Chapter 72 — Chapter 72

Subject to any contractual limitation binding upon the holders of any issue or series of securities, or trustee therefor, including but not limited to the restriction of the exercise of any remedy to a specified proportion, percentage or number of such holders, and subject to any…

Neither the directors nor any person executing securities issued hereunder shall be liable personally on the securities by reason of the issuance thereof. Securities issued pursuant to this act [Chapter 72, Article 17 NMSA 1978] shall not be in any way a debt or liability of the …

Whenever the treasurer of the authority shall redeem and pay any of the securities issued under the provisions hereof, he shall cancel the same by writing across the face thereof or stamping thereon the word "paid," together with the date of its payment, sign his name thereto, an…

The governing body of the authority hereby created is a board of directors consisting of five qualified electors of the authority. All powers, rights, privileges and duties vested in or imposed upon the authority are exercised and performed by and through the board of directors; …

No interest shall accrue on any security herein authorized after it becomes due and payable, provided funds for the payment of the principal of and the interest on the security and any prior redemption premium due are available to the paying agent for such payment without default…

Any bonds issued hereunder may be refunded, without an election, but subject to provisions concerning their payment and to any other contractual limitations in the proceedings authorizing their issuance or otherwise appertaining thereto, pursuant to a resolution or resolutions to…

Any bonds issued for refunding purposes may either be delivered in exchange for the outstanding bonds authorized to be refunded or may be sold as provided in this act [Chapter 72, Article 17 NMSA 1978] for the sale of other bonds. History: 1953 Comp., § 75-38-82, enacted by Laws …

No bonds may be refunded hereunder unless the holders thereof voluntarily surrender them for exchange or payment, or unless they either mature or are callable for prior redemption under their terms within ten years from the date of issuance of the refunding bonds. Provision shall…

The proceeds of refunding bonds shall either be immediately applied to the retirement of the bonds to be refunded or be placed in escrow to be applied to the payment of the bonds upon their presentation therefor; provided, however, any accrued interest and any premium appertainin…

Refunding revenue bonds may be made payable from any revenues derived from the operation of the flood control system or any project, notwithstanding the pledge of such revenues for the payment of the outstanding bonds issued by the authority which are to be refunded is thereby mo…

Bonds for refunding and bonds for any other purpose or purposes herein authorized may be issued separately or issued in combination in one series or more. History: 1953 Comp., § 75-38-86, enacted by Laws 1967, ch. 156, § 86.

Except as in this act [Chapter 72, Article 17 NMSA 1978] specifically provided or necessarily implied, the relevant provisions herein pertaining to bonds generally shall be equally applicable in the authorization and issuance of refunding bonds, including their terms and security…

The determination of the board that the limitations hereunder imposed upon the issuance of refunding bonds have been met shall be conclusive in the absence of fraud or arbitrary and gross abuse of discretion. History: 1953 Comp., § 75-38-88, enacted by Laws 1967, ch. 156, § 88.

collateral security. Notwithstanding any limitation or other provision herein, whenever a majority of the qualified electors of the authority voting on a proposal to issue bonds has authorized the authority to issue bonds for any purpose herein authorized, the authority is author…

When this act [Chapter 72, Article 17 NMSA 1978] goes into effect, the governor shall forthwith appoint five qualified electors of the authority as the directors comprising the first board. They shall serve until their successors have been elected and qualified. Immediately upon …

No interim debenture issued pursuant to the provisions of Section 89 [72-17-89 NMSA 1978] hereof shall be extended or funded except by the issuance or reissuance of a bond or bonds in compliance with Section 91 [72-17-91 NMSA 1978] hereof. History: 1953 Comp., § 75-38-90, enacted…

For the purpose of funding any interim debenture or interim debentures, any bond or bonds pledged as collateral security to secure the payment of such interim debenture or interim debentures may be reissued without an election, and any bonds not previously issued but authorized t…

In its discretion the board may provide for the publication once in full of either any resolution or other proceedings adopted by the board ordering the issuance of any securities or, in the alternative of notice thereof, which resolution, other proceedings or notice so published…

If no such action or proceedings shall be commenced or instituted within twenty days after the first publication of such resolution, other proceedings or notice, then all residents and taxpayers and owners of property in the authority and all public bodies and all other persons w…

In its discretion the board may file a petition at any time in the district court in and for any county in which the authority is located wholly or in part, praying a judicial examination and determination of any power conferred or of any tax or rates or charges levied or of any …

The petition and notice shall be sufficient to give the court jurisdiction, and upon hearing the court shall examine into and determine all matters and things affecting the question submitted, shall make such findings with reference thereto and render such judgment and decree the…

The effectuation of the powers herein authorized shall and will be in all respects for the benefit of the people of the state, including but not necessarily limited to those residing in the authority exercising any power hereunder, for the improvement of their health and living c…

Thus, the authority shall not be required to pay any general ad valorem taxes upon any property appertaining to any project herein authorized and acquired within the state, nor the authority's interest therein. History: 1953 Comp., § 75-38-97, enacted by Laws 1967, ch. 156, § 97.

