§ 4-59-9 — Use of proceeds from sale of bonds

New Mexico § 4-59-9

• Jurisdiction: New Mexico
• Ch. 4: Counties
• Art. 59: County Industrial Revenue Bonds

Text

The proceeds from the sale of any bonds issued under authority of the County Industrial Revenue Bond Act shall be applied only for the purpose for which the bonds were issued; any accrued interest and premiums received in any such sale shall be applied to the payment of the principal of or the interest on the bonds sold. If for any reason any portion of such proceeds shall not be needed for the purpose for which the bonds were issued, then such balance of such proceeds shall be applied to the payment of the principal of or the interest on the bonds. Any portion of the proceeds from the sale of the bonds or any accrued interest and premium received in any such sale, may, in the event the money will not be needed or cannot be effectively used to the advantage of the county for the purposes herein provided, be invested in short-term, interest-bearing securities if such investment will not interfere with the use of such funds for the primary purpose as herein provided. The cost of acquiring any project shall include the following: A. the actual cost of the construction of any part of a project which may be constructed, including architects', attorneys' and engineers' fees; B. the purchase price of any part of a project that may be acquired by purchase; C. the actual cost of the extension of any utility to the project site, all expenses in connection with the authorization, sale and issuance of the bonds to finance such acquisition; and D. the interest on such bonds for a reasonable time prior to construction, during construction and not exceeding six months after completion of construction.

Legislative History

1953 Comp., § 15-60-9, enacted by Laws 1975, ch. 286, § 9.