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2013 New Mexico Statutes
Chapter 73 - Special Districts
Article 21 - Water and Sanitation Districts
Section 73-21-41 - Restricted use of bond funds. (2009)


NM Stat § 73-21-41 (2013) What's This?

73-21-41. Restricted use of bond funds. (2009) 
Whenever under the provisions of the laws of this state a district obtains money or credits from the issuance of its bonds or other evidence of indebtedness for the purpose of the purchase, construction or extension or repair of district utilities in the district, it shall be unlawful to divert, use or expend any of the money or credits in the purchase, construction or extension or repair of any other water, sewer or fee-for-service system or for any purpose other than that for which the money or credits were obtained.
History: 1941 Comp., § 77-3438, enacted by Laws 1951, ch. 195, § 6; 1953 Comp., § 75-18-38; 1978 Comp., § 73-21-41; 2009, ch. 241, § 10.

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