Notes and warrants may mature at such time not exceeding one year from the respective dates of their issuance as the board may determine. They shall not be extended or funded except by the issuance of bonds or interim debentures in compliance with Section 44 or 46 N.M. Stat. Ann. § 72-19-44 or 72-19-46 of the Southern Sandoval County Arroyo Flood Control Act.