All money received from the issuance of any securities authorized in the Eastern Sandoval County Arroyo Flood Control Act shall be used solely for the purpose for which issued and the cost of any project thereby delineated. Any accrued interest and any premium shall be applied to the payment of the interest on, or the principal of, the securities, or both interest and principal, or shall be deposited in a reserve therefor, as the board may determine.
§ 72-20-73 NMSA 1978
Application of proceeds
Known as the Eastern Sandoval County Arroyo Flood Control Act
The act spans §§ 72–72 (104 sections).
Laws 2007, ch. 99, § 73.
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.