A. All money received by the county from any special assessment or assessment within an improvement district shall be held in a special fund and used to:
(1) pay the cost of the improvement for which the assessment was made;
(2) reimburse the county for any work performed by the county in constructing the improvement and for administrative costs associated with the improvement district; or
(3) pay the interest and principal due on any outstanding bonds or assignable certificates.
B. Any person who uses money in an improvement district fund other than as provided in this section is guilty of a felony and shall be punished by a fine not exceeding one thousand dollars ($1,000) or by imprisonment in the state penitentiary for not more than two years or by both such fine and imprisonment in the discretion of the court.
History: Laws 1980, ch. 91, § 27; 1991, ch. 199, § 49.
The 1991 amendment, effective April 4, 1991, in Subsection A, added "and for administrative costs associated with the improvement district" at the end of Paragraph (2), deleted "negotiable coupon" preceding "bonds" in Paragraph (3), and made a related stylistic change.
Structure New Mexico Statutes
Article 55A - County Improvement Districts
Section 4-55A-1 - Short title.
Section 4-55A-2 - Improvement district; definitions.
Section 4-55A-3 - Improvement district; authorization; limitation.
Section 4-55A-4 - Improvement district; purpose.
Section 4-55A-4.1 - Improvement district; additional purpose.
Section 4-55A-5 - Improvement district; powers of a county.
Section 4-55A-8 - Improvement district; notice of assessment; protests.
Section 4-55A-9 - Improvement district; provisional order; protest; action in district court.
Section 4-55A-11 - Improvement district; notice of preliminary hearing.
Section 4-55A-12.1 - Imposition of improvement district property tax; limitations.
Section 4-55A-15 - Notice of bid; acceptance of bid.
Section 4-55A-16 - Improvement district; assessment of railroad property.
Section 4-55A-17 - Improvement district; assessment roll; notice of assessment hearing.
Section 4-55A-19 - Improvement district; assessments; terms of payment; liens.
Section 4-55A-20 - Improvement district; authority to issue bonds or assignable certificates.
Section 4-55A-22 - Improvement district; additional duties imposed on county.
Section 4-55A-23 - Improvement district; acceptance of deed in lieu of foreclosure.
Section 4-55A-25 - Improvement district; title subject to redemption vests in trustee.
Section 4-55A-27 - Improvement district; assessment funds; expenditures; misuse; penalties.
Section 4-55A-28 - Transfer of improvement district funds.
Section 4-55A-29 - Improvement district; reassessment after voiding of assessments; procedure.
Section 4-55A-30 - Improvement district; reassessment; defects waived; credit for previous payment.
Section 4-55A-31 - Improvement district; appeal to district court.
Section 4-55A-33 - Improvement district; appeal of reassessment; procedure exclusive.
Section 4-55A-35 - Improvement district; refunding improvement bonds; authority.
Section 4-55A-36 - Refunding bonds; escrow; detail.
Section 4-55A-39 - Improvement district; construction of sections.
Section 4-55A-40 - Street and road improvement fund authorization.
Section 4-55A-41 - Street and road improvement fund; use.
Section 4-55A-43 - Street and road improvement fund; diverting proceeds from tax.