reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-15 - Records of board.

On all resolutions and orders, the roll shall be called, and the ayes and noes shall be recorded. All resolutions and orders, as soon as may be after their passage, shall be recorded in a book kept for that purpose and be authenticated by the signature of the presiding officer of the board and the secretary. Every legislative act of the board of a general or permanent nature shall be by resolution. The book of resolutions and orders is a public record. A record shall also be made of all other proceedings of the board, minutes of all meetings, certificates, contracts, bonds given by officers, employees, and any other agents of the authority, and all corporate acts, which record is also a public record. The treasurer shall keep strict and accurate accounts of all moneys received by and disbursed for and on behalf of the authority, in a permanent record, which is also a public record. Any permanent record of the authority shall be open for inspection by any qualified elector thereof, by any other interested person, or by any representative of the federal government or any public body. All records are subject to audit as provided by law for political subdivisions.
History:
1953 Comp., § 75-38-15, enacted by Laws 1967, ch. 156, § 15.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-16 - Meetings of board.

All meetings of the board shall be held within the authority and shall be open to the public. No business of the board shall be transacted except at a regular or special meeting at which a quorum consisting of at least three-fifths of the total membership of the board is present. Any action of the board requires the affirmative vote of a majority of the directors present and voting. A smaller number of directors than a quorum may adjourn from time to time and may compel the attendance of absent members in such manner and under such penalties as the board may provide.
History:
1953 Comp., § 75-38-16, enacted by Laws 1967, ch. 156, § 16.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-17 - Compensation of directors.

Directors shall receive no compensation for their services as a director, office: [officer,] engineer, attorney, employee or other agent of the authority. Directors may be reimbursed for expenses incurred by them on authority business with approval of the board.
History:
1953 Comp., § 75-38-17, enacted by Laws 1967, ch. 156, § 17.
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 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-18 - Interest in contracts and property disqualifications.

No director nor officer, employee or agent of the authority may be interested in any contract or transaction with the authority except in his official representative capacity, or as provided, except for any contract of employment with the authority. Neither the holding of any office or employment in the government of any public body or the federal government nor the owning of any property within the state, within or without the authority, may be deemed a disqualification for membership on the board or employment by the authority, nor a disqualification for compensation for services as an officer, employee or agent of the authority, except as provided in Section 17 [72-17-17 NMSA 1978] hereof.
History:
1953 Comp., § 75-38-18, enacted by Laws 1967, ch. 156, § 18.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-19 - Flood control system; hearings thereon.

The authority is hereby authorized, empowered and directed, subject to the provisions of Section 7 [72-17-7 NMSA 1978] hereof, to acquire, equip, maintain and operate a flood control system for the benefit of the authority and the inhabitants thereof, after the board has made such preliminary studies and otherwise taken such action as it determines to be necessary or desirable as preliminaries thereto. The flood control system consists of such facilities as the board may determine. When a comprehensive program for the acquisition of the flood control system satisfactory to the board is available, it shall be tentatively adopted. The program need only describe the proposed flood control system in general terms and not in detail. A public hearing on the proposed program shall be scheduled, and notice of the hearing shall be given by publication. After the hearing and any adjournments thereof which may be ordered, the board may either require changes to be made in the program as the board may consider desirable, or the board may approve the program as prepared. If any substantial changes to the program are ordered at any time, a further hearing shall be held pursuant to notice which shall be given by publication.
History:
1953 Comp., § 75-38-19, enacted by Laws 1967, ch. 156, § 19.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 52A C.J.S. Levees and Flood Control § 24.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-20 - Implementing powers.

The board may:
A. acquire, improve, equip, maintain and operate any project or facility for the control of flood and storm waters of the authority and the flood and storm waters of streams which have their sources outside of the authority but which streams and the flood waters thereof flow into the authority;
B. protect from such floods or storm waters the watercourses, watersheds, public highways, life and property in the authority;
C. exercise the right of eminent domain, either within or without the authority, in the manner provided by law for the condemnation of private property for public use.
History:
1953 Comp., § 75-38-20, enacted by Laws 1967, ch. 156, § 20.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 52A C.J.S. Levees and Flood Control § 24.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-21 - Protection of property rights.

