There is a newer version of the New Mexico Statutes
2006 New Mexico Statutes - Section 49-9-9 — Disposition of proceeds of land sales.
49-9-9. [Disposition of proceeds of land sales.]
All proceeds realized on the sale of said lands so made as aforesaid shall be appropriated to pay off the bonded indebtedness of the city of Socorro or for public improvements within the limits of said grant as may be determined by the city council of said city.
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