Chapter 73 — Chapter 73

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.

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.

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…

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.

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.

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 sy…

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 sufficien…

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 …

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 conditio…

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…

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…

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, purchasi…

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.

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, cons…

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 …

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 …

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,…

service providers; acquisition of 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 se…

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 ot…