2023 New Mexico Statutes › Chapter 73 - Special Districts › Article 9 - Irrigation Districts › Section 73-9-17 - Bonds; authority to issue; election; how payable; form and contents.

For the purpose of acquiring by purchase or construction, or by any lawful means, necessary reservoirs, water rights, canals, ditches and works, including necessary drainage works, and acquiring the necessary property and rights therefor, and for the purpose of repairing, extending, improving and constructing necessary betterments thereof and thereon, and for the payment or retirement of any or all existing indebtedness not evidenced by outstanding bonds, or for any one or more of such purposes either singly or in combination with one or more of such purposes, and to pay the first year's interest upon the bonds herein authorized or otherwise to carry out the provisions of this act, the board of directors of any district shall estimate and determine the amount or amounts of money necessary to be raised for the purpose or purposes and the amount or amounts of bonds to issue therefor; provided, however, that none of the bonds shall run for a longer period than fifty years from the date thereof. The board of directors shall thereupon call a special election, at which election shall be submitted to the electors of the district possessing the qualifications prescribed by Section 73-9-5 NMSA 1978 the question of whether or not the bonds of the district shall be issued in the amount or amounts so determined. A notice of the election shall be given by one publication in any newspaper published in the county wherein the principal office of the district is located, the publication to be made not less than one week prior to the date of the election. The notice shall specify the time of holding the election and the amount and purpose of the bonds proposed to be issued. The election shall be held and the results thereof determined and declared in all respects as nearly as possible in conformity with the provisions of the statute governing the election of directors; provided that no informalities in conducting the election shall invalidate it if the election has been otherwise fairly conducted. At the election, the ballots shall contain the words: "Bonds - Yes" and "Bonds - No" or words equivalent thereto. If a majority of the votes cast, based upon the number of acres of land owned and voted, by the qualified electors are voted "Bonds - Yes," the board of directors shall, by resolution, immediately determine the amounts and series of the bonds and the due dates thereof and shall immediately thereafter cause bonds to be issued in amounts and payable in series as provided in the resolution. Each bond shall bear interest payable semiannually on June 1 and December 1 of each year. The principal and interest shall be payable at the office of the county treasurer of the county in which the organization of the district was effected as aforesaid and at another place or places, if any, as the board of directors may designate in the bonds. The bonds shall be in such form as the board of directors may determine and be executed in the name of the district and signed by the president, and the seal of the district shall be affixed thereto and attested by the secretary, except for bonds issued in book entry or similar form without the delivery of physical securities. The bonds shall be numbered consecutively as issued and shall bear the date or dates as may be determined by the board of directors. Any coupons for interest shall be attached to each bond, bearing the facsimile signature of the president. The bonds may provide that they may be registered as to principal only or as to both principal and interest. The secretary shall keep a record of the bonds sold, their number, date of sale, the price received and the name of the purchaser. When the money provided by any previous issue of bonds has become exhausted by expenditures herein authorized and it becomes necessary to raise additional money for such purposes, additional bonds may be issued after submitting the question of issuing the bonds at a special election to the qualified voters of the district and otherwise complying with the provisions of this act in respect to an original issue of bonds.
History:
Laws 1919, ch. 41, § 15; 1927, ch. 148, § 2; C.S. 1929, § 73-215; Laws 1934 (S.S.), ch. 8, § 1; 1935, ch. 36, § 2; 1941 Comp., § 77-2115; 1953 Comp., § 75-22-15; Laws 1957, ch. 228, § 1; 1983, ch. 265, § 55.
ANNOTATIONS
Compiler's notes.
— The term "this act" refers to Laws 1919, ch. 41, §§ 1 to 57, effective March 10, 1919, the provisions of which are compiled as 73-9-1 to 73-9-6, 73-9-10 to 73-9-19, 73-9-22, 73-9-24 and 73-9-26 to 73-9-62 NMSA 1978.
Cross references.
— For publication of notice,
see
14-11-1 NMSA 1978 et seq.
The 1983 amendment,
effective April 7, 1983, substituted "The board of directors" for "They" and "Section 73-9-5 NMSA 1978" for "Section 1 of this act" in the second sentence, divided the former fourth sentence into the present fourth and fifth sentences, substituted "bear interest" for "be payable at a given time for its entire amount, and not for a percentage, and said bonds shall bear interest at a rate not exceeding six percent a year, payable" in the eighth sentence, substituted "and" for "or" following "aforesaid" and inserted "or places, if any" in the ninth sentence, rewrote the tenth sentence, added "Any" at the beginning of the twelfth sentence, substituted "interest" for "coupons" in the thirteenth sentence and made minor stylistic changes throughout the section.
Definite plans essential.
— Prior to voting upon the issuance of bonds, it is necessary that an estimate of the money required be determined and based upon some definite plan for the construction of the irrigation system for which the bonds are to be issued.
Davy v. McNeill
, 1925-NMSC-040, 31 N.M. 7, 240 P. 482.
Bonds payable outside state.
— An irrigation district organized hereunder may issue its bonds and make them payable outside the state.
Davy v. Day
, 1926-NMSC-030, 31 N.M. 519, 247 P. 842.
Informality does not void fair election.
— The fact that the board of county commissioners canvass the returns of an election for bond issue after they had been canvassed by the directors of the irrigation district does not render such election void.
Davy v. McNeill
, 1925-NMSC-040, 31 N.M. 7, 240 P. 482.
Records of irrigation district are open to public
scrutiny for any lawful purpose. 1958 Op. Att'y Gen. No. 58-197.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
45 Am. Jur. 2d Irrigation §§ 67 to 69.
94 C.J.S. Waters § 345.