It is hereby declared that the use of the property, lands, rights-of-way, easements or materials which may be condemned, taken or appropriated under the provisions of this act [Chapter 72, Article 17 NMSA 1978] is a public use subject to the regulation and control of the state in the manner prescribed by law; but nothing herein shall be deemed to authorize the authority or public body or person to divert the waters of any river, creek, stream, irrigation system, canal or ditch from its channel to the detriment of any person, any public body or the federal government having any interest in such river, creek, stream, irrigation system, canal or ditch, or the waters thereof or therein, unless compensation is ascertained and paid therefor under the laws authorizing the taking of private property for public use.
History:
1953 Comp., § 75-38-21, enacted by Laws 1967, ch. 156, § 21.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 50 Am. Jur. 2d Levees and Flood Control §§ 7 to 11.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-23 - Levy and collection of taxes.

To levy and collect taxes, the board shall determine, in each year, the amount of money necessary to be raised by taxation, taking into consideration other sources of revenue of the authority, and shall fix a rate of levy, without limitation as to rate or amount, except for the limitation in Subsection J of Section 22 [72-17-22 NMSA 1978] hereof and for any constitutional limitation, which, when levied upon every dollar of assessed valuation of taxable property within the authority, and together with other revenues, will raise the amount required by the authority annually to supply funds for paying expenses of organization and the costs of acquiring, improving, equipping, operating and maintaining any project or facility of the authority, and promptly to pay in full, when due, all interest on and principal of bonds and other securities of the authority; and in the event of accruing defaults or deficiencies, an additional levy may be made as provided in Section 24 [72-17-24 NMSA 1978] hereof.
History:
1953 Comp., § 75-38-23, enacted by Laws 1967, ch. 156, § 23.
ANNOTATIONS
Cross references.
— For constitutional property tax limits and exceptions,
see
N.M. Const., art. VIII, § 2.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 52A C.J.S. Levees and Flood Control §§ 28 to 33.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-24 - Levies to cover deficiencies.

The board, in certifying annual levies, shall take into account the maturing indebtedness for the ensuing year as provided in its contracts, maturing securities and interest on securities, and deficiencies and defaults of prior years, and shall make ample provision for the payment thereof. In case the moneys produced from such levies, together with other revenues of the authority, are not sufficient punctually to pay the annual installments of its contracts or securities, and interest thereon, and to pay defaults and deficiencies, the board shall make such additional levies of taxes as may be necessary for such purposes, and notwithstanding any limitations, except the limitation in Subsection J of Section 22 [72-17-22 NMSA 1978] hereof, and any constitutional limitation, such taxes shall be made and continue to be levied until the indebtedness of the authority shall be fully paid.
History:
1953 Comp., § 75-38-24, enacted by Laws 1967, ch. 156, § 24.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-25 - Sinking fund.

Whenever any indebtedness has been incurred by the authority, it shall be lawful for the board to levy taxes and to collect revenue for the purpose of creating a reserve fund in such amount as the board may determine, which may be used to meet the obligations of the authority, for maintenance and operating charges and depreciation, and to provide improvements for the authority.
History:
1953 Comp., § 75-38-25, enacted by Laws 1967, ch. 156, § 25.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-26 - Manner of levying and collecting taxes.

It is the duty of the body having authority to levy taxes within each county to levy the taxes provided in Subsection J [of] Section 22 [72-17-22 NMSA 1978], hereof, and elsewhere in this act [Chapter 72, Article 17 NMSA 1978]. It is the duty of all officials charged with collecting taxes to collect such taxes at the time and in the form and manner and with like interest and penalties as other general ad valorem taxes are collected, and when collected, to pay the same to the authority. The payment of such collection shall be made monthly to the treasurer of the authority and paid into the depository thereof to the credit of the authority. All general ad valorem taxes levied under this act, together with interest thereon and penalties for default in payment thereof, and all costs of collecting the same, constitute, until paid, a perpetual lien on and against the property taxed, and such lien is on a parity with the tax lien of other general ad valorem taxes.
History:
1953 Comp., § 75-38-26, enacted by Laws 1967, ch. 156, § 26.
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.
— 52A C.J.S. Levees and Flood Control § 33.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-27 - Delinquent taxes.

