N.M. Stat. § 72-16-35
Dissolution of authority.
If a remonstrance is received pursuant to Section 72-16-7 NMSA 1978 denying the
board the power to acquire a flood control system or if the first proposal for the issuance
of bonds fails to receive a favorable vote by a majority of the qualified electors voting
thereon, the board shall proceed to dissolve the authority.