Section 72-19-73 - Application of proceeds.
72-19-73. Application of proceeds.
All money received from the issuance of any securities authorized in the Southern Sandoval County Arroyo Flood Control Act [72-19-1 to 72-19-103 NMSA 1978] shall be used solely for the purpose for which issued and the cost of any project thereby delineated. Any accrued interest and any premium shall be applied to the payment of the interest on, or the principal of, the securities, or both interest and principal, or shall be deposited in a reserve therefor, as the board may determine.