Section 73-8-19 - Duties of directors; contracts with United States; deposit of bonds; contract assessments. - New Mexico Statutes

73-8-19. [Duties of directors; contracts with United States; deposit of bonds; contract assessments.]

The directors, having duly qualified, shall organize the board by the election of a president as hereinbefore provided and shall appoint a secretary. The board shall also adopt a seal and shall manage and conduct the affairs and business of the district, make and execute all necessary contracts, employ such agents, attorneys, officers and employees as may be required, and prescribe their duties; and shall establish bylaws, rules and regulations for the government of the affairs of the district and for the management, control, operation and maintenance of the system; and such board shall generally perform all such acts as shall be necessary fully to carry out the purposes of this act [73-8-1 to 73-8-60 NMSA 1978].   

Said board may also enter into any obligation or contract with the United States for the construction, operation and maintenance of drainage works, and for the purpose of fully carrying into effect the purposes of this act, including drainage of district lands, or for the assumption as principal or guarantor of indebtedness to the United States on account of the drainage of district lands.   

In case contract shall be made with the United States as herein provided, bonds of the district may be deposited with the United States at ninety-five percent of their par value, to the amount to be paid by the district to the United States under any such contract, the interest on such bonds not to exceed six percent per annum and such interest to be provided for by assessment and levy and regularly paid to the United States to be applied as provided for in such contract. If bonds of the district are not so deposited, it shall be the duty of the board of directors to include as part of any levy or assessment provided for by law, an amount sufficient to meet each year all payments accruing under the terms of any such contract.