 311, § 80.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-81 - Refunding bonds.

Any bonds issued hereunder may be refunded, without an election, but subject to provisions concerning their payment and to any other contractual limitations in the proceedings authorizing their issuance or otherwise oppertaining [appertaining] thereto, pursuant to a resolution or resolutions to be adopted by the board in the manner herein provided for the issuance of other securities, to refund, pay or discharge all or any part of the authority's outstanding bonds, heretofore or hereafter issued, including any interest thereon in arrears or about to become due, or for the purpose of reducing interest costs or effecting other economies or of modifying or eliminating restrictive contractual limitations appertaining to the issuance of additional bonds or any project (or any combination thereof).
History:
1953 Comp., § 75-36-81, enacted by Laws 1963, ch. 311, § 81.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 64 Am. Jur. 2d Public Securities and Obligations §§ 261, 262.
64 C.J.S. Municipal Corporations § 1910.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-82 - Method of issuance.

Any bonds issued for refunding purposes may either be delivered in exchange for the outstanding bonds authorized to be refunded or may be sold as provided in this act [Chapter 72, Article 16 NMSA 1978] for the sale of other bonds.
History:
1953 Comp., § 75-36-82, enacted by Laws 1963, ch. 311, § 82.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-83 - Limitations upon issuance.

No bonds may be refunded hereunder unless the holders thereof voluntarily surrender them for exchange or payment, or unless they either mature or are callable for prior redemption under their terms within ten years from the date of issuance of the refunding bonds. Provision shall be made for paying the bonds within that period of time. No maturity of any bonds refunded may be extended over fifteen years nor may any interest thereon be increased to any coupon rate exceeding the maximum net effective interest rate permitted by the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978]. The principal amount of the refunding bonds may exceed the principal amount of the refunded bonds if the aggregate principal and interest costs of the refunding bonds do not exceed such unaccrued costs of the bonds refunded. The principal amount of the refunding bonds may also be less than or the same as the principal amount of the bonds refunded so long as provision is duly and sufficiently made for their payment.
History:
1953 Comp., § 75-36-83, enacted by Laws 1963, ch. 311, § 83; 1985, ch. 190, § 14.
ANNOTATIONS
The 1985 amendment,
effective June 14, 1985, deleted "(10)" following "ten" near the end of the first sentence, substituted "that period of time" for "said period of time" at the end of the second sentence, inserted "coupon" preceding "rate" near the middle and substituted "the maximum net effective interest rate permitted by the Public Securities Act" for "six percent per annum" at the end of the third sentence.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-84 - Use of refunding bond proceeds.

The proceeds of refunding bonds shall either be immediately applied to the retirement of the bonds to be refunded or be placed in escrow to be applied to the payment of the bonds upon their presentation therefor; provided, however, any accrued interest and any premium appertaining to a sale of refunding bonds may be applied to the payment of the interest thereon and the principal thereof or both interest and principal or may be deposited in a reserve therefor as the board may determine. The escrow shall not necessarily be limited to refunding bond proceeds but may include other money made available for such purpose. Any escrowed proceeds pending such use may be invested or reinvested in federal securities. Such escrowed proceeds and investments, together with any interest to be derived from any such investment, shall be in an amount at all times sufficient as to principal, interest, any prior redemption premium due and any charges of the escrow agent payable therefrom to pay the bonds refunded as they become due at their respective maturities or due at designated prior redemption date or dates upon which the board shall exercise a prior redemption option. Upon establishment of such escrow in accordance with this section, the refunded bonds payable therefrom no longer shall constitute outstanding indebtedness of the authority.
History:
1953 Comp., § 75-36-84, enacted by Laws 1963, ch. 311, § 84; 1985, ch. 190, § 15.
ANNOTATIONS
The 1985 amendment,
effective June 14, 1985, substituted "money" for "moneys" and "such purpose" for "said purpose" near the end of the second sentence, and added the last sentence.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-85 - Payment of refunding bonds.

