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: 1978 Comp., § 4-48B-19, enacted by Laws 1981, ch. 83, § 19.
Constitutionality of use of bond proceeds. — Use of bond moneys for purchase of hospital site and for equipping the building was granted by implication under N.M. Const., art. IX, § 10. Board of Cnty. Comm'rs v. McCulloh, 1948-NMSC-028, 52 N.M. 210, 195 P.2d 1005 (decided under former 4-48-2 NMSA 1978).
Structure New Mexico Statutes
Article 48B - Hospital Funding
Section 4-48B-1 - Short title.
Section 4-48B-2 - Purpose of act.
Section 4-48B-3 - Definitions.
Section 4-48B-4 - Annual report.
Section 4-48B-5 - Power of counties.
Section 4-48B-7 - Power to lease hospitals.
Section 4-48B-8 - Sick and indigent persons; agreements for care with state and county agencies.
Section 4-48B-11 - Federal aid.
Section 4-48B-12 - Tax levies authorized.
Section 4-48B-13 - County hospital; power to lease; expenditure of proceeds from tax levy.
Section 4-48B-14 - Payment of charges; persons committed by district court.
Section 4-48B-15 - Election on special levy.
Section 4-48B-16 - Validation of earlier elections.
Section 4-48B-18 - Hospital revenue bonds; authority to issue; pledge of revenues.
Section 4-48B-19 - Use of proceeds of bond issue.
Section 4-48B-20 - Revenue bonds; terms.
Section 4-48B-21 - Ordinance authorizing revenue bonds.
Section 4-48B-22 - Hospital revenue bonds not general county obligations.
Section 4-48B-23 - Revenue bonds; security; restrictions and limitations.
Section 4-48B-24 - Revenue bonds; exemption from taxation.
Section 4-48B-25 - Election not required.
Section 4-48B-26 - No notice or publication required.
Section 4-48B-27 - Hospitals declared necessary public buildings.