2015 New Mexico Statutes
Chapter 72 - Water Law
Section 17 Las Cruces Metropolitan Arroyo Flood Control
Section 72-17-73 Application of proceeds.
72-17-73. Application of proceeds.
All moneys received from the issuance of any securities herein authorized shall be used solely for the purpose or purposes for which issued and the cost of any project thereby delineated. Any accrued interest and any premium shall be applied to the payment of the interest on or the principal of the securities, or both interest and principal, or shall be deposited in a reserve therefor, as the board may determine.
History: 1953 Comp., 75-38-73, enacted by Laws 1967, ch. 156, 73.
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