Refunding revenue bonds may be made payable from any revenues derived from the operation of the flood control system or any project, notwithstanding the pledge of such revenues for the payment of the outstanding bonds issued by the authority which are to be refunded is thereby modified. Any refunding revenue bonds shall not be made payable from taxes unless the bonds thereby refunded are payable from taxes.
History:
1953 Comp., § 75-36-85, enacted by Laws 1963, ch. 311, § 85.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-86 - Combination of refunding and other bonds.

Bonds for refunding and bonds for any other purpose or purposes herein authorized may be issued separately or issued in combination in one series or more.
History:
1953 Comp., § 75-36-86, enacted by Laws 1963, ch. 311, § 86.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-87 - Supplemental provisions.

Except as in this act [Chapter 72, Article 16 NMSA 1978] specifically provided or necessarily implied, the relevant provisions herein pertaining to bonds generally shall be equally applicable in the authorization and issuance of refunding bonds, including their terms and security, the bond resolution, trust indenture, taxes and service charges, and other aspects of the bonds.
History:
1953 Comp., § 75-36-87, enacted by Laws 1963, ch. 311, § 87.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-88 - Board's determination final.

The determination of the board that the limitations hereunder imposed upon the issuance of refunding bonds have been met shall be conclusive in the absence of fraud or arbitrary and gross abuse of discretion.
History:
1953 Comp., § 75-36-88, enacted by Laws 1963, ch. 311, § 88.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-89 - Issuance of interim debentures and pledge of bonds as collateral security.

Notwithstanding any limitation or other provision herein, whenever a majority of the qualified electors of the authority voting on a proposal to issue bonds has authorized the authority to issue bonds for any purpose herein authorized, the authority is authorized to borrow money without any other election in anticipation of taxes, the proceeds of the bonds or any other revenues of the authority, or any combination thereof, and to 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 72-16-90 and 72-16-91 NMSA 1978, interim debentures shall be issued as provided herein for securities in Sections 72-16-47 through 72-16-80 NMSA 1978. Taxes, other revenues of the authority, 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. Any bonds pledged as collateral security for the payment of any interim debentures shall mature at such time as the board may determine, but in no event exceeding forty years from the date of either any of such bonds or any of such interim debentures, whichever date is the 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 debenture secured by a pledge of such bonds, nor shall they bear interest at any time that with any interest accruing at the same time on the interim debenture so secured exceeds six percent per year.
History:
1953 Comp., § 75-36-89, enacted by Laws 1963, ch. 311, § 89; 2018, ch. 79, § 109.
ANNOTATIONS
The 2018 amendment,
effective July 1, 2018, revised certain statutory references, and made technical changes throughout the section; and after "a majority of the", deleted "taxpaying" and added "qualified", after "provided in this section", deleted "89", after "and in Sections", deleted "90 and 91 hereof" and added "72-16-90 and 72-16-91 NMSA 1978", after "for securities in Sections", deleted "47 to 80, both inclusive" and added "72-16-47 through 72-16-80 NMSA 1978", after each occurrence of "debenture", deleted "or interim debentures", and after "percent per", deleted "annum" and added "year".
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-90 - Interim debentures not to be extended.

No interim debenture issued pursuant to the provisions of Section 89 [72-16-89 NMSA 1978] hereof shall be extended or funded except by the issuance or reissuance of a bond or bonds in compliance with Section 91 [72-16-91 NMSA 1978] hereof.
History:
1953 Comp., § 75-36-90, enacted by Laws 1963, ch. 311, § 90.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-91 - Funding.

