Section 3-60A-43 - Revenue bonds; application of proceeds. - New Mexico Statutes

3-60A-43. Revenue bonds; application of proceeds.

A.     The proceeds from the sale of any revenue bonds shall be applied only for the purpose for which the bonds were issued and if, for any reason, any portion of such proceeds are not needed for the purpose for which the bonds were issued, such unneeded portion of the proceeds shall be applied to the payment of the principal of or the interest on the bonds.   

B.     The cost of acquiring any project shall be deemed to include the actual cost of acquiring a site and the cost of the construction of any part of a project which may be constructed (including architects' and engineers' fees), the purchase price of any part of a project that may be acquired by purchase, and all expenses in connection with the authorization, sale and issuance of the bonds to finance such acquisition, and any costs incurred by the municipality.