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Section 72-16-40 - Forms of borrowing.

NM Stat § 72-16-40 (2019) (N/A)
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Upon the conditions and under the circumstances set forth in this act [72-16-1 through 72-16-103 NMSA 1978], the authority, to carry out the purposes hereof, from time to time may borrow money to defray the cost of any project, or any part thereof, as the board may determine, and issue the following securities to evidence such borrowing:

A. notes;

B. warrants;

C. bonds;

D. temporary bonds; and

E. interim debentures.

History: 1953 Comp., § 75-36-40, enacted by Laws 1963, ch. 311, § 40.

Indebtedness proposed by flood control authority is not one contracted by either a county, city, town or village or school district, but is one imposed by a special quasi-municipal corporation under legislative authority. Albuquerque Metro. Arroyo Flood Control Auth. v. Swinburne, 1964-NMSC-206, 74 N.M. 487, 394 P.2d 998.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations §§ 9 to 23.

94 C.J.S. Waters §§ 322 to 331.

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