LegalFix
Sign In

Section 5-4-15 - Proceeds not to be divested [diverted]; exclusions of this act.

NM Stat § 5-4-15 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

A. Any person diverting or expending money received from the sale of recreational revenue bonds for any purpose other than those purposes authorized in Section 5-4-10 NMSA 1978, is guilty of a misdemeanor.

B. The provisions of Sections 5-4-10 through 5-4-15, 7-12-2, 7-12-6 and 7-12-14 [repealed] NMSA 1978 do not apply to any municipality that issued bonds pursuant to the authority granted by Chapter 151 [repealed] of the Laws of 1953 until the bonds have been fully paid.

History: 1953 Comp., § 6-4-14, enacted by Laws 1965, ch. 88, § 5.

Bracketed material. — The bracketed material was inserted by the compiler and it is not part of the law.

Laws 1983, ch. 211, § 42 repealed 7-12-14 NMSA 1978, effective July 1, 1983. Chapter 151 of Laws 1953, referred to in Subsection B, was repealed by Laws 1965, ch. 300, § 595.

Compiler's notes. — The words "this act" in the catchline to this section apparently refer to Laws 1965, ch. 88, compiled as 5-4-10, 5-4-12 to 5-4-15 NMSA 1978.

Previous Section
Section 5-4-14 - Retirement of bonds only from cigarette tax proceeds; tax levy irrevocable.
Next Section
Section 5-4-16 - School districts; community recreational facilities.