New Mexico Statutes Chapter 73. Special Districts § 73-11-17. Insufficiency of funds from local improvement district; liability of district at large

In the event of the failure of the lands within the local improvement district to furnish money sufficient for the payment of principal or interest of the certificates of indebtedness for such local improvement work, and in case of a default in the payment of principal and interest, as aforesaid, the amount delinquent shall be paid by the general warrant of the irrigation district at large, but the lands of the local improvement district shall not thereby become released from liability for special assessment therefor. Such certificates of indebtedness, if issued, shall be redeemed as soon as there shall be available for that purpose money in the construction fund of the local improvement district.