Each year's income credited to the permanent reservoirs for irrigation purposes income fund and the improvement of Rio Grande income fund may be pledged irrevocably to the payment of the principal of and interest on revenue bonds by the commission with the approval of the state board of finance, and there are irrevocably appropriated to the commission amounts from the funds for such purposes. The commission shall provide in the proceedings authorizing the issuance of each series of bonds for the paying into the appropriate income and debt service funds all money received pursuant to this section.

History: 1953 Comp., § 75-34-19, enacted by Laws 1955, ch. 266, § 11; 1997, ch. 241, § 12; 1997, ch. 246, § 12.

The 1997 amendment, effective June 20, 1997, added the section heading, deleted "in addition so much of" following "income fund", substituted "and the improvement of the Rio Grande income fund" for "as shall be necessary for the purposes hereinabove enumerated" and inserted "to the payment of the principal of and interest on revenue bonds" in the first sentence, substituted "income and debt service funds" for "sinking fund" in the last sentence, and made minor stylistic changes throughout the section.

Laws 1997, ch. 241, § 12 and Laws 1997, ch. 246, § 12, both effective June 20, 1997, enacted identical amendments to this section. The section was set out as amended by Laws 1997, ch. 246, § 12. See 12-1-8 NMSA 1978.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations § 44.

94 C.J.S. Waters §§ 234, 321.