All acequia and community ditch associations are authorized to borrow money and otherwise contract indebtedness for the purposes of the district and, without limitation of the generality of the foregoing, to borrow money and accept grants from the United States, or from any corporation or agency created or designated by the United States, and, in connection with any such loan or grant, to enter into agreements as the United States or such corporation or agency may require, and to issue its notes or obligations therefor, and to secure the payment thereof by mortgage, pledge or deed of trust covering any of its property, assets, rights, privileges, licenses, rights-of-way, easements, revenues, income and assessments.
History: 1953 Comp., § 75-14-21.1, enacted by Laws 1965, ch. 183, § 1.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Borrowing power necessarily implied. — Borrowing of funds by a community ditch to improve, rehabilitate or extend its facilities for irrigation is necessarily implied from the powers granted to it. 1964 Op. Att'y Gen. No. 64-95 (opinion rendered before enactment of this section).
Law reviews. — For article, "New Mexico Water Law: An Overview and Discussion of Current Issues," see 22 Nat. Resources J. 1045 (1982).
Am. Jur. 2d, A.L.R. and C.J.S. references. — 53 Am. Jur. 2d Mechanics' Liens §§ 56, 115.
28 C.J.S. Drains §§ 6, 79; 94 C.J.S. Waters § 339.