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2017 New Mexico Statutes
Chapter 72 - Water Law
Article 16 - Albuquerque Metropolitan Arroyo Flood Control
Section 72-16-73 - Application of proceeds.
Universal Citation: NM Stat § 72-16-73 (2017)
72-16-73. 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., 75-36-73, enacted by Laws 1963, ch. 311, 73.
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