Section 73-11-15 - Local improvement district; establishment; cost of improvement; certificates of indebtedness; inclusion of additional land. - New Mexico Statutes

73-11-15. [Local improvement district; establishment; cost of improvement; certificates of indebtedness; inclusion of additional land.]

If decision shall be rendered in favor of the improvement, the board shall enter an order establishing the boundaries of said improvement district, and shall adopt plans for the proposed improvement and determine the number of annual installments, not exceeding fifteen, in which the cost of said improvement shall be paid. The cost of said improvement shall be paid by the issuance of certificates of indebtedness of the district therefor, from time to time, either directly for the payment of the labor and material, or for the securing of funds for such purpose. Said certificates shall bear interest at a rate not to exceed eight percent per annum, payable semiannually, evidenced by coupons, and shall state upon their face that they are issued as certificates of indebtedness of the irrigation district for the benefit of the local improvement district within said irrigation district; that all lands within said local improvement district shall be primarily liable to assessment for the payment of the principal and interest of said certificates, and that said notes are also a general obligation of the district. No certificate of indebtedness shall be issued in denomination exceeding five hundred ($500) dollars, and no certificates shall be sold for less than par. Whenever such improvement district has been organized, the boundaries thereof may be enlarged to include other lands which can be served, or will be benefited by the proposed improvements, upon petition of the owners thereof; provided, that at such time the lands so included shall pay their equitable proportion upon the basis of benefits of the investment theretofore made by the said local improvement district, and shall be liable for the indebtedness of the said local improvement district in the same proportion, the same manner, and subject to assessments as if the said lands had been incorporated in said improvement district at the beginning of its organization.