New Mexico irrigation works construction fund created;

limitation of liability under act; reparation of damages caused in carrying out powers granted; authority of commission to receive contributions. A. The "New Mexico irrigation works construction fund" is created as a nonreverting fund in the state treasury and shall consist of the income creditable to the permanent reservoirs for irrigation purposes income fund not otherwise pledged under Section 72- 14-19 NMSA 1978 and all other money that may be appropriated by the legislature to the fund. B. Annually, five million dollars ($5,000,000) shall be transferred from the New Mexico irrigation works construction fund to the acequia and community ditch infrastructure fund. C. Annually, one million dollars ($1,000,000) shall be transferred from the New Mexico irrigation works construction fund to the forest land protection revolving fund. D. The cost of investigations and construction as authorized in Section 72-14-11 NMSA 1978 shall be paid from the New Mexico irrigation works construction fund and also the cost of all preliminary work on any project, and all expenses directly chargeable to such project, prior to the receipt of the proceeds of bonds, shall be paid from the construction fund. The amount of all such expenses on account of any project and such part of the general administrative expenses of the commission and the cost of investigation as shall be properly chargeable, in the opinion of the commission, to such project shall be reimbursed to the construction fund upon the receipt of the proceeds of bonds issued for such project. No liability or obligation shall be incurred under the provisions of Sections 72-14-9 through 72-14-28 NMSA 1978 beyond the extent to which the money has been provided under the authority of those sections. All public and private property damaged or destroyed in carrying out the powers granted under those sections shall be restored or repaired and placed in its original condition, as nearly as practicable, or adequate compensation made therefor out of funds provided by those sections. E. The commission shall also have authority to pay the cost of such investigations and construction on any project from the New Mexico irrigation works construction fund when contracts in form satisfactory to it have been entered into whereby title to works have been mortgaged, deeded, assigned or transferred by the owner to the commission, and a program for reimbursement of all amounts expended, together with operation and maintenance charges, have been agreed upon; provided that no construction contract shall be entered into without the prior approval of the state board of finance. The commission shall also have authority to receive and accept appropriations and contributions from any source of either money or property or other things of value to be held, used and applied for the purposes provided in Sections 72- 14-9 through 72-14-28 NMSA 1978.