N.M. Stat. § 73-12-18
It shall be the duty of the board of directors of the district, on or before September first of each year, to determine the amounts of money required to meet the obligations and the maintenance, operating and current expenses of the district for the ensuing fiscal year, and such additional sums as may be necessary to meet any deficiency for payment of such obligations and expenses theretofore incurred, and to certify the same to the board of county commissioners. Such certificate shall specify the sum required for each of the purposes therein mentioned. The county treasurer shall distribute the proceeds of the taxes levied by the board of county commissioners under this act [73-12-1 to 73-12-57 NMSA 1978] to the credit of the separate funds in proportion to the sums specified in said certificate, among which shall be a bond fund for payment of interest and sinking fund or [for] principal of outstanding bonds of the district, and a power and water fund out of which to pay the annual water rentals or charges for water purchased or contracted for by the district from any other district, person or corporation, and to pay for power or fuel contracted for by the district and to pay costs of service, operation, maintenance and taxes on surplus power sold, as hereinafter provided.
If at the time of making and filing the certificate mentioned above there should be due the district, from a landowner within the district, or an agent or lessee of such landowner, any bill for services rendered or for money advanced on account of guarantees furnished by the district, it shall be the duty of the said board of directors to make a list of such delinquent accounts showing the name of the owner of the land and the legal description of the land to which service was rendered, the amount due and delinquent and they shall certify this list to the county assessor who shall place the same on the tax rolls as a special assessment against the particular piece of land to which the service was rendered. Such assessments, when entered on the tax roll shall have the same force and effect as other assessments, and shall constitute a lien on such land.
It shall be unlawful to transfer any money from either the bond fund or the power and water fund, or to use the money therein for any other purposes so long as any obligations of the district, which should be paid out of such funds, respectively remain unpaid.
The county treasurer is authorized to pay out of said bond fund any matured bond or coupon of the district, and to pay out of the power and water fund any charges or rentals for power or water due by the district and unpaid, without warrant signed by the president and secretary of the district in any case where the district officers neglect or refuse to issue such warrants in time to meet such obligations when due.
Should the board of directors fail to certify the amount so needed or should the amount certified to the board of county commissioners be, in the judgment of such board of county commissioners, insufficient to meet such obligations, then, in that event, the board of county commissioners shall determine the amount of money required to meet such obligations and fix the rate per acre or levy taxes to provide such amount of money.
NMS § 73-12-18