2018 New Mexico Statutes
Chapter 3 - Municipalities
Article 60A - Metropolitan Redevelopment
Section 3-60A-43 - Revenue bonds; application of proceeds.
A. The proceeds from the sale of any revenue bonds shall be applied only for the purpose for which the bonds were issued, and, if for any reason any portion of the proceeds are not needed for the purpose for which the bonds were issued, the unneeded portion of the proceeds shall be applied to the payment of the principal of or the interest on the bonds.
B. The cost of acquiring any project shall be deemed to include the actual cost of acquiring a site and the cost of the construction of any part of a project that may be constructed, including architects' and engineers' fees, the purchase price of any part of a project that may be acquired by purchase and all expenses in connection with the authorization, sale and issuance of the bonds to finance the acquisition and any costs incurred by the local government.
History: Laws 1979, ch. 391, § 43; 2018, ch. 60, § 40.
The 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties, and made technical changes throughout the section; in Subsection B, after "costs incurred by the", deleted "municipality" and added "local government".
