The validity of said securities shall not be dependent on nor affected by the validity or regularity of any proceedings relating to the acquisition or improvement and equipment of the project or the proper competion [completion] of any project for which the securities are issued. The purchaser or purchasers of the securities shall in no manner be responsible for the application of the proceeds of the securities by the authority or any of its officers, agents and employees.
§ 72-16-75 NMSA 1978
Validity unaffected by use of proceeds
Known as the Arroyo Flood Control Act
The act spans §§ 72–72 (104 sections).
1953 Comp., § 75-36-75, enacted by Laws 1963, ch. 311, § 75.
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.