That for the establishment and maintenance of such guaranty fund, the board of commissioners or directors of any such district be and they hereby are authorized and directed annually to levy a tax, in addition to all other taxes, upon the real property within such district subject to general taxation for state and county purposes, of two mills for every dollar of the assessed valuation thereof, as shown by the last preceding assessment for state and county taxes; provided, however, that whenever and so long as the amount of such guaranty fund equals or exceeds an amount equal to fifteen per centum of the total bonded indebtedness of such district, no further levy shall be made therefor, unless and until the amount of such fund may be depleted by payments therefrom as hereinafter authorized.

History: Laws 1931, ch. 50, § 2; 1941 Comp., § 77-2941; 1953 Comp., § 75-30-41.

Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.

Real estate to include steam production equipment. — Steam production equipment, consisting of turbines, boilers, pumps and fans, was real estate for taxation purposes where the utility company installed and maintained such equipment on special foundations, could not foresee moving it because of its huge size and weight and such equipment was the very heart of the company's business. Southwestern Pub. Serv. Co. v. Chaves County, 1973-NMSC-064, 85 N.M. 313, 512 P.2d 73.

Electric transmission and distribution substation equipment not real estate. — Electric transmission and distribution substation equipment, consisting of transformers, switches and circuit breakers, was not real estate for taxation purposes since it was readily portable and had very little, if any, annexation or adaptation. Southwestern Pub. Serv. Co. v. Chaves County, 1973-NMSC-064, 85 N.M. 313, 512 P.2d 73.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 45 Am. Jur. 2d Irrigation §§ 70 to 72.

52A C.J.S. Levees and Flood Control §§ 28 to 39; 94 C.J.S. Waters §§ 332 to 337.