Whenever any indebtedness has been incurred by the authority, it is lawful for the board to levy taxes and to collect revenue for the purpose of creating a reserve fund in such amount as the board may determine, which may be used to meet the obligations of the authority, for maintenance and operating charges and depreciation, and to provide improvements for the authority.
§ 72-20-25 NMSA 1978
Sinking fund
Known as the Eastern Sandoval County Arroyo Flood Control Act
The act spans §§ 72–72 (104 sections).
Laws 2007, ch. 99, § 25.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.