Statutes > New Mexico Statutes > Chapter 72 - Water Law. > Article 4 - Surveys, Investigations and Adjudication of Rights, 72-4-1 through 72-4-20. > Section 72-4-8 - Water system cost paid from bond proceeds only.

Section 72-4-8 - Water system cost paid from bond proceeds only.

72-4-8. Water system cost paid from bond proceeds only.

No county that undertakes to acquire or establish a water supply system under the authority of Sections 72-4-2 through 72-4-12 NMSA 1978 shall have the power to pay out of its general funds or otherwise contribute any part of the costs of acquiring a water supply system.  The entire cost of acquiring the system shall be paid out of the proceeds from the sale of water revenue bonds issued under the authority of Sections 72-4-2 through 72-4-12 NMSA 1978.