If the general ad valorem taxes levied are not paid, then delinquent real property shall be sold at the regular tax sale for the payment of said taxes, interest and penalties, in the manner provided by the statutes of the state for selling real property for the nonpayment of general taxes. If there are no bids at said tax sale for the property so offered, said property shall be struck off to the county, and the county shall account to the authority in the same manner as provided by law for accounting for school, town and city taxes. Delinquent personal property shall be distrained and sold as provided by law.
History:
1953 Comp., § 75-38-27, enacted by Laws 1967, ch. 156, § 27.
ANNOTATIONS
Cross references.
— For sale of real property for payment of property taxes,
see
7-38-65 NMSA 1978 et seq.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 52A C.J.S. Levees and Flood Control § 38.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-28 - Elections.

Elections shall be held pursuant to the provisions of the Local Election Act [Chapter 1, Article 22 NMSA 1978].
History:
1953 Comp., § 75-38-28, enacted by Laws 1967, ch. 156, § 28; 2018, ch. 79, § 117.
ANNOTATIONS
The 2018 amendment,
effective July 1, 2018, completely rewrote the section, providing that elections for directors of the Las Cruces Flood Control Authority shall be held pursuant to the provisions of the Local Election Act.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-29 - Repealed.

History:
1953 Comp., § 75-38-29, enacted by Laws 1967, ch. 156, § 29; repealed by Laws 2018, ch. 79, § 175.
ANNOTATIONS
Repeals.
— Laws 2018, ch. 79, § 175 repealed 72-17-29 NMSA 1978, as enacted by Laws 1967, ch. 156, § 29, relating to election resolution, effective July 1, 2018. For provisions of former section,
see
the 2017 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-30 - Repealed.

History:
1953 Comp., § 75-38-30, enacted by Laws 1967, ch. 156, § 30; repealed by Laws 2018, ch. 79, § 175.
ANNOTATIONS
Repeals.
— Laws 2018, ch. 79, § 175 repealed 72-17-30 NMSA 1978, as enacted by Laws 1967, ch. 156, § 30, relating to conduct of election, effective July 1, 2018. For provisions of former section,
see
the 2017 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-31 - Repealed.

History:
1953 Comp., § 75-38-31, enacted by Laws 1967, ch. 156, § 31; repealed by Laws 2018, ch. 79, § 175.
ANNOTATIONS
Repeals.
— Laws 2018, ch. 79, § 175 repealed 72-17-31 NMSA 1978, as enacted by Laws 1967, ch. 156, § 31, relating to notice of election, effective July 1, 2018. For provisions of former section,
see
the 2017 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-32 - Repealed.

History:
1953 Comp., § 75-38-32, enacted by Laws 1967, ch. 156, § 32; repealed by Laws 2018, ch. 79, § 175.
ANNOTATIONS
Repeals.
— Laws 2018, ch. 79, § 175 repealed 72-17-32 NMSA 1978, as enacted by Laws 1967, ch. 156, § 32, relating to polling places, effective July 1, 2018. For provisions of former section,
see
the 2017 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-33 - Repealed.

History:
1953 Comp., § 75-38-33, enacted by Laws 1967, ch. 156, § 33; repealed by Laws 2018, ch. 79, § 175.
ANNOTATIONS
Repeals.
— Laws 2018, ch. 79, § 175 repealed 72-17-33 NMSA 1978, as enacted by Laws 1967, ch. 156, § 33, relating to election supplies, effective July 1, 2018. For provisions of former section,
see
the 2017 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-34 - Repealed.

