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: 1978 Comp., § 4-48B-19, enacted by Laws 1981, ch. 83, § 19.
ANNOTATIONS
Constitutionality of use of bond proceeds. — Use of bond moneys for purchase of hospital site and for equipping the building was granted by implication under N.M. Const., art. IX, § 10. Board of Cnty. Comm’rs v. McCulloh, 1948-NMSC-028, 52 N.M. 210, 195 P.2d 1005 (decided under former 4-48-2 NMSA 1978).