A New Mexico state university Carlsbad shall be made into an independent community college known as "southeast New Mexico college" and shall be organized as provided in Chapter 21, Article 13 NMSA 1978.
B. The governing board of southeast New Mexico college shall be created and function as provided in the Community College Act. The governing board of southeast New Mexico college shall be created by a regular local election from each of the five districts within the Carlsbad municipal school district and called for by the Carlsbad municipal school board, and the governing board shall function as provided for in the Community College Act.
C. All taxes levied to pay any principal and interest on bonds of New Mexico state university Carlsbad for operating, maintaining and providing facilities shall continue in effect until dissolution pursuant to procedures set forth in Chapter 21, Article 13 NMSA 1978.