Securities issued hereunder and the income therefrom shall forever be and remain free and exempt from taxation by the state, the authority and any other public body, except transfer, inheritance and estate taxes. History: 1953 Comp., § 75-38-98, enacted by Laws 1967, ch. 156, § 9…

Execution or other judicial process shall not issue against any property herein authorized of the authority, nor shall any judgment against the authority be a charge or lien upon its property. History: 1953 Comp., § 75-38-99, enacted by Laws 1967, ch. 156, § 99.

Chapter 72, Article 18 NMSA 1978 may be cited as the "Flood Control District Act". History: Laws 1981, ch. 377, § 1; 2018, ch. 79, § 120.

A. At the election, the qualified electors may vote for or against the organization of the district and for up to five qualified electors of the district who shall constitute the board of directors of the district. B. If a majority of the votes cast at the election are in favor o…

Within thirty days after the district has been declared a corporation by the court, the clerk of the court shall file the certificate in the same manner as articles of incorporation are required to be filed under the general laws concerning corporations. History: Laws 1981, ch. 3…

Whenever a district has been declared duly organized, the members of the board shall qualify by filing with the clerk of the court their oaths of office, and corporate surety bonds at the expense of the district in an amount not to exceed one thousand dollars ($1,000) each, the f…

A. After taking oath and filing bonds, the board shall choose one of its members as chair of the board and shall choose a secretary and a treasurer of the board and of the district. The secretary and treasurer may be one person. B. The terms of the members of the initial board of…

Flood control district elections shall be held pursuant to the Local Election Act. At each local election after organization of the district, there shall be elected by the qualified electors of the district one or two members of the board to serve for a term of six years. Except …

Any vacancy on the board shall be filled by appointment by a majority of the remaining members of the board. The appointee shall serve until the next local election pursuant to the Local Election Act [Chapter 1, Article 22 NMSA 1978] when the vacancy shall be filled by election. …

All meetings of the board shall be held within the district. No business of the board shall be transacted except at a regular or special meeting at which at least three directors are present. Any action of the board requires the affirmative vote of a majority of the directors pre…

Directors shall receive no compensation for their services as a director, officer, engineer, attorney, employee or other agent of the district. Directors may be reimbursed for expenses incurred by them on district business with approval of the board. History: Laws 1981, ch. 377, …

No director or officer, employee or agent of the district may be interested in any contract or transaction with the district except in his official representative capacity and except for any contract of employment with the district. History: Laws 1981, ch. 377, § 18.

The board of the district may exercise the following administrative powers: A. fix the time and place at which its regular meetings will be held within the district and provide for the calling and holding of special meetings; B. adopt and amend or otherwise modify bylaws and rule…

It is hereby declared as a matter of legislative determination that: A. the organization of the districts authorized to be created pursuant to the Flood Control District Act having the purposes, powers, duties, privileges, immunities, rights, liabilities and disabilities provided…

The board of the district may: A. adopt, have and use a corporate seal and alter the same at pleasure; B. sue and be sued and be a party to suits, actions and proceedings; C. acquire, improve, equip, maintain and operate any project or facility; D. protect the watercourses, water…

To levy and collect property taxes as provided in Section 20 [72-18-20 NMSA 1978] of the Flood Control District Act, the board shall determine each year the amount of money necessary to be raised by taxation, taking into consideration other sources of revenue of the district. The…

It shall be lawful for the board to assess benefit assessments and to collect revenue for the purpose of creating a reserve fund in such amount as the board may determine which may be used to meet the obligations of the district, for maintenance and operating charges and to provi…

If the property tax is not paid, then delinquent real property shall be sold at the regular tax sale for the payment of the tax, interest and penalties in the manner provided by law for selling property for the nonpayment of general taxes. The board may purchase in the name of th…

The boundaries of any district organized under the provisions of the Flood Control District Act may be changed in the manner prescribed in this section and Section 25 [72-18-25 NMSA 1978] of that act but the change of boundaries of the district shall not impair or affect its orga…

The owners of real property constituting a portion of any district may file with the board a petition praying that such real property be excluded and taken from the district. The petition shall describe the property which the petitioners desire to have excluded. The petition shal…

Upon a finding by the secretary of the district that the boundaries of a district established pursuant to the Flood Control District Act incorporate an area of less than thirty-five percent of the area of an existing voting precinct lying along such boundaries, or which minor are…

All taxable property annexed to a district shall thereafter be subject to the levy of taxes for the payment of any indebtedness of the district outstanding at the time of the annexation. Property excluded from a district shall thereafter be subject to the levy of taxes for the pa…

Whenever the majority of the directors of the board of a district deem it to be in the best interests of the district that it be dissolved, the board shall file an application for dissolution in the district court for the county in which the petition for organization of the distr…

A. The application shall generally describe the boundaries of the district, have a map showing the district, a current financial statement of the district, a plan for final disposition of the assets of the district and for payment of the securities and other financial obligations…

A. Upon presentation of the application, the court shall publish a notice reciting the fact that an application for dissolution has been filed and that the district has no outstanding securities, or that funds or federal securities will be placed in escrow for the payment of outs…

As used in the Flood Control District Act: A. "acquisition" or "acquire" includes the opening, laying out, establishment, purchase, construction, securing, installation, reconstruction, lease, gift or grant from the federal government, any public body or person or any endowment, …

A. No application for dissolution shall be declared void on account of alleged defects, but the court may at any time permit the petition to be amended to conform to the facts by correcting any errors in the description of the territory or in any other particular. B. The court sh…