A. If the acquisition of a utility is to be financed from funds received from the issuance and sale of revenue bonds, the price of the acquisition of the utility shall be approved by the New Mexico public utility commission [public regulation commission] and the commission shall require:

(1)     a determination by appraisal or otherwise of the true value of the utility to be purchased; or

(2)     an engineer’s estimate of the cost of the utility to be constructed.

B. No revenue bonds shall be issued for the acquisition of such a utility until the New Mexico public utility commission [public regulation commission] has approved the issue and its amount, date of issuance, maturity, rate of interest and general provisions.

C. The provisions of Subsections A and B of this section shall not apply to the condemnation by a municipality having a population of twenty-five thousand or more persons according to the 1990 federal decennial census of electricity facilities as authorized by N.M. Stat. Ann. Chapter 3, Article 24, sewer facilities as authorized by N.M. Stat. Ann. Chapter 3, Article 26 or water facilities as authorized by N.M. Stat. Ann. Chapter 3, Article 27.