Drainage districts organized under the provisions of Sections 73-6-1 to 73-6-44, 73-7-1 to 73-7-24, 73-7-37, 73-7-38 and 73-7-40 to 73-7-56 NMSA 1978 may refund all outstanding indebtedness whether evidenced by notes, bonds, coupons, judgments or other evidences of indebtedness in the manner provided by Section 73-7-38 NMSA 1978 of said statutes, and for such purpose may borrow the money necessary from any person or corporation willing to advance the same, or from the reconstruction finance corporation, or under the National Industrial Recovery Act [repealed] or any agency authorized by acts of congress to loan money for such purpose, and may issue new notes or bonds to evidence such indebtedness.
History: Laws 1934 (S.S.), ch. 3, § 1; 1941 Comp., § 77-1939; 1953 Comp., § 75-20-39.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
The National Industrial Recovery Act comprises the Act of June 16, 1933, 48 Stat. 195, ch. 90, and the Act of June 29, 1956, 70 Stat. 384, ch. 462, title I, § 113 (d). It was compiled as 15 U.S.C. § 701 et seq. and 40 U.S.C. § 401 et seq. Those sections have since been repealed.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 94 C.J.S. Waters § 345.