1. A. In addition to the borrowing of money by the issuance of bonds for the purposes set out in Section 73-20-13 NMSA 1978, the district may borrow money from the United States department of agriculture or any other federal agency if the loan can be repaid according to its terms by use of the levy authorized by Subsection A of Section 73-20-17 NMSA 1978 and the board of supervisors has so determined.
2. B. The district may also borrow money from the United States department of agriculture or any other federal agency if the loan can be repaid according to its terms by use of the levy authorized by Subsection B of Section 73-20-17 NMSA 1978.

History: 1953 Comp., enacted by Laws 1961, ch. 233, § 3; 1975, ch. 294, § 6; 1986, ch. 32, § 37; 2026, ch. 26, § 4.

ANNOTATIONS

The 2026 amendment, effective May 20, 2026, aligned loan repayment authority with existing lien provisions; in Subsection A, after "authorized by" added "Subsection A of"; and in Subsection B, after " or any other federal agency" deleted the remainder of the subsection and added "if the loan can be repaid according to its terms by use of the levy authorized by Subsection B of Section 73-20-17 NMSA 1978".

The 1986 amendment, in Subsection A, substituted "Section 73-20-13 NMSA 1978" for "Paragraph (4) of Subsection A of Section 45-5-31 NMSA 1953" and "Section 73-20-17 NMSA 1978" for "the Watershed District Act" and deleted "five mill" preceding "levy"; in Subsection B, substituted "five dollars ($5.00) on each one thousand dollars ($1,000) of net taxable value, as that term is defined in the Property Tax Code, of property subject to taxation by the district" for "five mills" in the introductory paragraph and, in Paragraph (4), substituted "the procedures of Sections 73-20-8 through 73-20-11 NMSA 1978" for "the procedure of Sections 45-5-26 through 45-5-29 NMSA 1953"; and made minor stylistic changes.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 94 C.J.S. Waters § 321.