Whenever under the provisions of the laws of this state a district obtains money or credits from the issuance of its bonds or other evidence of indebtedness for the purpose of the purchase, construction or extension or repair of district utilities in the district, it shall be unlawful to divert, use or expend any of the money or credits in the purchase, construction or extension or repair of any other water, sewer or fee-for-service system or for any purpose other than that for which the money or credits were obtained.
§ 73-21-41 NMSA 1978
Restricted use of bond funds
Known as the Water and Sanitation District Act
The act spans §§ 73–73 (56 sections).
1941 Comp., § 77-3438, enacted by Laws 1951, ch. 195, § 6; 1953 Comp., § 75-18-38; 1978 Comp., § 73-21-41; 2009, ch. 241, § 10.
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.