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.
Cross 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.
Structure New Mexico Statutes
Section 3-31-1.1 - Definitions.
Section 3-31-2 - Use of proceeds of bond issue.
Section 3-31-3 - Revenue bonds; terms.
Section 3-31-3.1 - Exemption from taxation.
Section 3-31-5 - Revenue bonds not general municipal obligations; authentication.
Section 3-31-7 - Revenue bonds; mortgaging water utility property.
Section 3-31-8 - Revenue bonds; refunding authorization; authority to mortgage municipal utility.
Section 3-31-9 - Refunding bonds; escrow; detail.
Section 3-31-10 - Refunding revenue bonds; terms.
Section 3-31-11 - Refunding revenue bonds; ordinance; resolution.
Section 3-31-12 - Refunding revenue bonds; foreclosure of mortgage.