History:
1953 Comp., § 75-38-34, enacted by Laws 1967, ch. 156, § 34; repealed by Laws 2018, ch. 79, § 175.
ANNOTATIONS
Repeals.
— Laws 2018, ch. 79, § 175 repealed 72-17-34 NMSA 1978, as enacted by Laws 1967, ch. 156, § 34, relating to election returns, effective July 1, 2018. For provisions of former section,
see
the 2017 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-35 - Dissolution of authority.

If a remonstrance be received pursuant to Section 7 [72-17-7 NMSA 1978] hereof denying the board the power to acquire a flood control system, or the first proposal for the issuance of bonds shall have failed to receive a favorable vote by a majority of the qualified electors voting thereon, the board shall proceed to dissolve the authority.
History:
1953 Comp., § 75-38-35, enacted by Laws 1967, ch. 156, § 35.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-36 - Filing of dissolution resolution.

Within thirty days after the effective date of any resolution dissolving the authority, the secretary shall file a copy of the resolution in the office of the county clerk and shall cause to be filed an additional copy of the resolution in the office of the secretary of state, which filings shall be without fee and be otherwise in the same manner as articles of incorporation are required to be filed under the laws of the state.
History:
1953 Comp., § 75-38-36, enacted by Laws 1967, ch. 156, § 36.
ANNOTATIONS
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-37 - Disposition of property, funds and taxes of authority.

All property and all funds remaining in the treasury of the authority so dissolved shall be surrendered and transferred to the county in which the authority is located and shall become a part of the general fund of the county.
History:
1953 Comp., § 75-38-37, enacted by Laws 1967, ch. 156, § 37.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-39 - Effect of extraterritorial functions.

All of the powers, privileges, immunities and rights, exemptions from laws, ordinances and rules, all pension, relief, disability, workmen's compensation and other benefits which apply to the activity of officers, agents or employees of the authority or any such public body when performing their respective functions within the territorial limits of the respective public agencies apply to them to the same degree and extent while engaged in the performance of any of their functions and duties extraterritorially hereunder.
History:
1953 Comp., § 75-38-39, enacted by Laws 1967, ch. 156, § 39.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-40 - Forms of borrowing.

Upon the conditions and under the circumstances set forth in this act [Chapter 72, Article 17 NMSA 1978], the authority, to carry out the purposes hereof, from time to time may borrow money to defray the cost of any project, or any part thereof, as the board may determine, and issue the following securities to evidence such borrowing:
A. notes;
B. warrants;
C. bonds;
D. temporary bonds; and
E. interim debentures.
History:
1953 Comp., § 75-38-40, enacted by Laws 1967, ch. 156, § 40.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 64 Am. Jur. 2d Public Securities and Obligations §§ 9 to 23.
11 C.J.S. Bonds § 2 et seq.; 64 C.J.S. Municipal Corporations §§ 1902 to 1904; 94 C.J.S. Waters §§ 322 to 331.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-41 - Issuance of notes.

The authority is authorized to borrow money without an election in anticipation of taxes or other revenues, or both, and to issue notes to evidence the amount so borrowed.
History:
1953 Comp., § 75-38-41, enacted by Laws 1967, ch. 156, § 41.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-42 - Issuance of warrants.

The authority is authorized to defray the cost of any services, or supplies, equipment or other materials furnished to or for the benefit of the authority by the issuance of warrants to evidence the amount due therefor, without an election, in anticipation of taxes or other revenues, or both.
History:
1953 Comp., § 75-38-42, enacted by Laws 1967, ch. 156, § 42.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 64 Am. Jur. 2d Public Securities and Obligations § 24.
64 C.J.S. Municipal Corporations § 1905.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-43 - Maturities of notes and warrants.

Notes and warrants may mature at such time or times not exceeding one year from the respective dates of their issuance as the board may determine. They shall not be extended or funded except by the issuance of bonds or interim debentures in compliance with Sections 44 and 46 [72-17-44 and 72-17-46 NMSA 1978] hereof.
History:
1953 Comp., § 75-38-43, enacted by Laws 1967, ch. 156, § 43.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-44 - Issuance of bonds and incurrence of debt.

