A. Any municipality owning and operating facilities for the furnishing of electricity may contract with any electric utility: (1) to operate and manage all or part of the electric system of the electric utility; or (2) for the operation and management of the municipal electric facilities by the electric utility upon such terms and conditions as are mutually agreeable to the contracting parties. No utility, by virtue of the contract or the operation and management of the municipal electric facilities, shall acquire any rights, interest or equity in the municipal system nor shall the municipality surrender any of its rights, interest or equity in the municipal system. B. No municipal funds shall be expended for the operation and management of such system except such funds as are contracted to be reimbursed by the contracting electric utility. Any municipality entering into a contract and operating and managing such electric system shall not acquire any right, interest or equity in such electric utility. C. No contract entered into by a municipality pursuant to this section shall run for more than ten years. D. electric system shall not acquire any right, interest or equity in such electric utility. C. No contract entered into by a municipality pursuant to this section shall run for more than ten years. D. Nothing contained in this section shall operate to prevent a municipality from entering into contracts pursuant to Section 3-24-15 NMSA 1978 for the operation, maintenance and management of a jointly owned generating facility in which such municipality has any interest, nor from entering into a lease agreement or lease-purchase agreement with respect to any of such municipality's electric facilities. History: 1953 Comp., § 14-23-10, enacted by Laws 1965, ch. 300; 1979, ch. 260, § 7.
New Mexico Legal Code