N.M. Stat. § 72-18-62
Any bonds issued under the Flood Control District Act may be refunded, without an election, subject to provisions concerning their payment and to any other contractual limitations in the proceedings authorizing their issuance or otherwise appertaining thereto, pursuant to a resolution to be adopted by the board in the manner provided for the issuance of other securities, to refund, pay or discharge all or any part of the district's outstanding bonds, including any interest thereon in arrears or to become due within three years from the date of the refunding bonds, for the purpose of reducing interest costs or effecting other economies, of accelerating, decelerating or otherwise modifying the payment of such bonds or of modifying or eliminating restrictive contractual limitations appertaining to the issuance of additional bonds or [for] any project.
NMS § 72-18-62