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; provided, however, that bond proceeds may be used for reserves and to pay the costs of issuance.
§ 4-48A-21 NMSA 1978
Use of proceeds of bond issue
Known as the Special Hospital District Act
The act spans §§ 4–4 (34 sections).
1978 Comp., § 4-48A-21, enacted by Laws 1981, ch. 84, § 12.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.