For the purpose of funding any interim debenture or interim debentures, any bond or bonds pledged as collateral security to secure the payment of such interim debenture or interim debentures may be reissued without an election, and any bonds not previously issued but authorized to be issued at an election for a purpose the same as or encompassing the purpose for which the interim debentures were issued may be issued for such a funding. Any such bonds shall mature at such time or times as the board may determine, but in no event exceeding forty years from the date of either any of the interim debentures so funded or any of the bonds so pledged as collateral security, whichever date be the earlier. Bonds for funding (including but not necessarily limited to any such reissued bonds) and bonds for any other purpose or purposes herein authorized may be issued separately or issued in combination in one series or more. Except as herein otherwise provided in Sections 89 and 90 [72-16-89 and 72-16-90 NMSA 1978] and in this Section 91, any such funding bonds shall be issued as is provided herein for refunding bonds in Sections 81, 82, 84, 85, 87, and 88 [72-16-81, 72-16-82, 72-16-84, 72-16-85, 72-16-87 and 72-16-88 NMSA 1978] hereof, and provided herein for securities in Sections 47 to 80 [72-16-47 to 72-16-80 NMSA 1978], both inclusive.
History:
1953 Comp., § 75-36-91, enacted by Laws 1963, ch. 311, § 91.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-92 - Publication of resolution or proceedings.

In its discretion the board may provide for the publication once in full of either any resolution or other proceedings adopted by the board ordering the issuance of any securities or, in the alternative, of notice thereof, which resolution, other proceedings or notice so published shall state the fact and date of such adoption and the place where such resolution or other proceedings has been filed for public inspection and also the date of the first publication of such resolution, other proceedings or notice, and also state that any action or proceeding of any kind or nature in any court questioning the validity of the creation and establishment of the authority, or the validity or proper authorization of securities provided for by the resolution or other proceedings, or the validity of any covenants, agreements or contracts provided for by the resolution or other proceedings, shall be commenced within twenty days after the first publication of such resolution, other proceedings or notice.
History:
1953 Comp., § 75-36-92, enacted by Laws 1963, ch. 311, § 92.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 64 Am. Jur. 2d Public Securities and Obligations §§ 477 to 484.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-93 - Failure to contest legality constitutes bar.

If no such action or proceedings shall be commenced or instituted within twenty days after the first publication of such resolution, other proceedings or notice, then all residents and taxpayers and owners of property in the authority and all public bodies and all other persons whatsoever shall be forever barred and foreclosed from instituting or commencing any action or proceeding in any court or from pleading any defense to any action or proceedings questioning the validity of the creation and establishment of the authority, the validity or proper authorization of such securities, or the validity of any such covenants, agreements or contracts; and said securities, covenants, agreements and contracts shall be conclusively deemed to be valid and binding obligations in accordance with their terms and tenor.
History:
1953 Comp., § 75-36-93, enacted by Laws 1963, ch. 311, § 93.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 64 Am. Jur. 2d Public Securities and Obligations §§ 500 to 505.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-94 - Confirmation of contract proceedings.

In its discretion the board may file a petition at any time in the district court in and for any county in which the authority is located wholly or in part, praying a judicial examination and determination of any power conferred or of any tax or rates or charges levied or of any act, proceeding or contract of the authority, whether or not said contract shall have been executed, including proposed contracts for the acquisition, improvement, equipment, maintenance, operation or disposal of any project for the authority. Such petition shall set forth the facts whereon the validity of such power, assessment, act, proceeding or contract is founded and shall be verified by the chairman of the board. Such action shall be in the nature of a proceeding in rem, and jurisdiction of all parties interested may be had by publication and posting, as hereinafter provided. Notice of the filing of said petition shall be given by the clerk of the court, under the seal thereof, stating in brief outline the contents of the petition and showing where a full copy of any contract therein mentioned may be examined. The notice shall be served by publication in at least five consecutive issues of a weekly newspaper of general circulation published in the county in which the principal office of the authority is located, and by posting the same in the office of the authority at least thirty days prior to the date fixed in said notice for the hearing on said petition. Jurisdiction shall be complete after such publication and posting. Any owner of property in the authority or person interested in the contract or proposed contract or in the premises may appear and move to dismiss or answer said petition at any time prior to the date fixed for said hearing or within such further time as may be allowed by the court; and the petition shall be taken as confessed by all persons who fail so to appear.
History:
1953 Comp., § 75-36-94, enacted by Laws 1963, ch. 311, § 94.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-95 - Review and judgment of court.

