To levy and collect taxes, the board shall determine in each year the amount of money necessary to be raised by taxation, taking into consideration other sources of revenue of the authority, and shall fix a rate of levy, without limitation as to rate or amount, except for the limitation in Subsection I of Section 72-16-22 NMSA 1978 and for any constitutional limitation, which, when levied upon the net taxable value, as that term is defined in the Property Tax Code [Chapter 7, Articles 35 to 38 NMSA 1978], of all property subject to property taxation within the authority, and together with other revenues, will raise the amount required by the authority annually to supply funds for paying expenses of organization and the costs of acquiring, improving, equipping, operating and maintaining any project or facility of the authority, and promptly to pay in full, when due, all interest on and principal of bonds and other securities of the authority, and in the event of accruing defaults or deficiencies, an additional levy may be made as provided in Section 72-16-24 NMSA 1978.
History: 1953 Comp., § 75-36-23, enacted by Laws 1963, ch. 311, § 23; 1985, ch. 190, § 4; 1986, ch. 32, § 31.
ANNOTATIONSCross references. — For constitutional property tax limits and exceptions, see N.M. Const., art. VIII, § 2.
The 1986 amendment substituted "the net taxable value, as that term is defined in the Property Tax Code, of all property subject to property taxation" for "every dollar of assessed valuation of taxable property".
The 1985 amendment, effective June 14, 1985, substituted "Subsection I of Section 72-16-22 NMSA 1978" for "Subsection J of Section 22 hereof" near the beginning and "Section 72-16-24 NMSA 1978" for "Section 24 hereof" at the end of the section.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 52A C.J.S. Levees and Flood Control §§ 28 to 33.