New Mexico Statutes Chapter 5. Municipalities and Counties § 5-4-15. Proceeds not to be divested diverted; exclusions of this act

A. Any person diverting or expending money received from the sale of recreational revenue bonds for any purpose other than those purposes authorized in Section 5-4-10 NMSA 1978, is guilty of a misdemeanor.

B. The provisions of Sections 5-4-10 through 5-4-15, 7-12-2, 7-12-6 and 7-12-14 NMSA 1978 do not apply to any municipality that issued bonds pursuant to the authority granted by Chapter 151 of the Laws of 1953 until the bonds have been fully paid.