The petition and notice shall be sufficient to give the court jurisdiction, and upon hearing the court shall examine into and determine all matters and things affecting the question submitted, shall make such findings with reference thereto and render such judgment and decree thereon as the case warrants. Costs may be divided or apportioned among any contesting parties in the discretion of the trial court. Review of the judgment of the court may be had as in other similar cases, except that such review must be applied for within thirty days after the time of the rendition of such judgment or within such additional time as may be allowed by the court within thirty days. The Rules of Civil Procedure shall govern in matters of pleading and practice where not otherwise specified herein. The court shall disregard any error, irregularity or omission which does not affect the substantial rights of the parties.
History:
1953 Comp., § 75-36-95, enacted by Laws 1963, ch. 311, § 95.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-96 - Purpose of tax exemptions.

The effectuation of the powers herein authorized shall and will be in all respects for the benefit of the people of the state, including but not necessarily limited to those residing in the authority exercising any power hereunder, for the improvement of their health and living conditions and for the increase of their commerce and prosperity.
History:
1953 Comp., § 75-36-96, enacted by Laws 1963, ch. 311, § 96.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-97 - Property exempt from general taxes.

Thus, the authority shall not be required to pay any general (ad valorem) taxes upon any property appertaining to any project herein authorized and acquired within the state, nor the authority's interest therein.
History:
1953 Comp., § 75-36-97, enacted by Laws 1963, ch. 311, § 97.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-98 - Securities and income therefrom exempt.

Securities issued hereunder and the income therefrom shall forever be and remain free and exempt from taxation by the state, the authority and any other public body, except transfer, inheritance and estate taxes.
History:
1953 Comp., § 75-36-98, enacted by Laws 1963, ch. 311, § 98.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-99 - Freedom from judicial process.

Execution or other judicial process shall not issue against any property herein authorized of the authority, nor shall any judgment against the authority be a charge or lien upon its property.
History:
1953 Comp., § 75-36-99, enacted by Laws 1963, ch. 311, § 99.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-100 - Resort to judicial process.

Section 99 [72-16-99 NMSA 1978] hereof does not apply to or limit the right of the holder of any security, his trustee, or any assignee of all or part of his interest, the federal government when it is a party to any contract with the authority, and any other obligee hereunder to foreclose, otherwise to enforce, and to pursue any remedies for the enforcement of any pledge or lien given by the authority on the proceeds of taxes, service charges or other revenues.
History:
1953 Comp., § 75-36-100, enacted by Laws 1963, ch. 311, § 100.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-101 - Legal investments in securities.

It shall be legal for the state and any of its agencies, departments, instrumentalities, corporations, or political subdivisions, or any political or public corporation, any bank, trust company, banker, savings bank, or institution, any building and loan association, savings and loan association, investment company and any other person carrying on a banking or investment business, any insurance company, insurance association, or any other person carrying on an insurance business, and any executor, administrator, curator, trustee or any other fiduciary, to invest funds or moneys in their custody in any of the securities authorized to be issued pursuant to the provisions hereof. Such securities shall be authorized security for all public deposits. Nothing contained in this Section 101 with regard to legal investments shall be construed as relieving any public body or other person of any duty of exercising reasonable care in selecting securities.
History:
1953 Comp., § 75-36-101, enacted by Laws 1963, ch. 311, § 101.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-102 - Civil rights.

The authority damaged by any such act may also bring a civil action for damages sustained by any such act, and in such proceeding the prevailing party shall also be entitled to reasonable attorneys' fees and costs of court.
History:
1953 Comp., § 75-36-102, enacted by Laws 1963, ch. 311, § 102.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 16 - Albuquerque Metropolitan Arroyo Flood Control › Section 72-16-103 - Liberal construction.

