It shall be the duty of the board of directors of the district, on or before September first of each year, to determine the amount of money required to meet the maintenance, operating and current expenses of the district for the ensuing fiscal year, and such additional sums as may be necessary to meet any deficiency for payment of maintenance or operation expenses theretofore incurred, and to certify the same to the board of county commissioners. Such certificate shall specify the sum required for each of the purposes therein mentioned. The county treasurer shall distribute the proceeds of the ad valorem taxes levied by the county commissioners under this act for the purpose of paying and retiring outstanding bonds and interest coupons, to the credit of a fund to be known as "bond fund" and shall distribute the proceeds of the specific taxes levied on request of the board of directors of said district through their budget for maintenance, operation and current expenses, to a separate fund, established and maintained for said last-mentioned purposes.

It shall be unlawful to transfer any money from either the bond fund or the maintenance, operation and current expense fund, or to use the money therein for any other purpose, so long as any obligations of the district which should be paid out of such funds, respectively, remain unpaid.

The county treasurer is authorized to pay out of said bond fund any matured bond or coupon of the district, upon presentation of said bond, coupon or coupons, for that purpose, and without warrant from the board of directors of said district, and to pay out of the maintenance, operation and current expense fund or funds, any water charges or rentals due by the district and unpaid without warrant signed by the president and secretary of the district, in any case where the district officers neglect or refuse to issue such warrant in time to meet such obligations when due.

History: Laws 1919, ch. 41, § 18; 1921, ch. 173, § 1; C.S. 1929, § 73-218; Laws 1934 (S.S.), ch. 8, § 6; 1941 Comp., § 77-2120; 1953 Comp., § 75-22-20.

Compiler's notes. — Laws 1934, ch. 8, § 6, provided it was amending Laws 1929, ch. 173, § 1, being § 73-218 of the Code of 1929. It correctly included the 1929 compilation number, § 73-218 in the 1929 compilation of Laws 1921, ch. 173, § 1 which was the section actually amended in 1934.

The term "this act" refers to Laws 1919, ch. 41, §§ 1 to 57, effective March 10, 1919, the provisions of which are compiled as 73-9-1 to 73-9 6, 73-9-10 to 73-9-19, 73-9-22, 73-9-24 and 73-9-26 to 73-9-62 NMSA 1978.

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

94 C.J.S. Waters § 321.