A. To secure money for the operation, maintenance, improvement or betterment of the works of the district or in case of emergency, the board of directors has the power to borrow money, with interest not exceeding the rate permitted under Section 56-8-11.1 NMSA 1978 [repealed], upon such terms and conditions as deemed for the best interest of the district, not to exceed, however, in the aggregate, fifteen dollars ($15.00) per acre upon all district lands.
B. The board of directors or other officers of the district have no power to incur any debt or liability whatever, either by issuing bonds or otherwise, except as expressly provided by law, and any debt or liability incurred in excess of such express provision is void.
C. Lease agreements and lease-purchase agreements do not constitute the creation of debt.
History: Laws 1919, ch. 20, § 31; 1921, ch. 39, § 6; C.S. 1929, § 73-132; 1941 Comp., § 77-2327; 1953 Comp., § 75-24-27; Laws 1981, ch. 335, § 1; 1995, ch. 199, § 1.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Section 56-8-11.1 NMSA 1978, referred to in Subsection A, was repealed in 1991.
Cross references. — For definitions of "district" and "board of directors," see 73-11-54 NMSA 1978.
For borrowing and repayment, see 73-13-8, 73-13-9 NMSA 1978.
The 1995 amendment, effective June 16, 1995, in Subsection A, substituted "has" for "shall have" following "board of directors", "56-8-11.1" for "56-8-11" and "fifteen dollars ($15.00)" for "ten dollars ($10.00)"; in Subsection B, deleted "shall" following "district" and substituted "is" for "shall be and remain absolutely"; and in Subsection C, substituted "do not" for "are declared not to".
The 1981 amendment, effective March 1, 1981, added the section heading, designated the formerly undesignated paragraphs as Subsection A and B, substituted "the rate permitted under Section 56-8-11 NMSA 1978" for "eight percent" and "ten dollars ($10.00)" for "one dollar ($1.00)" and deleted "the" following "all" in Subsection A and added Subsection C.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 45 Am. Jur. 2d Irrigation § 62.
94 C.J.S. Waters § 321.
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