Section 7-20F-9 - Revenue bonds; purpose of issue; use of proceeds. - New Mexico Statutes

7-20F-9. Revenue bonds; purpose of issue; use of proceeds.

A.     Revenue bonds may be issued pursuant to the provisions of the County Correctional Facility Gross Receipts Tax Act [7-20F-1 NMSA 1978] for the purposes of constructing, purchasing, furnishing, equipping, rehabilitating, expanding or improving a judicial-correctional facility or the grounds of a judicial-correctional facility, including but not limited to acquiring and improving parking lots, landscaping or any combination of the foregoing.   

B.     No county shall divert, use or expend any money received from the issuance of bonds for any purpose other than the purpose for which the bonds were issued.