N.M. Stat. § 72-18-64
Interim debentures not to be extended.
No interim debenture issued pursuant to the provisions of Section 63 [72-18-63
NMSA 1978] of the Flood Control District Act shall be extended or funded except by the
issuance or reissuance of a bond or bonds in compliance with Section 65 [72-18-65
NMSA 1978] of that act.