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2020 New Mexico Statutes
Chapter 3 - Municipalities
Article 31 - Revenue Bonds
Section 3-31-2 - Use of proceeds of bond issue.
Universal Citation: NM Stat § 3-31-2 (2020)
It is unlawful to divert, use or expend any money received from the issuance of bonds for any purpose other than the purpose for which the bonds were issued.
History: 1953 Comp., § 14-30-2, enacted by Laws 1965, ch. 300.
ANNOTATIONSCross references. — For use of municipal utility revenue, see 3-23-4 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 C.J.S. Municipal Corporations § 1934.
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