That none of the funds derived from the sale of bonds issued under the provisions of this act [21-3-13, 21-3-14, 21-3-16 to 21-3-28 NMSA 1978], except so much thereof as shall be necessary to defray the costs of the issuance thereof and the accrued interest from the date thereof to the time of delivery, shall ever be used or expended for any purpose other than those for which authority to issue the same by this act is given.
History: Laws 1941, ch. 208, § 13; 1941 Comp., § 55-2127; 1953 Comp., § 73-22-27.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Colleges and Universities § 35.
14A C.J.S. Colleges and Universities § 14.
Structure New Mexico Statutes
Chapter 21 - State and Private Education Institutions
Article 3 - Certain State Post-Secondary Schools
Section 21-3-1 - [Names of Las Vegas and Silver City schools.]
Section 21-3-2 - [Use of name "New Mexico highlands university" authorized.]
Section 21-3-3 - Use of name "western New Mexico university" authorized; exceptions.
Section 21-3-4 - [Boards of regents; appointment and qualifications of members; corporate powers.]
Section 21-3-5 - [Election of officers; bond of secretary-treasurer.]
Section 21-3-6 - [Meeting of boards of regents; quorum.]
Section 21-3-8 - [Duties of board officers.]
Section 21-3-10 - [New Mexico highlands university to be nonsectarian.]
Section 21-3-11 - [Acquisition of land for New Mexico highlands university.]
Section 21-3-12 - [Right of eminent domain by New Mexico highlands university regents unaffected.]
Section 21-3-14 - [Resolution of New Mexico highlands university regents.]
Section 21-3-15 - Bonds; form; conditions.
Section 21-3-19 - [Protection of interest and retirement fund of New Mexico highlands university.]
Section 21-3-20 - [Income of permanent land funds of New Mexico highlands university pledged.]
Section 21-3-21 - [Interest payments for New Mexico highlands university bonds.]
Section 21-3-23 - [Series of New Mexico highlands university bonds; restrictions.]
Section 21-3-24 - [Tax exemption of New Mexico highlands university bonds.]
Section 21-3-25 - [Restrictions on use of New Mexico highlands university bond proceeds.]
Section 21-3-26 - [State board of finance approval of New Mexico highlands university bonds.]
Section 21-3-27 - [Lien of New Mexico highlands university bonds.]
Section 21-3-28 - [Refunding bonds issued by New Mexico highlands university.]
Section 21-3-29 - [Eastern New Mexico university; establishment.]
Section 21-3-31 - [Use of name "eastern New Mexico university" authorized; exceptions.]