0001|                           SENATE BILL 321
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0002|     43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998
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0003|                            INTRODUCED BY
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0004|                           JOSEPH A. FIDEL
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0005|     
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0006|                                   
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0007|     
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0008|                                   
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO IRRIGATION WORKS; GIVING THE INTERSTATE STREAM
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0012|     COMMISSION AUTHORITY TO CONVERT CERTAIN ACEQUIA LOANS TO
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0013|     GRANTS.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  IRRIGATION WORKS CONSTRUCTION LOANS--
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0017|     CONVERSION TO GRANTS.--A community acequia that has entered
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0018|     into an irrigation works construction loan agreement with the
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0019|     interstate stream commission and that is in default of the
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0020|     loan agreement on January 1, 1998 may apply to the interstate
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0021|     stream commission for conversion of the balance of the loan to
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0022|     a grant; provided:
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0023|               A.  the interstate stream commission inspects the
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0024|     works and finds that because the works were constructed in a
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0025|     defective manner, they cannot be reasonably used for the
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0001|     purposes intended; and
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0002|               B.  the community acequia can demonstrate that
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0003|     there is no legal remedy for damages or specific performance
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0004|     against the contractor that built the defective works.
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0005|                              
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