This act [Chapter 72, Article 16 NMSA 1978] being necessary to secure and preserve the public health, safety and general welfare, the rule of strict construction shall have no application hereto, but it shall be liberally construed to effect the purposes and objects for which this act is intended.
History:
1953 Comp., § 75-36-103, enacted by Laws 1963, ch. 311, § 103.
ANNOTATIONS
Severability.
— Laws 1963, ch. 311, § 104, provided for the severability of the act if any part or application thereof is held invalid.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-1 - Short title.

Chapter 72, Article 17 NMSA 1978 may be cited as the "Las Cruces Arroyo Flood Control Act".
History:
1953 Comp., § 75-38-1, enacted by Laws 1967, ch. 156, § 1; 2018, ch. 79, § 110.
ANNOTATIONS
Cross references.
— For flood control generally,
see
Chapter 4, Article 50 NMSA 1978.
The 2018 amendment,
effective July 1, 2018, changed "This act" to "Chapter 72, Article 17 NMSA 1978".
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 50 Am. Jur. 2d Levees and Flood Control §§ 1, 2.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-2 - Legislative declaration.

It is hereby declared as a matter of legislative determination:
A. that the organization of the authority hereby created having the purposes, powers, duties, privileges, immunities, rights, liabilities and disabilities provided in this act [Chapter 72, Article 17 NMSA 1978] will serve a public use and will promote the health, safety, prosperity, security and general welfare of the inhabitants thereof and of the state of New Mexico;
B. that the acquisition, improvement, maintenance and operation of any project authorized in this act is in the public interest and constitutes a part of the established and permanent policy of the state;
C. that the authority hereby organized shall be a body corporate and politic, a quasi-municipal corporation, and a political subdivision of the state;
D. that the flood control system hereby authorized and directed to be acquired will be of special benefit to the property within the boundaries of the authority hereinafter organized and created;
E. that the notice provided for in this act for each hearing and action to be taken is reasonably calculated to inform any person of interest in any proceedings hereunder which may directly and adversely affect his legally protected interests;
F. that a general law cannot be made applicable to the designated flood control system and the provisions herein appertaining thereto because of a number of typical and special conditions concerning them;
G. that for the accomplishment of these purposes, the provisions of this act shall be broadly construed.
History:
1953 Comp., § 75-38-2, enacted by Laws 1967, ch. 156, § 2.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-3 - Decision of board or governing body final.

The action and decision of the board as to all matters passed upon by it in relation to any action, matter or thing provided herein shall be final and conclusive unless arbitrary, capricious or fraudulent.
History:
1953 Comp., § 75-38-3, enacted by Laws 1967, ch. 156, § 3.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-5 - Creation of authority.

There is hereby created a flood control authority to be known and designated as the "Las Cruces metropolitan arroyo flood control authority."
History:
1953 Comp., § 75-38-5, enacted by Laws 1967, ch. 156, § 5.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 52A C.J.S. Levees and Flood Control § 21.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-7 - Provision for remonstrances.

Within sixty days from the time this act [Chapter 72, Article 17 NMSA 1978] goes into effect, a written, signed and acknowledged remonstrance against the acquiring of the flood control system provided for in Section 19 [72-17-19 NMSA 1978] herein may be filed with the board hereinafter created by the owners of property of the value of at least thirty percent of the value of the property herein provided to be taxed, based upon the assessed valuation of said property for general taxes for the year preceding the year of making such remonstrance. If there is real estate in the authority that has not been separately assessed by the taxing authorities, the board shall value such real estate for the purpose of such remonstrance on the same basis of valuation as other real estate similarly situated that has been separately assessed. The board shall, as soon as possible, examine such remonstrance, if made, and canvass and pass upon and determine its sufficiency, and its action thereon shall be final. If the petition is found to contain the names of the owners of property of fifty percent of the total valuation of said real estate in the authority and is found to be sufficient, then the flood control system herein provided for shall not be acquired; provided, that no action under the terms of this act shall be delayed during the period of sixty days, except that no bonds shall be issued during said time.
History:
1953 Comp., § 75-38-7, enacted by Laws 1967, ch. 156, § 7.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 52A C.J.S. Levees and Flood Control § 18.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-8 - Board of directors.

