That none of the funds derived from the sale of bonds issued under the provisions of this act [ 6-13-1 to 6-13-26 NMSA 1978], except so much thereof as shall be necessary to defray the costs of the issuance of such bonds and the accrued interest from the date thereof to the time of delivery, shall ever be used or expended for any purpose other than those for which the authority to issue the same by this act is given.
§ 6-13-16 NMSA 1978
[Funds derived from sale of bonds; restrictions on use.]
Known as the Institution Bond Act
The act spans §§ 6–6 (26 sections).
1941 Comp., § 6-268, enacted by Laws 1949, ch. 121, § 15; 1953 Comp., § 11-9-16, compiled by Laws 1963, ch. 298, § 2.
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.