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 73-27-9 – Revenue bonds; authority to issue; pledge of revenues; limitation on time of issuance.
A. Revenue bonds may be issued by the authority: (1) for acquiring real and personal property needed for an authority project, including the purchase of water rights; (2) for constructing, extending, enlarging, bettering, repairing, equipping or otherwise improving a water project; (3) for establishing or increasing reasonable reserve or sinking funds to secure the payment […]
Section 73-27-10 – Use of proceeds of revenue bond issue.
It is unlawful to divert, use or expend any money received from the issuance of revenue bonds for any purpose other than the purpose for which the revenue bonds were issued. History: Laws 2010, ch. 39, § 10. ANNOTATIONS Effective dates. — Laws 2010, ch. 39, § 21 made the Eastern New Mexico Water Utility […]
Section 73-27-11 – Revenue bonds; terms.
Revenue 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 such […]
Section 73-27-12 – Exemption from taxation.
The bonds authorized by the Eastern New Mexico Water Utility Authority Act and the income from the bonds shall be exempt from all taxation by the state or any political subdivision of the state. History: Laws 2010, ch. 39, § 12. ANNOTATIONS Effective dates. — Laws 2010, ch. 39, § 21 made the Eastern New […]