The governing body of the authority hereby created is a board of directors consisting of five qualified electors of the authority. All powers, rights, privileges and duties vested in or imposed upon the authority are exercised and performed by and through the board of directors; provided that the exercise of any executive, administrative and ministerial powers may be, by the board, delegated and redelegated to officers and employees of the authority. Except for the first directors appointed as provided and except for any director chosen to fill an unexpired term, the term of each director runs for six years. Each director, subject to such exceptions, shall serve a six-year term, and each director shall serve until a successor has been duly chosen and qualified.
History:
1953 Comp., § 75-38-8, enacted by Laws 1967, ch. 156, § 8; 2018, ch. 79, § 112.
ANNOTATIONS
The 2018 amendment,
effective July 1, 2018, revised the language related to the commencing and ending dates of the terms of each director of the Las Cruces Arroyo Flood Control Authority; and after "the term of each director", deleted "commences on the first day of January next following a general election in the state and", after "a six-year term", deleted "ending on the first day of January next following a general election".
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 52A C.J.S. Levees and Flood Control § 21.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-9 - Appointment of first board.

When this act [Chapter 72, Article 17 NMSA 1978] goes into effect, the governor shall forthwith appoint five qualified electors of the authority as the directors comprising the first board. They shall serve until their successors have been elected and qualified. Immediately upon their appointment the five directors shall meet, qualify and choose officers, as provided for organizational meetings thereafter in Section 13 [72-17-13 NMSA 1978] hereof.
History:
1953 Comp., § 75-38-9, enacted by Laws 1967, ch. 156, § 9.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 52A C.J.S. Levees and Flood Control § 22.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-10 - Election of directors.

At the time that a proposal to incur debt is first submitted to the qualified electors, the qualified electors of the authority shall elect five qualified directors, two to serve a term ending January 1, 1969, two to serve a term ending January 1, 1971 and one to serve a term ending January 1, 1973. At the first election, the five candidates receiving the highest number of votes shall be elected as directors. The terms of the directors shall be determined by lot at their organizational meeting. At each election thereafter, the qualified electors of the authority shall elect similarly one or two qualified electors as directors to serve six-year terms as directors and as successors to the directors whose terms end following each election. Nothing in this section may be construed as preventing qualified electors of the authority from being elected or reelected as directors to succeed themselves.
History:
1953 Comp., § 75-38-10, enacted by Laws 1967, ch. 156, § 10; 2018, ch. 79, § 113.
ANNOTATIONS
The 2018 amendment,
effective July 1, 2018, removed outdated language, replaced "taxpaying" with "qualified" preceding "electors" throughout the section, and made technical changes; and deleted "or at the first general election next following the effective date of the Las Cruces Arroyo Flood Control Act, whichever occurs first", after "At each", deleted "general", after "directors whose terms end", deleted "on the first day of January next", after "reelected as directors to succeed", deleted "himself" and added "themselves", and deleted the remainder of the section, which related to elections for directors when there is a vacancy on the board.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 52A C.J.S. Levees and Flood Control § 22.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-11 - Nomination of directors.

Written nominations of any candidate as director may be filed with the proper filing officer in accordance with the provisions of the Local Election Act [Chapter 1, Article 22 NMSA 1978]. Each nomination of any candidate shall be signed by not less than fifty qualified electors regardless of whether or not nominated, shall designate the name of the candidates and shall recite that the subscribers are qualified electors and that the candidates designated are qualified electors of the authority. No written nomination may designate more qualified electors as candidates than there are vacancies. No qualified elector may nominate more than one candidate for any vacancy.
History:
1953 Comp., § 75-38-11, enacted by Laws 1967, ch. 156, § 11; 2018, ch. 79, § 114.
ANNOTATIONS
The 2018 amendment,
effective July 1, 2018, provided that nominations of candidates for director of the Las Cruces Arroyo Flood Control Authority may be filed in accordance with the provisions of the Local Election Act, removed outdated language, and made technical and conforming changes; and deleted "Not later than forty-five days before a proposal to incur debt shall be first submitted to the taxpaying electors or at the first general election next following the effective date of the Las Cruces Arroyo Flood Control Act, which ever occurs first", after "may be filed with the", deleted "secretary of the board" and added "proper filing officer in accordance with the provisions of the Local Election Act", replaced "taxpaying" with "qualified" preceding "electors throughout the section, and deleted the last sentence, which related to placement of candidates names on the ballot.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-12 - Filling vacancies on board.

