All money received from any bonds issued pursuant to Sections 72-14-9 through 72-14-28 NMSA 1978 shall be applied solely to the payment of the cost of the project or to the appurtenant debt service fund, and there is created and granted a lien upon such money until so applied in favor of the holders of the bonds or the trustee provided for in respect of such bonds.
History: 1953 Comp., § 75-34-14, enacted by Laws 1955, ch. 266, § 6; 1997, ch. 241, § 7; 1997, ch. 246, § 7.
The 1997 amendment, effective June 20, 1997, added the section heading, substituted "Sections 72-14-9 through 72-14-28 NMSA 1978" for "this act", "project" for "works" and "debt service" for "sinking", deleted "and to the administration fund as hereinafter provided" following "fund" and "shall be and hereby" following "there" in the middle of the section, and made minor stylistic changes.
Laws 1997, ch. 241, § 7 and Laws 1997, ch. 246, § 7, both effective June 20, 1997, enacted identical amendments to this section. The section was set out as amended by Laws 1997, ch. 246, § 7. See 12-1-8 NMSA 1978.
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