A district, by and through its supervisors, is authorized to: A. sue and be sued in the name of the district;

Terms Used In New Mexico Statutes 73-20-45

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Personal property: All property that is not real property.

B. adopt an official seal;

C. contract, convey and make and execute other instruments and documents necessary or convenient to the exercise of district powers;

D. borrow money and otherwise contract indebtedness for the purposes of the district and, without limitation of the generality of the foregoing, borrow money and accept grants from the United States or from a corporation or agency created or designated by the United States and, in connection with any such loan or grant, enter into agreements as the United States or the corporation or agency may require; and issue its notes or obligations therefor and secure the payment thereof by mortgage, pledge or deed of trust of all or any of its property, assets, rights, privileges, licenses, rights-of-way, easements, revenues or income;

E. option, as optionee and optioner, and acquire, in any manner, real and personal property or any right or interest in it;

F. improve, rent, lease and sell district property or any interest in it;

G. receive, invest and reinvest rents and income from district property and expend rents and income for district purposes; and

H. accept contributions, gifts and donations and expend and utilize them to further district purposes.