That conservancy districts heretofore or hereafter organized under the Conservancy Act of New Mexico [73-14-3 N.M. Stat. Ann.], be and they hereby are authorized and directed, in addition to the separate funds now provided for, to establish in the manner hereinafter set forth a “guaranty fund” for the purpose of guaranteeing the prompt payment of the principal of and the interest upon all conservancy bonds heretofore issued or hereafter to be issued as the same may severally mature.