1. A. Bonds authorized by Section 73-20-13 NMSA 1978 shall not be issued until proposed by order or resolution of the board of directors, specifying the purpose for which the funds are to be used, and the proposed undertaking, the amount of bonds to be issued, the rate of interest they are to bear and the amount of any necessary assessment levy in excess of the maximum authorized in Section 73-20-17 NMSA 1978 to establish a sinking fund for the liquidation of bonds as provided in Section 73-20-17 NMSA 1978. A copy of the order or resolution shall be certified to the board of supervisors.
2. B. The board of supervisors shall conduct a hearing on the proposal after notice given pursuant to Section 73-20-8 NMSA 1978. If it appears that the proposal is within the scope and purpose of the Watershed District Act [73-20-1 NMSA 1978 et seq.] and meets all other requirements of the law, the proposal shall be submitted to the qualified electors of the district at an election held pursuant to the Local Election Act [Chapter 1, Article 22 NMSA 1978].
3. C. If two-thirds of the qualified electors voting on the ballot question favor the proposal, the bonds may be issued.

History: 1953 Comp., § 45-5-32, enacted by Laws 1957, ch. 210, § 14; 1965, ch. 84, § 3; 1975, ch. 294, § 5; 2003, ch. 228, § 6; 2018, ch. 79, § 164; 2019, ch. 212, § 255.

ANNOTATIONS

Repeals. — Laws 2019, ch. 212, § 284(B) repealed Laws 2018, ch. 79, § 164 effective April 3, 2019. Laws 2018, ch. 79, § 164 would have become effective July 1, 2022.

The 2019 amendment, effective April 3, 2019, provided that a proposal to issue bonds shall be submitted to the qualified electors of a watershed district and that the election shall be conducted pursuant to the Local Election Act"; in Subsection B, after "shall be submitted to the", deleted "landowners of the district by referendum under supervision of the board of supervisors." and added "qualified electors of the district at an election held pursuant to the Local Election Act"; deleted former Subsection C and redesignated former Subsection D as Subsection C; in Subsection C, after "two-thirds of the", deleted "landowners" and added "qualified electors", and after "voting", deleted "on the ballot question".

The 2003 amendment, effective June 20, 2003, in Subsection A, substituted "Section 73-20-13 NMSA 1978" for "Section 45-5-31 NMSA 1953" near the beginning, substituted "Section 73-20-17 NMSA 1978" for "Section 45-5-34 NMSA 1953" twice; in Subsection B, substituted "Section 73-20-8 NMSA 1978" for "Section 45-5-26 NMSA 1953" following "given pursuant to", substituted "the" for "this" preceding "Watershed District Act"; substituted "Sections 73-20-8 through 73-20-11 NMSA 1978" for "Sections 45-5-26 through 45-5-29 NMSA 1953" in Subsection C.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 45 Am. Jur. 2d Irrigation § 67.

94 C.J.S. Waters §§ 322, 323.