2019 New Mexico Statutes
Chapter 73 - Special Districts
Article 21 - Water and Sanitation Districts
Section 73-21-19 - Levies to cover defaults and deficiencies.

The board in certifying annual levies as herein provided, shall take into account the maturing indebtedness for the ensuing year as provided in its contracts, maturing bonds and interest on bonds, and deficiencies and defaults of prior years, and shall make ample provision for the payment thereof. In case the moneys produced from such levies, together with other revenues of the district, are not sufficient punctually to pay the annual installments on its contracts or bonds, and interest thereon, and to pay defaults and deficiencies, then the board shall make such additional levies of taxes as may be necessary for such purposes, and not withstanding any limitations, such taxes shall be made and continue to be levied until the indebtedness of the district shall be fully paid.

History: 1941 Comp., § 77-3417, enacted by Laws 1943, ch. 80, § 17; 1953 Comp., § 75-18-17.

Bond tax levy limited. — The provisions of Section 4-54-4 NMSA 1978 of the Community Service District Act limit the tax levy for debt provisions of the Water and Sanitation District Act. El Dorado Utils., Inc. v. Eldorado Area Water & Sanitation District, 2005-NMCA-036, 137 N.M. 217, 109 P.3d 305.

Interest on bonds. — Interest may be collected after date of maturity of general obligation bond of sanitation district; holder is entitled to interest at rate stated from issuance of bond until he receives payment. Dexter v. Lakeshore City Sanitation Dist., 1971-NMSC-057, 82 N.M. 556, 484 P.2d 1266.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 78 Am. Jur. 2d Waterworks and Water Companies § 4.

94 C.J.S. Waters § 243.