Section 4-55A-28 - Transfer of improvement district funds. - New Mexico Statutes

4-55A-28. Transfer of improvement district funds.

The board may transfer to the general fund of the county any money obtained from the levy of an assessment for an improvement district if:   

A.     bonds or assignable certificates were issued to finance the improvement;   

B.     the proceeds of the bonds or assignable certificates were spent for the improvement;   

C.     the assessments were levied and collected for the payment of the bonds or assignable certificates; and   

D.     either the bondholders or assignable certificate holders are barred by the statute of limitations or a court judgment or decree from collecting the indebtedness; or   

E.     the bonded indebtedness or assignable certificates have been paid.