It shall be lawful for any irrigation district, which has issued certificates of indebtedness for said local improvement as in this chapter provided, to issue in place thereof an amount of bonds not in excess of such issue of certificates, and sell the same, or any part thereof, or exchange the same, or any part thereof, with the holders of such previously issued certificates of indebtedness for the purpose of redeeming said certificates; provided, however, that all the provisions of this act and Chapter 20, Session Laws of 1919, regarding the authorization and issue of bonds shall apply; and, provided further, that the issuance of said bonds shall not release the lands of the local improvement district, or districts, from liability for special assessment for the payment thereof; and, provided further, that the lien of any issue of bonds of the district, or indebtedness arising from any contracts with the United States prior, in point of time, to the issue of bonds or certificates of indebtedness herein provided for, shall be deemed a prior lien.
History: Laws 1921, ch. 39, § 22; C.S. 1929, § 73-176; 1941 Comp., § 77-2319; 1953 Comp., § 75-24-19.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes. — For the compilation of "Chapter 20, Session Laws of 1919," see compiler's notes to 73-11-1 NMSA 1978.
The term "this chapter" referred to Laws 1921, ch. 39, which amended various provisions of Laws 1919, ch. 20 and enacted new provisions. See 73-11-16 and 73-11-54 NMSA 1978 and notes thereto.
Cross references. — For definition of "irrigation district," see 73-11-54 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 45 Am. Jur. 2d Irrigation § 67.
94 C.J.S. Waters § 322.
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