The proceeds of the bonds of each series issued under the provisions of Sections 72-14-9 through 72-14-28 NMSA 1978 shall be placed to the credit of the appropriate project fund, which fund shall be kept segregated and set apart from all other funds. There shall be credited to the appropriate debt service fund all accrued interest received upon sale of the bonds and there shall also be credited to the appropriate project fund the interest received upon the deposits of money in the project fund and money received by way of grant from the United States or from any other source for the project. The money in each project fund shall be paid out or disbursed in such manner as may be determined by the commission, subject to the provisions of those sections, to pay the cost of the project and there is hereby appropriated annually the money in each project fund for the purposes intended by the commission.
History: 1953 Comp., § 75-34-16, enacted by Laws 1955, ch. 266, § 8; 1997, ch. 241, § 9; 1997, ch. 246, § 9.
The 1997 amendment, effective June 20, 1997, added the section heading, in the first sentence, substituted "Sections 72-14-9 through 72-14-28 NMSA" for "this act" and deleted "at all times" following "fund shall", in the second sentence, inserted the language beginning "shall be credited to" and ending "bonds and there" at the beginning, deleted "all accrued interest upon the bonds and" following "the project fund", and deleted "works as hereinabove defined" at the end, rewrote the last sentence, substituted "project" for "construction" throughout the section and made minor stylistic changes.
Laws 1997, ch. 241, § 9 and Laws 1997, ch. 246, § 9, both effective June 20, 1997, enacted identical amendments to this section. The section was set out as amended by Laws 1997, ch. 246, § 9. See 12-1-8 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 94 C.J.S. Waters § 241.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.