Upon a vacancy occurring in the board by reason of death, change of residence, resignation, or for any other reason, the governor shall appoint a qualified elector of the authority, as successor to serve the unexpired term.
History:
1953 Comp., § 75-38-12, enacted by Laws 1967, ch. 156, § 12.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-13 - Organizational meetings.

Except for the first board, each board shall meet on the first business day next following the first day of the month that the term of office begins for members elected in the immediately preceding election at the office of the board within the authority. Each member of the board, before entering upon the member's official duties, shall take and subscribe an oath that the member will support the constitution of the United States and the constitution and laws of New Mexico and that the member will faithfully and impartially discharge the duties of office to the best of the member's ability, which oath shall be filed in the office of the secretary of state. Each director shall, before entering upon the director's official duties, give a bond to the authority in the sum of ten thousand dollars ($10,000) with good and sufficient surety, conditioned for the faithful performance of each of the duties of office, without fraud, deceit or oppression, and the accounting for all money and property coming into the director's hands, and the prompt and faithful payment of all money and the delivering of all property coming into the director's custody or control belonging to the authority of the director's successors in office. Premiums on all bonds provided for in this section shall be paid by the authority, and all such bonds shall be kept on file in the office of the secretary of state.
History:
1953 Comp., § 75-38-13, enacted by Laws 1967, ch. 156, § 13; 2018, ch. 79, § 115.
ANNOTATIONS
The 2018 amendment,
effective July 1, 2018, revised the schedule for the first meeting of the Las Cruces Arroyo Flood Control Authority following the election of new members to the board; and after "following the first day of", deleted "January I in each odd-numbered year" and added "the month that the term of office begins for members elected in the immediately preceding election".
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-14 - Board's administrative powers.

The board may exercise the following powers:
A. fix the time and place, at which its regular meetings will be held within the authority and provide for the calling and holding of special meetings;
B. adopt and amend or otherwise modify bylaws and rules for procedure;
C. select one director as chairman of the board and president of the authority, and another director as chairman pro tem of the board and president pro tem of the authority, and choose a secretary and a treasurer of the board and authority, each of which two positions may be filled by a person who is, or is not, a director, and both of which positions may, or may not, be filled by one person;
D. prescribe by resolution a system of business administration and create all necessary offices, and establish and reestablish the powers, duties, and compensation of all officers and employees;
E. require and fix the amount of all official bonds necessary or desirable and convenient in the opinion of the board for the protection of the funds and property of the authority, subject to the provisions of Section 13 [72-17-13 NMSA 1978] hereof;
F. prescribe a method of auditing and allowing or rejecting claims and demands;
G. provide a method for the letting of contracts on a fair and competitive basis for the construction of works, any facility, or any project, or any interest therein, or the performance or furnishing of labor, materials or supplies as required herein;
H. designate an official newspaper published in the authority in the English language and direct additional publication in any newspaper where it deems that the public necessity may so require;
I. make and pass resolutions and orders on behalf of the authority not repugnant to the provisions of this act [Chapter 72, Article 17 NMSA 1978], necessary or proper for the government and management of the affairs of the authority, for the execution of the powers vested in the authority, and for carrying into effect the provisions of this act.
History:
1953 Comp., § 75-38-14, enacted by Laws 1967, ch. 156, § 14.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 52A C.J.S. Levees and Flood Control § 24.