Any municipal corporation or other political subdivision obtaining a loan or grant shall apply the proceeds thereof only for the purposes stated by the state board of finance in its action approving the loan or grant.
History: 1953 Comp., § 11-1-1.3, enacted by Laws 1959, ch. 139, § 3; 1973, ch. 92, § 3.
Structure 2021 New Mexico Statutes
Article 1 - State Board of Finance
Section 6-1-2 - State board of finance; loans and grants of emergency funds.
Section 6-1-3 - Loans of emergency funds; terms and conditions for repayment; security and interest.
Section 6-1-4 - Loans or grants obtained by political subdivisions; application of proceeds.
Section 6-1-6 - [Separate accounts.]
Section 6-1-8 to 6-1-12 - Repealed.
Section 6-1-13 - Deposit accounts by state agencies; authorization by state treasurer.