There Is a Newer Version
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the New Mexico Statutes
2011 New Mexico Statutes
Chapter 62: Electric, Gas and Water Utilities
Article 2: Incorporation and Powers of Waterworks, 62-2-1 through 62-2-22
Section 62-2-15: Borrowing money; bonds; mortgages.
Universal Citation:
NM Stat § 62-2-15 (1996 through 1st Sess 50th Legis)
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This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
62-2-15. [Borrowing money; bonds; mortgages.]
Corporations formed under this article shall have power to borrow such sums of money as may be necessary for the construction, completion or operation of their reservoirs, canals and ditches, or pipelines, or the purchase of any lands, water rights or other property necessary, in order to carry out the objects for which they were incorporated; and to issue and dispose of their bonds for any amount so borrowed, and to mortgage their corporate property and franchises to secure the payment of any debt contracted for the purpose aforesaid.
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