The authority is authorized to borrow money in anticipation of taxes or other revenues, or both, and to issue bonds to evidence the amount so borrowed. No bonded indebtedness or any other indebtedness not payable in full within one year, except for interim debentures as provided in Sections 72-17-46 and 72-17-89 through 72-17-91 NMSA 1978, shall be created by the authority without first submitting a proposition of issuing such bonds to the qualified electors of the authority and being approved by a majority of such electors voting thereon at an election held for that purpose in accordance with Sections 72-17-28 through 72-17-34 NMSA 1978 and all laws amendatory thereof and supplemental thereto. Bonds so authorized may be issued in one series or more and may mature at such time or times not exceeding forty years from their issuance as the board may determine. The total of all outstanding indebtedness at any one time shall not exceed twelve million five hundred thousand dollars ($12,500,000) without prior approval of the state legislature.
History:
1953 Comp., § 75-38-44, enacted by Laws 1967, ch. 156, § 44; 2018, ch. 79, § 118.
ANNOTATIONS
The 2018 amendment,
effective July 1, 2018, revised certain statutory references, and made technical changes throughout the section; and after "as provided in Sections", deleted "46, 89, 90, and 91 hereof" and added "72-17-46 and 72-17-89 through 72-17-91 NMSA 1978", deleted "taxpaying" and added "qualified" preceding "electors", and after "in accordance with Sections", deleted "28 to 34, both inclusive, of this act" and added "72-17-28 through 72-17-34 NMSA 1978".
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 64 Am. Jur. 2d Public Securities and Obligations § 24.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-45 - Issuance of temporary bonds.

The authority is authorized to issue temporary bonds, pending preparation of definitive bond or bonds and exchangeable for the definitive bond or bonds when prepared, as the board may determine. Each temporary bond shall set forth substantially the same conditions, terms and provisions as the definitive bond for which it is exchanged. Each holder of any such temporary security shall have all the rights and remedies which he would have as a holder of the definitive bond or bonds.
History:
1953 Comp., § 75-38-45, enacted by Laws 1967, ch. 156, § 45.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-46 - Issuance of interim debentures.

The authority is authorized to borrow money and to issue interim debentures evidencing "construction" or short-term loans for the acquisition or improvement and equipment of the flood control system or any project in supplementation of long term financing and the issuance of bonds, as provided in Sections 89, 90 and 91 [72-17-89, 72-17-90, 72-17-91 NMSA 1978] hereof.
History:
1953 Comp., § 75-38-46, enacted by Laws 1967, ch. 156, § 46.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-47 - Payment of securities.

All securities issued by the authority shall be authorized by resolution. The authority may pledge its full faith and credit for the payment of any securities herein authorized, the interest thereon, any prior redemption premium or premiums, and any charges appertaining thereto. Securities may constitute the direct and general obligations of the authority. Their payment may be secured by a specific pledge of tax proceeds and other revenues of the authority, in this act [Chapter 72, Article 17 NMSA 1978] sometimes referred to as "revenues" of the authority, as the board may determine.
History:
1953 Comp., § 75-38-47, enacted by Laws 1967, ch. 156, § 47.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 64 Am. Jur. 2d Public Securities and Obligations § 24.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-48 - Additionally secured securities.

The board, in connection with such additionally secured securities, in the resolution authorizing their issuance or other instrument appertaining thereto, may pledge all or a portion of such revenues, subject to any prior pledges, as additional security for such payment of said securities, and at its option may deposit such revenues in a fund created to pay the securities or created to secure additionally their payment.
History:
1953 Comp., § 75-38-48, enacted by Laws 1967, ch. 156, § 48.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-49 - Pledge of revenues.

Any such revenues pledged directly or as additional security for the payment of securities of any one issue or series which revenues are not exclusively pledged therefor, may subsequently be pledged directly or as additional security for the payment of the securities of one or more issue or series subsequently authorized.
History:
1953 Comp., § 75-38-49, enacted by Laws 1967, ch. 156, § 49.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-50 - Ranking among different issues.

