Section 73-16-49 – [Application of Guaranty Fund Act.]
The provisions of this act [73-16-41 to 73-16-49 NMSA 1978] shall apply only to conservancy districts containing 50,000 acres or more. History: Laws 1931, ch. 50, § 13; 1941 Comp., § 77-2948; 1953 Comp., § 75-30-48. ANNOTATIONS Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Section 73-16-50 – Refunding bonds; form; registration.
Any conservancy district now organized and operating under the provisions of the Conservancy Act of New Mexico is authorized, whenever the board of directors of the district determines that it is for the best interests of the district and the taxpayers of the district, to refund the bonds of the district of every character at […]
Section 73-16-51 – [Exchange or sale of bonds; incontestability.]
Such new bonds, when executed, shall be held by the treasurer of the district subject to the orders of the board of directors of the district. Such new bonds may be issued in exchange for the bonds refunded, or may be sold at public or private sale and the proceeds thereof used to acquire for […]
Section 73-16-52 – [Bonds tax exempt; investment of state funds.]
Bonds issued under this act [73-16-50 to 73-16-53 NMSA 1978] shall be exempt from all state, county, municipal, school and other taxes imposed by any taxing authority of the state of New Mexico, and shall be considered as such interest-bearing securities as the permanent funds of the state of New Mexico may be invested in, […]
Section 73-16-53 – [Rank of bonds; security.]
Bonds issued under this act [73-16-50 to 73-16-53 NMSA 1978] shall rank on a parity with all other bonds of the issue or issues refunded in part thereby and shall in all respects be deemed substituted for the particular bonds refunded thereby and entitled to the same security and payable from the same funds as […]
Section 73-16-40 – [Limited repeal.]
All provisions of the original Conservancy Act of New Mexico conflicting herewith or limiting the power of conservancy district to issue or sell negotiable securities conforming to the provisions of this act [73-16-30 to 73-16-40 NMSA 1978] are to that extent repealed, but no remaining provisions of said Conservancy Act, otherwise than necessary to conform […]
Section 73-16-41 – [Guaranty fund established in districts of 50,000 acres or more.]
That conservancy districts heretofore or hereafter organized under the Conservancy Act of New Mexico [73-14-3 NMSA 1978], be and they hereby are authorized and directed, in addition to the separate funds now provided for, to establish in the manner hereinafter set forth a “guaranty fund” for the purpose of guaranteeing the prompt payment of the […]
Section 73-16-42 – [Tax levy for guaranty fund.]
That for the establishment and maintenance of such guaranty fund, the board of commissioners or directors of any such district be and they hereby are authorized and directed annually to levy a tax, in addition to all other taxes, upon the real property within such district subject to general taxation for state and county purposes, […]
Section 73-16-43 – [Levy and collection of tax for guaranty fund.]
The tax for such guaranty fund shall be levied by resolution of the board; shall be known as the guaranty fund levy; and the amount of such levy upon the property subject thereto shall be certified and extended as in the case of other levies for state and county taxes. Said amount shall be collected […]
Section 73-16-44 – [Disposition of guaranty fund.]
The entire proceeds from such guaranty fund levy shall be deposited by the treasurer of such conservancy district in a separate fund to be known as the guaranty fund, and so long as any bonded indebtedness of such district remains outstanding and unpaid, the guaranty fund may be used only to pay the principal of […]