2009 New Mexico Statutes
Chapter 73 - Special Districts.
Article 11 - Irrigation Districts Cooperating with United States Under Reclamation Laws; Fiscal Affairs; Local Improvements and Special Powers
Section 73-11-27 - Borrowing money; limitation on indebtedness.
73-11-27. Borrowing money; limitation on indebtedness.
A. To secure money for the operation, maintenance, improvement or betterment of the works of the district or in case of emergency, the board of directors has the power to borrow money, with interest not exceeding the rate permitted under Section 56-8-11.1 NMSA 1978 [repealed], upon such terms and conditions as deemed for the best interest of the district, not to exceed, however, in the aggregate, fifteen dollars ($15.00) per acre upon all district lands.
B. The board of directors or other officers of the district have no power to incur any debt or liability whatever, either by issuing bonds or otherwise, except as expressly provided by law, and any debt or liability incurred in excess of such express provision is void.
C. Lease agreements and lease-purchase agreements do not constitute the creation of debt.
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