With respect to the issuance of any negotiable securities representing an indebtedness of the water and sanitation district, the provisions and procedures set forth in the Community Service District Act [4-54-1 to 4-54-5 NMSA 1978] shall apply. History: 1953 Comp., § 75-18-24.1, enacted by Laws 1977, ch. 345, § 9. ANNOTATIONSBond tax levy limited. — The limitation of taxing power found in Section 4-54-4 NMSA 1978 of the Community Service District Act applies to a water and sanitation district. El Dorado Utils., Inc. v. Eldorado Area Water & Sanitation District, 2005-NMCA-036, 137 N.M. 217, 109 P.3d 305. Limitation on issuing bonds. — Because a water and sanitation district can only levy taxes to pay indebtedness within the limits of Section 4-54-4 NMSA 1978, a district cannot issue bonds pursuant to a bond resolution that authorizes the levy of taxes beyond what Section 4-54-4 NMSA 1978 allows. El Dorado Utils., Inc. v. Eldorado Area Water & Sanitation District, 2005-NMCA-036, 137 N.M. 217, 109 P.3d 305.
New Mexico Legal Code