A. In all cases excepting those hereinafter excluded, as soon as the first construction fund assessment levy is made the board shall call an election to be held not less than sixty days after notice of the election is completed by publication. The procedure for and conduct of the election shall be that provided for election of boards of directors who are elected. The question to be referred to the voters shall be the approval or rejection of the construction fund assessment levy resolved by the board. The form of ballots shall be substantially as follows:

CONSTRUCTION FUND ASSESSMENT LEVY FOR

___________________________________ DISTRICT

(Name of District)

FOR the construction fund assessment levy of the district in the maximum total sum of $______ ..... [ ]

AGAINST the construction fund assessment levy of the district in the maximum total sum of $______ ..... [ ]

B. If the majority of voters are against the levy, upon exhibit to the court of the returns so proving, the district shall be dissolved after insuring payment of all outstanding debts. If the majority of voters are for the levy, upon exhibit to the court of the returns so proving, the levy shall be ordered executed and the secretary shall prepare the construction fund assessment record of the district.

C. Thereafter, from time to time, as the affairs of the district may demand, the board may make supplemental levies for the construction fund; provided, that the aggregate of all these supplemental levies shall not exceed ten percent of the first levy approved in the election or, in principal, the appraised benefits adjudicated, whichever is less; provided, further, that if for any reason the affairs of the district shall demand a supplemental levy in excess of ten percent, an election as herein provided shall be required to approve and order them into execution, and in the event they are rejected the district shall not execute supplemental levies in excess of the limits above stated; and provided further, that in no case shall a levy be submitted to election where the amount thereof exceeds in principal the appraised benefits adjudicated.

Nothing in this section applies to any district which has commenced or completed any phase of improvements pursuant to official plans, or to any district containing between fifteen thousand to thirty thousand acres.

History: 1953 Comp., § 75-30-4.1, enacted by Laws 1961, ch. 123, § 1.

Effective dates. — Laws 1961, ch. 123, contained no effective date provision, but was enacted at a session which adjourned March 11, 1961. See N.M. Const., art. IV, § 23.