A. The moneys of every district shall consist of the following separate funds: (1)     “preliminary fund,” by which is meant the proceeds of the level rate assessment authorized by Section 502 [73-16-2 N.M. Stat. Ann.];

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(2)     “construction fund,” by which is meant the proceeds of levies made against the special benefits appraised, equalized and confirmed;

(3)     “maintenance fund,” by which is meant the proceeds of a special assessment to be levied annually for the purpose of maintenance, upkeep, administration and current expenses;

(4)     “general fund,” by which is meant the moneys received by the district from any other source than hereinbefore set forth, and which may be withdrawn and placed in any other fund by order of the board.

B. The treasurer upon receipt of any moneys, shall credit the respective funds entitled thereto with the same. Money in the respective funds shall be withdrawn only upon warrants properly executed, in accordance with the form and requirements adopted by the board.

C. No warrants shall be drawn against the preliminary fund or the maintenance fund until an assessment-levying resolution shall have been properly passed by the board duly entered upon its records; and no bonds shall be issued against the construction fund until an assessment-levying resolution shall have been properly passed by the board and duly entered upon its records, and until the property owners shall have been given an opportunity, for a period of not less than sixty (60) days, to pay in cash the assessments so levied against their respective properties.