Section 73-20-15 - Loans; repayments. - New Mexico Statutes

73-20-15. Loans; repayments.

A.     In addition to the borrowing of money by the issuance of bonds for the purposes set out in Section 73-20-13 NMSA 1978, the district may borrow money from the United States department of agriculture or any other federal agency if the loan can be repaid according to its terms by use of the levy authorized by Section 73-20-17 NMSA 1978 and the board of supervisors has so determined.   

B.     The district may also borrow money from the United States department of agriculture or any other federal agency and levy an assessment not to exceed five dollars ($5.00) on each one thousand dollars ($1,000) of net taxable value, as that term is defined in the Property Tax Code [Chapter 7, Articles 35 to 38 NMSA 1978], of property subject to taxation by the district, in addition to others authorized by the Watershed District Act [73-20-1 NMSA 1978], to repay the loan if the board of directors determines the rate of the levy required and:   

(1)     secures the approval of the board of supervisors;   

(2)     a referendum on the acceptance of the loan for specified purposes is held;   

(3)     two-thirds of the landowners voting favor the proposal; and   

(4)     the procedures of Sections 73-20-8 through 73-20-11 NMSA 1978 as to notice, qualifications of voters and manner of holding referendum election are followed in the referendum held under this section.