New Mexico Statutes
Article 49 - Bonds for Courthouses, Jails, Bridges, Hospitals and Libraries
Section 4-49-20 - [Use of funds for specific purpose; misapplication; penalty.]

No bonds issued under this article, nor the proceeds thereof, shall be used for any other purpose than that for which they were issued. Any officer who shall apply the same to any other purpose shall be deemed guilty of a misdemeanor, and upon conviction shall be fined not less than double the amount of the bonds so misapplied, and imprisoned not less than one year: provided, that the proceeds of such bonds may be applied for the redemption of the same.
History: Laws 1891, ch. 83, § 15; C.L. 1897, § 363; Code 1915, § 1170; C.S. 1929, § 33-3915; 1941 Comp., § 15-4616; 1953 Comp., § 15-49-19.
Cross references. — For purposes for which bonds issued, see 4-49-1 NMSA 1978.
Interest from investments deemed part of proceeds. — General obligation bonds were issued by the county for the specific purpose of constructing and equipping a county detention facility. This is the purpose for which the voters approved the bonds. The interest from the investment of the proceeds may not be used for the construction of a juvenile detention home. State ex rel. Bd. of Cnty. Comm'rs v. Montoya, 1978-NMSC-013, 91 N.M. 421, 575 P.2d 605.

Structure New Mexico Statutes