New Mexico Statutes Chapter 4. Counties § 4-55A-42. Street and road improvement fund; repurchasing bonds or certificates; pledging income

(1) to repurchase bonds or assignable certificates authorized in Section 4-55A-20 NMSA 1978 for construction of a street, road, bridge, walkway, overpass, underpass, pathway, alley, curb, gutter or sidewalk project with the money in the street and road improvement fund; or

(2) to pledge the income of the street and road improvement fund to pay the interest and principal of bonds or assignable certificates when default in payment may occur by reason of nonpayment of any assessment levied for the payment of a street, road, bridge, walkway, overpass, underpass, pathway, alley, curb, gutter or sidewalk project authorized in the County Improvement District Act.

(1) all disbursements made pursuant to the contract shall be paid solely from the street and road improvement fund and from no other source;

(2) the obligations created by the contract are not general obligations of the county; and

(3) the contracting parties may not look to any other fund for the performance of the contractual obligation.