This text of New Mexico § 73-12-17 (How revenue raised to pay bonds; service charges within) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
district to be uniform; may use highways. Said bonds, and the interest thereon, shall be paid by revenue derived from an annual assessment upon the real property within the district and such real property shall be and remain liable to be assessed and taxed for such payments as herein provided. Provided that any revenue derived by the district on account of the service charge over and above the amounts required for maintenance and operation of power plant or plants, ditches, canals and general overhead expenses of the district shall be considered "surplus" and covered into the bond fund of the district, and in the succeeding year the board of directors in making up an estimate of assessments to meet the interest on such bonds or the principal on such bonds as may become payable in such year
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district to be uniform; may use highways. Said bonds, and the interest thereon, shall be paid by revenue derived from an annual assessment upon the real property within the district and such real property shall be and remain liable to be assessed and taxed for such payments as herein provided. Provided that any revenue derived by the district on account of the service charge over and above the amounts required for maintenance and operation of power plant or plants, ditches, canals and general overhead expenses of the district shall be considered "surplus" and covered into the bond fund of the district, and in the succeeding year the board of directors in making up an estimate of assessments to meet the interest on such bonds or the principal on such bonds as may become payable in such year shall take into account the money in said bond fund derived from such "surplus." The service charges to the electors within the district shall be uniform. The primary object of the district being, the providing of power or fuel for pumping for irrigation purposes and it shall not be lawful to extend such service to points outside of such district except there be a surplus of power over and above the needs for irrigation purposes and other purposes within the district, but the board of directors are authorized to make reasonable contracts with the state of New Mexico, cities and towns, or other municipal corporations of said state and with other persons and corporations to supply such surplus power, if any, or to carry out the construction plans or other plans of organization of the district. Any district organized under this act [73-12- 1 to 73-12-57 NMSA 1978] shall have the use of public highways, roads, streets and alleys in or outside such district to the extent needed to transmit power or fuel into the district, but such use shall be subject to the primary use of the public to such highways, streets and alleys and shall be under such reasonable conditions and restrictions as may be made by the board of county commissioners in the county in which the same are situated or of the board of trustees or of the city council of such towns and cities in which the same are situated. The said board of directors shall have power to construct, operate, lease and control plants for the generation, distribution, sale, lease and use of electric energy and to construct, operate, lease and control pipelines for the transmission of oil or gas to be used in connection with the purposes for which such district is organized.