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Section 3-34-4 - Street improvement fund; diverting proceeds from tax.

NM Stat § 3-34-4 (2019) (N/A)
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After the adoption of the ordinance creating a contract as authorized in Section 3-34-3 NMSA 1978, and so long as the contract is effective, it is unlawful:

A. to, directly or indirectly, divert any such amounts of tax revenue directed to be credited to the street improvement fund; and

B. without the written approval of the secretary of finance and administration, for the governing body or any municipal employee to expend any money from the street improvement fund for any purpose other than the performance of the contract.

History: 1953 Comp., § 14-33-4, enacted by Laws 1978, ch. 51, § 1.

Repeals and reenactments. — Laws 1978, ch. 51, § 1, repealed 14-33-4, 1953 Comp. (former 3-34-4 NMSA 1978), relating to diverting proceeds of tax from street improvement fund, and enacted a new section.

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Section 3-34-3 - Street improvement fund; repurchasing bonds or certificates; pledging income.
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