Section 73-27-14 – Revenue bonds not general obligations; authentication.
A. Revenue bonds or refunding revenue bonds issued as authorized in the Eastern New Mexico Water Utility Authority Act are: (1) not general obligations of the state or other political subdivision of the state; and (2) collectible only from the pledged net revenues of the water system, and each bond shall state that it is […]
Section 73-27-15 – Revenue bonds; mandatory rates for the water system; mandamus; impairment of payment.
A. The authority shall establish rates for services rendered by the water system to provide revenue sufficient to meet the following requirements, and such rates shall remain in effect until the bond issue is liquidated. Revenue shall be sufficient to: (1) pay all reasonable expenses of operation of the water system; (2) pay all interest […]
Section 73-27-16 – Bonds; refunding authorization.
A. At any regular or special meeting called for the purpose of issuing refunding bonds, the board by a supermajority of five members of the board may adopt a resolution authorizing the issuance of the refunding bonds. B. The authority may issue refunding bonds for the purpose of refinancing, paying and discharging all or any […]
Section 73-27-17 – Refunding bonds; terms.
Refunding bonds: A. may have interest, appreciated principal value or any part thereof payable at intervals or at maturity as may be determined by the authority; B. may be subject to prior redemption at the authority’s option at such time or times and upon such terms and conditions with or without the payment of premium […]
Section 73-27-18 – Refunding bonds; escrow.
A. Refunding bonds issued pursuant to the Eastern New Mexico Water Utility Authority Act shall be authorized by resolution of the authority. Any bonds that are refunded under the provisions of this section shall be paid at maturity or on any permitted prior redemption date in the amounts, at the time and places and, if […]
Section 73-27-19 – Public regulation commission and state engineer jurisdiction.
A. The authority is not subject to the jurisdiction of the public regulation commission or the terms and provisions of the Public Utility Act [Chapter 62, Articles 1 to 6 and 8 to 13 NMSA 1978] except as provided in Subsection B of this section. B. The authority may elect by resolution adopted by its […]
Section 73-27-4 – Eastern New Mexico water utility authority; created.
A. The “eastern New Mexico water utility authority” is created coextensive with the boundaries of Curry and Roosevelt counties and the territory physically occupied by the water facilities of the authority to plan, design, develop, purchase, acquire, own, operate, establish, construct and maintain the eastern New Mexico rural water system pipelines and wa terworks to […]
Section 73-27-5 – Board; appointment; terms.
A. The board shall consist of six members, each of whom shall reside within the boundaries of the authority, appointed as follows: (1) three board members appointed by the Clovis city commission for a term of two years; provided, however, that two of the initial members shall be appointed for a term of one year […]
Section 73-27-6 – Board; powers; duties.
A. All powers, privileges and duties vested in or imposed upon the authority shall be exercised and performed by the board; provided that the board may delegate its powers by resolution to an officer or agent of the board, with the exception of the following powers: (1) adoption of board rules, policies and procedures; (2) […]
Section 73-27-7 – Authority; powers.
The authority is a body politic and corporate and a political subdivision of the state. The authority may: A. sue and be sued; B. enter into contracts; C. borrow money and issue revenue bonds; D. acquire, dispose of or encumber real and personal property and any interest in them, including leases, easements and water rights […]