That conservancy districts heretofore or hereafter organized under the Conservancy Act of New Mexico [ 73-14-3 NMSA 1978], be and they hereby are authorized and directed, in addition to the separate funds now provided for, to establish in the manner hereinafter set forth a "guaranty fund" for the purpose of guaranteeing the prompt payment of the principal of and the interest upon all conservancy bonds heretofore issued or hereafter to be issued as the same may severally mature.
§ 73-16-41 NMSA 1978
[Guaranty fund established in districts of 50,000 acres or more.]
Laws 1931, ch. 50, § 1; 1941 Comp., § 77-2940; 1953 Comp., § 75-30-40.
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.