Statutes > New Mexico Statutes > Chapter 6 - Public Finances. > Article 1 - State Board of Finance, 6-1-1 through 6-1-13. > Section 6-1-4 - Loans or grants obtained by political subdivisions; application of proceeds.

Section 6-1-4 - Loans or grants obtained by political subdivisions; application of proceeds.

6-1-4. Loans or grants obtained by political subdivisions; application of proceeds.

Any municipal corporation or other political subdivision obtaining a loan or grant shall apply the proceeds thereof only for the purposes stated by the state board of finance in its action approving the loan or grant.