That conservancy districts heretofore or hereafter organized under the Conservancy Act of New Mexico [73-14-3 NMSA 1978], be and they hereby are authorized and directed, in addition to the separate funds now provided for, to establish in the manner hereinafter set forth a "guaranty fund" for the purpose of guaranteeing the prompt payment of the principal of and the interest upon all conservancy bonds heretofore issued or hereafter to be issued as the same may severally mature.
History: Laws 1931, ch. 50, § 1; 1941 Comp., § 77-2940; 1953 Comp., § 75-30-40.
Emergency clauses. — Laws 1931, ch. 50, § 14, made the act effective March 13, 1931.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes. — For the meaning of "Conservancy Act", see compiler's notes following 73-14-1 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 52A C.J.S. Levees and Flood Control § 40; 94 C.J.S. Waters § 330.
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