Any conservancy district now organized and operating under the provisions of the Conservancy Act of New Mexico is authorized, whenever the board of directors of the district determines that it is for the best interests of the district and the taxpayers of the district, to refund the bonds of the district of every character at any time outstanding, including bonds issued hereunder, by the issue of new bonds of the district in such amount, in such form, designation and denomination and with such maturities and provisions for their payment and conditions for their retirement and calling and bearing such rate or rates of interest as the board may, by resolution, prescribe. Such bonds, except for bonds issued in book entry or similar form without the delivery of physical securities, shall be executed in the name and on behalf of the district and signed by the president of the board, with the seal of the district affixed thereto, and attested by the signature of the secretary. Installments of interest may be evidenced by coupons bearing the facsimile signature of the district treasurer. In case any officer whose signature or certificate appears upon bonds or coupons issued pursuant to Sections 73-16-50 through 73-16-53 NMSA 1978 ceases to be an officer before the delivery of the bonds, such signature or certificate shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until the delivery of the bonds. The coupon bonds may be registered either as to principal or interest or both, at the option of the holder, at the office of the district.

History: Laws 1941, ch. 108, § 1; 1941 Comp., § 77-2949; 1953 Comp., § 75-30-49; Laws 1983, ch. 265, § 60.

Compiler's notes. — For the meaning of "Conservancy Act", see compiler's notes following 73-14-1 NMSA 1978.

Laws 1941, ch. 108, was deemed to supersede Laws 1935, ch. 150, which authorized the issuance of refunding bonds to be in denominations of not less than $100, to bear interest at a rate not to exceed 6% and to mature within not more than 50 years. Laws 1935, ch. 150, also authorized the public and private sale to governmental entities of the refunding bonds, and declared them to be exempt from certain taxes.

The 1983 amendment, effective April 7, 1983, added the catchline, deleted "negotiable" following "by the issue of new" in the first sentence, inserted "or rates" following "bearing such rate" in the first sentence, inserted "except for bonds issued in book entry or similar form without the delivery of physical securities" in the second sentence, substituted "Installments of interest may" for "The semiannual payments of interest shall" in the third sentence, substituted the New Mexico citation for "this act" in the fourth sentence and inserted "coupon" preceding "bonds" in the last sentence.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 45 Am. Jur. 2d Irrigation § 67.

52A C.J.S. Levees and Flood Control § 40; 94 C.J.S. Waters §§ 322, 330.