All securities of the same issue or series shall, subject to the prior and superior rights of outstanding securities, claims and other obligations, have a prior, paramount and superior lien on the revenues pledged for the payment of the securities over and ahead of any lien thereagainst subsequently incurred of any other securities; provided, however, the resolution authorizing, or other instrument appertaining to, the issuance of any securities may provide for the subsequent authorization of bonds or other securities the lien for the payment of which on such revenues is on a parity with the lien thereon of the subject securities upon such conditions and subject to such limitations as said resolution or other instrument may provide.
History:
1953 Comp., § 75-38-50, enacted by Laws 1967, ch. 156, § 50.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-51 - Ranking among securities of same issue.

All securities of the same issue or series shall be equally and ratably secured without priority by reason of number, date of maturity, date of securities, of sale, of execution, or of delivery, by a lien on said revenues in accordance with the provisions of this act [Chapter 72, Article 17 NMSA 1978] and the resolution authorizing, or other instrument appertaining to, said securities, except to the extent such resolution or other instrument shall otherwise expressly provided [provide].
History:
1953 Comp., § 75-38-51, enacted by Laws 1967, ch. 156, § 51.
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 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-52 - Payment recital in securities.

Each security issued hereunder shall recite in substance that the security and the interest thereon are payable solely from the revenues or other moneys pledged to the payment thereof. Securities specifically pledging the full faith and credit of the authority for their payment shall so state.
History:
1953 Comp., § 75-38-52, enacted by Laws 1967, ch. 156, § 52.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-53 - Incontestable recital in securities.

Any resolution authorizing, or other instrument appertaining to, any securities hereunder may provide that each security therein authorized shall recite that it is issued under authority hereof. Such recital shall conclusively impart full compliance with all of the provisions hereof, and all securities issued containing such recital shall be incontestable for any cause whatsoever after their delivery for value.
History:
1953 Comp., § 75-38-53, enacted by Laws 1967, ch. 156, § 53.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 64 C.J.S. Municipal Corporations §§ 1967, 1968.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-54 - Limitations upon payment of securities.

The payment of securities shall not be secured by an encumbrance, mortgage or other pledge of property of the authority, except for revenues, income, tax proceeds and other moneys pledged for the payment of securities. No property of the authority, subject to said exception, shall be liable to be forfeited or taken in payment of the securities.
History:
1953 Comp., § 75-38-54, enacted by Laws 1967, ch. 156, § 54.
ANNOTATIONS
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 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-55 - Limitations upon incurring any debt.

Nothing in this act [Chapter 72, Article 17 NMSA 1978] contained shall be construed as creating or authorizing the creation of an indebtedness on the part of any municipality or other public body included in the authority or elsewhere located.
History:
1953 Comp., § 75-38-55, enacted by Laws 1967, ch. 156, § 55.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-56 - Security details.

Any securities herein authorized to be issued shall bear such date or dates, shall be in such denomination or denominations, shall mature at such time or times but in no event exceeding forty years from their date or any shorter limitation herein provided, shall bear interest at a rate or rates not exceeding six percent per annum, which interest may be evidenced by one or two sets of coupons payable annually or semiannually, except that the first coupon or coupons appertaining to any security may represent interest for any period not in excess of one year, as may be prescribed by resolution or other instrument; and the securities and any coupons shall be payable in such medium of payment at any banking institution or such other place or places within or without the state, including but not limited to the office of the treasurer of the county in which the authority is located wholly or in part, as determined by the board, and the securities at the option of the board may be in one or more series, may be made subject to prior redemption in advance of maturity in such order or by lot or otherwise at such time or times without or with the payment of such premium or premiums not exceeding six percent of the principal amount of each security so redeemed, as determined by the board.
History:
1953 Comp., § 75-38-56, enacted by Laws 1967, ch. 156, § 56.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-57 - Capitalization of costs.

Any resolution authorizing the issuance of securities or other instrument appertaining thereto may capitalize interest on any securities during any period of construction or other acquisition estimated by the board and one year thereafter and any other cost of any project, by providing for the payment of the amount capitalized from the proceeds of the securities.
History:
1953 Comp., § 75-38-57, enacted by Laws 1967, ch. 156, § 57.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-58 - Other security details.

