A. Any person diverting or expending money received from the sale of recreational revenue bonds for any purpose other than those purposes authorized in Section 5-4-10 NMSA 1978, is guilty of a misdemeanor.
B. The provisions of Sections 5-4-10 through 5-4-15, 7-12-2, 7-12-6 and 7-12-14 [repealed] NMSA 1978 do not apply to any municipality that issued bonds pursuant to the authority granted by Chapter 151 [repealed] of the Laws of 1953 until the bonds have been fully paid.
History: 1953 Comp., § 6-4-14, enacted by Laws 1965, ch. 88, § 5.
Bracketed material. — The bracketed material was inserted by the compiler and it is not part of the law.
Laws 1983, ch. 211, § 42 repealed 7-12-14 NMSA 1978, effective July 1, 1983. Chapter 151 of Laws 1953, referred to in Subsection B, was repealed by Laws 1965, ch. 300, § 595.
Compiler's notes. — The words "this act" in the catchline to this section apparently refer to Laws 1965, ch. 88, compiled as 5-4-10, 5-4-12 to 5-4-15 NMSA 1978.
Structure 2021 New Mexico Statutes
Chapter 5 - Municipalities and Counties
Article 4 - Playgrounds and Recreational Equipment
Section 5-4-1 - [Governmental unit subject to act.]
Section 5-4-2 - Dedication of lands and buildings as playgrounds and recreation centers.
Section 5-4-3 - Establishing system of supervised recreation; powers of managing boards.
Section 5-4-4 - [Petition for establishment of a supervised recreational system; election.]
Section 5-4-5 - Establishment of joint recreational systems.
Section 5-4-6 - Acceptance of grants and donations by supervisory boards; limitation.
Section 5-4-7 - [Disposition of funds received by gift or bequest.]
Section 5-4-8 - Power to issue bonds.
Section 5-4-10 - Revenue bonds.
Section 5-4-11 - Revenue bonds; refunding authorization; escrow; detail.
Section 5-4-12 - Terms of bonds.
Section 5-4-13 - Ordinance or resolution issuing bonds; validation.
Section 5-4-14 - Retirement of bonds only from cigarette tax proceeds; tax levy irrevocable.
Section 5-4-15 - Proceeds not to be divested [diverted]; exclusions of this act.
Section 5-4-16 - School districts; community recreational facilities.