A. If the acquisition of a utility is to be financed from funds received from the issuance and sale of revenue bonds, the price of the acquisition of the utility shall be approved by the New Mexico public utility commission [public regulation commission] and the commission shall require:

(1) a determination by appraisal or otherwise of the true value of the utility to be purchased; or

(2) an engineer's estimate of the cost of the utility to be constructed.

B. No revenue bonds shall be issued for the acquisition of such a utility until the New Mexico public utility commission [public regulation commission] has approved the issue and its amount, date of issuance, maturity, rate of interest and general provisions.

C. The provisions of Subsections A and B of this section shall not apply to the condemnation by a municipality having a population of twenty-five thousand or more persons according to the 1990 federal decennial census of electricity facilities as authorized by Chapter 3, Article 24 NMSA 1978, sewer facilities as authorized by Chapter 3, Article 26 NMSA 1978 or water facilities as authorized by Chapter 3, Article 27 NMSA 1978.

History: 1953 Comp., § 14-22-3, enacted by Laws 1965, ch. 300; 1993, ch. 282, § 4; 1995, ch. 67, § 1; 1997, ch. 228, § 1.

Bracketed material. — The bracketed material was inserted by the compiler. It was not enacted by the legislature and is not part of the law.

Laws 1998, ch. 108, § 80 provided that references to the public utility commission be construed as references to the public regulation commission.

Cross references. — For revenue bonds, see 3-31-1 NMSA 1978 et seq.

The 1997 amendment, effective April 11, 1997, substituted "electricity facilities as authorized by Chapter 3, Article 24 NMSA 1978" for "either" near the end of Subsection C.

The 1995 amendment, effective April 5, 1995, added Subsection C.

The 1993 amendment, effective June 18, 1993, substituted "New Mexico public utility commission" for "New Mexico public service commission" in the section heading and throughout the section, and inserted "and" following "issue" in Subsection B.

Am. Jur. 2d, A.L.R. and C.J.S. references. — Records, right to examine records or documents of municipality relating to public utility conducted by it. 102 A.L.R. 756.