Securities may be issued with privileges for conversion or registration, or both, for payment as to principal or interest, or both; and where interest accruing on the securities is not represented by interest coupons, the securities may provide for the endorsing of payments of interest thereof; and the securities generally shall be issued in such manner, in such form, either coupon or registered, with such recitals, terms, covenants and conditions, and with such other details, as may be provided by the board in the resolution authorizing the securities, or other instrument appertaining thereto, except as herein otherwise provided.
History:
1953 Comp., § 75-38-58, enacted by Laws 1967, ch. 156, § 58.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-59 - Reissuance of securities.

Any resolution authorizing the issuance of securities or any other instrument appertaining thereto may provide for their reissuance in other denominations in negotiable or nonnegotiable form and otherwise in such manner and form as the board may determine.
History:
1953 Comp., § 75-38-59, enacted by Laws 1967, ch. 156, § 59.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-60 - Negotiability.

Subject to the payment provisions herein specifically provided, said notes, warrants, bonds, any interest coupons thereto attached, temporary bonds, and interim debentures shall be fully negotiable within the meaning of and for all the purposes of the Uniform Commercial Code [Chapter 55 NMSA 1978], except as the board may otherwise provide; and each holder of such security, or of any coupon appertaining thereto, by accepting such security or coupon shall be conclusively deemed to have agreed that such security or coupon, except as otherwise provided, is and shall be fully negotiable within the meaning and for all purposes of said code.
History:
1953 Comp., § 75-38-60, enacted by Laws 1967, ch. 156, § 60.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 64 Am. Jur. 2d Public Securities and Obligations §§ 23, 33.
64 C.J.S. Municipal Corporations §§ 1950 to 1952.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-61 - Single bonds.

Notwithstanding any other provision of law, the board in any proceedings authorizing securities hereunder:
A. may provide for the initial issuance of one or more securities, in this section called "bond," aggregating the amount of the entire issue, or a designated portion thereof;
B. may make such provision for installment payments of the principal amount of any such bond as it may consider desirable;
C. may provide for the making of any such bond payable to bearer or otherwise, registrable as to principal or as to both principal and interest, and where interest accruing thereon is not represented by interest coupons, for the endorsing of payments of interest on such bonds;
D. may further make provision in any such proceedings for the manner and circumstances in and under which any such bond may in the future, at the request of the holder thereof, be converted into securities of smaller denominations, which securities of smaller denominations may in turn be either coupon bonds or bonds registrable as to principal, or principal and interest, or both.
History:
1953 Comp., § 75-38-61, enacted by Laws 1967, ch. 156, § 61.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-62 - Lost or destroyed securities.

If lost or completely destroyed, any security may be reissued in the form and tenor of the lost or destroyed security upon the owner furnishing, to the satisfaction of the board:
A. proof of ownership;
B. proof of loss or destruction;
C. a surety bond in twice the face amount of the security and any coupons; and
D. payment of the cost of preparing and issuing the new security.
History:
1953 Comp., § 75-38-62, enacted by Laws 1967, ch. 156, § 62.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 64 Am. Jur. 2d Public Securities and Obligations § 298.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-63 - Execution of securities.

Any security shall be executed in the name of and on behalf of the authority and signed by the chairman of the board, with the seal of the authority affixed thereto and attested by the secretary of the authority.
History:
1953 Comp., § 75-38-63, enacted by Laws 1967, ch. 156, § 63.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 64 Am. Jur. 2d Public Securities and Obligations §§ 186 to 189.
11 C.J.S. Bonds § 14.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-64 - Interest coupons.

Except for any bonds which are registrable for payment of interest, interest coupons payable to bearer and appertaining to the bonds shall be issued and shall bear the original or facsimile signature of the chairman of the board.
History:
1953 Comp., § 75-38-64, enacted by Laws 1967, ch. 156, § 64.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 64 Am. Jur. 2d Public Securities and Obligations § 444.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-65 - Facsimile signatures.

