NOBLE, Justice.
The appellee, Albuquerque Metropolitan Arroyo Flood Control Authority, was created and organized under and in compliance with Ch. 311, Laws of 1963, §§ 75-36-1 to 103, N.M.S.A. 1953, and pledged its cooperation with the United States in flood control of the area within its boundaries. Its directors were duly appointed by the Governor of the State of New Mexico and, pursuant to the Act, were then regularly elected. A $9,500,000.00 bond issue...
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