New Mexico § 16-6-18 - Moneys of New Mexico state fair

§ 16-6-18. Moneys of New Mexico state fair

No moneys derived from the sale of the bonds or otherwise borrowed by such institution

under provisions of this act, shall be required to be paid into the state treasury

but shall be deposited by the treasurer or other fiscal officer of the New Mexico

state fair in a separate bank account or accounts in such bank or banks or trust company

or trust companies as may be designated by the commission, and all deposits of such

moneys shall, if required by the commission, be secured by obligations of the United

States of America, of a market value equal at all times to the amount of the deposit;

and all banks and trust companies are hereby authorized to give such security. Such money shall be disbursed as may be directed by the commission and in accordance

with the terms of any agreements with the holder or holders of any bonds. This section shall not be construed as limiting the power of the New Mexico state

fair to agree in connection with the issuance of any of its bonds as to the custody

and disposition of the moneys received from the sale of such bonds or the income and

revenue of New Mexico state fair pledged and assigned to or in trust for the benefit

of the holder or holders thereof.