Section 73-16-11 - Power to borrow money for the maintenance fund. - New Mexico Statutes

73-16-11. Power to borrow money for the maintenance fund.

A.     In anticipation of the collection of maintenance assessments, the board may borrow money at a rate of interest not exceeding eight (8%) percent per annum, and as evidence of the debt so contracted may issue and sell, or may issue to contractors or others, negotiable evidence of debt (herein called warrants) and may pledge (after it has been levied) the said maintenance assessments for the repayment thereof.   

B.     If any warrant so issued by the board is presented for payment and is not paid for want of funds in the treasury, that fact, with the date of presentation, shall be endorsed on the back of such warrant, which shall thereafter draw interest at the rate specified in the endorsement, not exceeding eight (8%) percent per annum, until such time as there is money on hand sufficient to pay the amount of said warrant with interest.