Statutes > New Mexico Statutes > Chapter 3 - Municipalities. > Article 4 - Disincorporation of Municipality, 3-4-1 through 3-4-9. > Section 3-4-8 - Income from property of a disincorporated municipality.

Section 3-4-8 - Income from property of a disincorporated municipality.

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.