N.M. Stat. § 72-17-85
Payment of refunding bonds.
Refunding revenue bonds may be made payable from any revenues derived from
the operation of the flood control system or any project, notwithstanding the pledge of
such revenues for the payment of the outstanding bonds issued by the authority which
are to be refunded is thereby modified. Any refunding revenue bonds shall not be made
payable from taxes unless the bonds thereby refunded are payable from taxes.