New Mexico Statutes
§ 3-4-8 — Income from property of a disincorporated municipality
Money received from the operation of property of a disincorporated municipality shall be used in the following priority: A. to pay employees engaged in the operation, maintenance and protection of the property; B. to pay the interest on the bonded indebtedness of the municipality; C. to purchase or redeem bonded indebtedness of the municipality; and D. after all bonded indebtedness has been paid, to support the public schools that existed within the boundary of the municipality at the time of its disincorporation.
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New Mexico § 3-4-8 (Income from property of a disincorporated municipality) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
1953 Comp., § 14-4-8, enacted by Laws 1965, ch. 300.
Nearby Sections
15
§ 3-1-1
Municipalities; short title§ 3-1-2
Definitions§ 3-1-6
Final day to act§ 3-10-4
Repealed§ 3-10-5
Repealed§ 3-10-8
Officers; delivery of records§ 3-11-1
Applicability