There Is a Newer Version
of
the New Mexico Statutes
2011 New Mexico Statutes
Chapter 3: Municipalities
Article 4: Disincorporation of Municipality, 3-4-1 through 3-4-9
Section 3-4-8: Income from property of a disincorporated municipality.
Universal Citation:
NM Stat § 3-4-8 (1996 through 1st Sess 50th Legis)
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This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
3-4-8. Income from property of a disincorporated municipality.
Money received from the operation of property of a disincorporated municipality shall be used in the following priority:
A. to pay employees engaged in the operation, maintenance and protection of the property;
B. to pay the interest on the bonded indebtedness of the municipality;
C. to purchase or redeem bonded indebtedness of the municipality; and
D. after all bonded indebtedness has been paid, to support the public schools that existed within the boundary of the municipality at the time of its disincorporation.
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