New Mexico Statutes

§ 73-12-17 — How revenue raised to pay bonds; service charges within

New Mexico·Ch. 73 Special Districts·Art. 12 Electrical Irrigation Districts
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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Legislative History

Laws 1929, ch. 76, § 17; C.S. 1929, § 73-717; 1941 Comp., § 77-2417; 1953

Nearby Sections

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