Section 3-31-2 - Use of proceeds of bond issue.

NM Stat § 3-31-2 (2019) (N/A)
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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.

History: 1953 Comp., § 14-30-2, enacted by Laws 1965, ch. 300.

Cross references. — For use of municipal utility revenue, see 3-23-4 NMSA 1978.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 C.J.S. Municipal Corporations § 1934.