Any of said officers, after filing with the secretary of state his manual signature certified by him under oath, may execute or cause to be executed with a facsimile signature in lieu of his manual signature any security herein authorized; provided, that such a filing is not a condition of execution with a facsimile signature of any interest coupon and provided that at least one signature required or permitted to be placed on each such security, excluding any interest coupon, shall be manually subscribed. An officer's facsimile signature has the same legal effect as his manual signature.
History:
1953 Comp., § 75-38-65, enacted by Laws 1967, ch. 156, § 65.
ANNOTATIONS
Cross references.
— For Uniform Facsimile Signature of Public Officials Act,
see
Chapter 6, Article 9 NMSA 1978.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-66 - Facsimile seal.

The secretary of the authority may cause the seal of the district to be printed, engraved, stamped or otherwise placed in facsimile on any security. The facsimile seal has the same legal effect as the impression of the seal.
History:
1953 Comp., § 75-38-66, enacted by Laws 1967, ch. 156, § 66.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-67 - Signatures of predecessors in office.

The securities and any coupons bearing the signatures of the officers in office at the time of the signing thereof shall be valid and binding obligations of the authority, notwithstanding that before the delivery thereof and payment therefor, any or all of the persons whose signatures appear thereon shall have ceased to fill their respective offices.
History:
1953 Comp., § 75-38-67, enacted by Laws 1967, ch. 156, § 67.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 64 Am. Jur. 2d Public Securities and Obligations § 190.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-68 - Facsimile signatures of predecessors.

Any officer herein authorized or permitted to sign any security or interest coupon, at the time of its execution and of the execution of a signature certificate, may adopt as and for his own facsimile signature the facsimile signature of his predecessor in office in the event that such facsimile signature appears upon the security or coupons appertaining thereto, or upon both the security and such coupons.
History:
1953 Comp., § 75-38-68, enacted by Laws 1967, ch. 156, § 68.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-69 - Repurchase of securities.

The securities may be repurchased by the authority out of any funds available for such purpose from the project to which they pertain at a price of not more than the principal amount thereof and accrued interest, plus the amount of the premium, if any, which might on the next redemption date of such securities be paid to the holders thereof if such securities should be called for redemption on such date pursuant to their terms, and all securities so purchased shall be cancelled.
History:
1953 Comp., § 75-38-69, enacted by Laws 1967, ch. 156, § 69.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 64 Am. Jur. 2d Public Securities and Obligations § 251.
11 C.J.S. Bonds § 54; 64 C.J.S. Municipal Corporations § 1954.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-70 - Customary provisions.

The resolution authorizing the securities or other instrument appertaining thereto may contain any agreement or provision customarily contained in instruments securing securities, including without limiting the generality of the foregoing, covenants designated in Section 76 [72-17-76 NMSA 1978] hereof.
History:
1953 Comp., § 75-38-70, enacted by Laws 1967, ch. 156, § 70.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-71 - 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 for not less than the principal amount thereof and accrued interest, or at the board's option, below par at a discount not exceeding five percent of the principal amount thereof and at a price which will not result in a net interest cost to the authority of more than six percent per annum computed to maturity according to standard tables of bond values.
History:
1953 Comp., § 75-38-71, enacted by Laws 1967, ch. 156, § 71.
ANNOTATIONS
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 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-72 - 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., § 75-38-72, enacted by Laws 1967, ch. 156, § 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 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-73 - 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., § 75-38-73, enacted by Laws 1967, ch. 156, § 73.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-74 - 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., § 75-38-74, enacted by Laws 1967, ch. 156, § 74.
2023 New Mexico Statutes › Chapter 72 - Water Law › Article 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-75 - 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 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., § 75-38-75, enacted by Laws 1967, ch. 156, § 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 17 - Las Cruces Metropolitan Arroyo Flood Control › Section 72-17-76 - Covenants in security proceedings.

Any resolution or trust indenture authorizing the issuance of 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., § 75-38-76, enacted by Laws 1967, ch. 156, § 76.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 64 Am. Jur. 2d Public Securities and Obligations § 199.