This act [73-27-1 to 73-27-19 NMSA 1978] may be cited as the “Eastern New Mexico Water Utility Authority Act”. History: Laws 2010, ch. 39, § 1. ANNOTATIONS Effective dates. — Laws 2010, ch. 39, § 21 made the Eastern New Mexico Water Utility Authority Act effective July 1, 2010.
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 […]
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 […]
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 […]
At a regular or special meeting called for the purpose of issuing revenue bonds, the board may, by an affirmative vote of a supermajority of five members of the board, adopt a resolution that authorizes the issuance of revenue bonds. History: Laws 2010, ch. 39, § 13. ANNOTATIONS Effective dates. — Laws 2010, ch. 39, […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
A. The legislature finds that: (1) consistent with the goals of the statewide water plan, water systems should be planned for and constructed on a regional basis, in that regional water systems are able to take advantage of economies of scale; (2) the costs of designing, purchasing, constructing, rehabilitating, renovating, improving, equipping, furnishing, operating and […]
As used in the Eastern New Mexico Water Utility Authority Act: A. “authority” means the eastern New Mexico water utility authority; and B. “board” means the board of directors of the authority. History: Laws 2010, ch. 39, § 3. ANNOTATIONS Effective dates. — Laws 2010, ch. 39, § 21 made the Eastern New Mexico Water […]
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 […]
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 […]
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) […]
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 […]
A. The authority may accept a transfer of assets and liabilities upon the request, and following the legal dissolution, of an entity that is listed below or formed pursuant to one of the following statutes and that provides water service, subject to any other statutory requirements for such dissolution and transfer: (1) the Water and […]
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 […]
