There Is a Newer Version
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the New Mexico Statutes
2011 New Mexico Statutes
Chapter 5: Municipalities and Counties
Article 4: Playgrounds and Recreational Equipment, 5-4-1 through 5-4-16
Section 5-4-15: Proceeds not to be divested [diverted]; exclusions of this act.
Universal Citation:
NM Stat § 5-4-15 (1996 through 1st Sess 50th Legis)
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5-4-15. Proceeds not to be divested [diverted]; exclusions of this act.
A. Any person diverting or expending money received from the sale of recreational revenue bonds for any purpose other than those purposes authorized in Section 5-4-10 NMSA 1978, is guilty of a misdemeanor.
B. The provisions of Sections 5-4-10 through 5-4-15, 7-12-2, 7-12-6 and 7-12-14 [repealed] NMSA 1978 do not apply to any municipality that issued bonds pursuant to the authority granted by Chapter 151 [repealed] of the Laws of 1953 until the bonds have been fully paid.
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