Money received from the operation of property of a disincorporated municipality shall be used in the following priority:
A. to pay employees engaged in the operation, maintenance and protection of the property;
B. to pay the interest on the bonded indebtedness of the municipality;
C. to purchase or redeem bonded indebtedness of the municipality; and
D. after all bonded indebtedness has been paid, to support the public schools that existed within the boundary of the municipality at the time of its disincorporation.
History: 1953 Comp., ยง 14-4-8, enacted by Laws 1965, ch. 300.
Structure New Mexico Statutes
Article 4 - Disincorporation of Municipality
Section 3-4-1 - Disincorporation; petition; notice of election.
Section 3-4-2 - Disincorporation; ballots.
Section 3-4-3 - Disincorporation; conduct of election.
Section 3-4-4 - Disincorporation; vote required; effect on debts and contracts.
Section 3-4-5 - Disposition of records after disincorporation; pending business.
Section 3-4-6 - Notice of disincorporation; publication.
Section 3-4-7 - Disincorporation; care of property; manager; disposition of funds.
Section 3-4-8 - Income from property of a disincorporated municipality.