A. For the purpose of building, operating and maintaining dams on the Canadian river or its tributaries between Conchas dam and the Texas border, the interstate stream commission of the state is hereby authorized to anticipate the proceeds of the collection of taxes imposed upon natural resources by Chapter 103, New Mexico Session Laws of 1937, as amended, to the extent hereinafter authorized by the issuance and sale of bonds not exceeding the aggregate of five million dollars ($5,000,000) at such time and bearing such rate or rates of interest, not exceeding six percent a year as the interstate stream commission may determine.
B. The interstate stream commission of the state shall not allow construction to commence until it has reasonable assurance that this project will produce sufficient income with which to pay the cost of operation and maintenance of the dams constructed.
History: 1953 Comp., § 75-34-34, enacted by Laws 1957, ch. 190, § 1; 1959, ch. 69, § 1.
ANNOTATIONSCompiler's notes. — Laws 1937, ch. 103, relating to severance taxes, was repealed by Laws 1959, ch. 52, § 29, Laws 1971, ch. 65, § 7 and Laws 1977, ch. 102, §§ 4 and 6. For provisions of the present Severance Tax Act, see 7-26-1 to 7-26-8 NMSA 1978.
Cross references. — For transfer of interstate stream commission authority to state board of finance, see 7-27-12 NMSA 1978.