A. For the purpose of Sections 3-49-1 and 3-53-1 NMSA 1978, a municipality may:
(1) open, construct, repair, keep in order and maintain water mains, laterals, reservoirs, standpipes, sewers and drains; and
(2) assess and collect as other assessments and collections are made the amount necessary to cover the cost of such work.
B. The assessment against the lot or land along or through which the street, alley, sidewalk or public ground runs shall be made in such portion as is just and equitable according to the benefits accruing to the lot or land and to its value.