That the net earnings of such power plant, and such plant and all property and property rights connected or used therewith, except property the title to which is vested in the United States pursuant to the act of congress of June 17, 1902 (32 Stat. 388) and acts amendatory thereof or supplementary thereto, shall be and remain as security for the payment of said bonds and the interest thereon; that in the event the net earnings from said power plant are not sufficient to pay said interest and provide for the refunding of said bonds, as hereinbefore provided, then the board of directors of said district shall, by levying annual assessments upon the lands of said district, raise the required funds, and all the real property in the district shall be made and remain liable to be assessed for such payments.
History: Laws 1921, ch. 39, § 29; C.S. 1929, § 73-183; 1941 Comp., § 77-2325; 1953 Comp., § 75-24-25.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Cross references. — For the Act of Congress of June 17, 1902 and acts amending and supplementing said act, see 43 U.S.C. § 371 et seq.
For the definitions of "district" and "board of directors," see 73-11-54 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 45 Am. Jur. 2d Irrigation § 68.
94 C.J.S. Waters § 326.