A. No expense or indebtedness shall be incurred by any county flood commissioner in excess of the amount of any annual levy, excepting where there may be remaining on hand funds arising from previous similar levies; provided, however, that where a board of county commissioners, upon the recommendation of the county flood commissioner, contracts to borrow funds from a state or federal agency or from the New Mexico finance authority for flood control projects and pledges the proceeds of the annual levies for their repayment, the amount which may be borrowed shall be limited by the terms of repayment so that no annual installment of principal and interest shall exceed eighty percent of the amount produced by the annual levy in the year preceding the signing of the loan agreement.

B. All expenses and indebtedness incurred by any county flood commissioner under the provisions of Sections 4-50-1 through 4-50-9 NMSA 1978 shall be subject to the approval of the board of county commissioners. Upon the approval of the board, the expenses and indebtedness incurred shall be paid upon warrant drawn by the board of county commissioners, upon the filing by the county flood commissioner of vouchers for the expenditures and indebtedness with the board of county commissioners. The warrants shall be paid by the county treasurer out of the appropriate separate account within the county flood fund. The county clerk shall file and keep a record of all vouchers filed with the board of county commissioners by the county flood commissioner.

History: Laws 1921, ch. 163, § 6; C.S. 1929, § 33-5006; 1941 Comp., § 15-4706; 1953 Comp., § 15-50-6; Laws 1961, ch. 72, § 1; 1969, ch. 72, § 3; 1997, ch. 79, § 2.

Cross references. — For power of commissioners to contract for financing, see 4-50-3 NMSA 1978.

For county debt limit, see N.M. Const., art. IX, § 13.

For finances of counties, municipalities and school districts generally, see 6-6-7 NMSA 1978 et seq.

For powers of flood commissioners to incur long-term indebtedness, see notes under 4-50-3 NMSA 1978.

The 1997 amendment, effective June 20, 1997, in Subsection A, inserted "or from the New Mexico finance authority" near the middle and, in Subsection B, substituted "4-50-1 through 4-50-9 NMSA 1978" for "15-50-1 through 15-50-9 NMSA 1953" in the first sentence and deleted "or warrants" following "upon warrant" in the second sentence.

Disbursement of flood moneys. — The county flood commissioner and not the board of county commissioners is under this section empowered to disburse county flood moneys. 1942 Op. Att'y Gen. No. 42-3986 (rendered under prior law).