New Mexico § 5-5-19 - Application of proceeds
Full text of New Mexico New Mexico Statutes Annotated § 5-5-19 — Application of proceeds, with citation guidance and answers to common questions.
§ 5-5-19. Application of proceeds
All moneys received from the issuance of any bonds herein authorized shall be used
solely for the purpose (or purposes) for which issued, including without limiting
the generality of the foregoing, the payment of preliminary expenses; provided, however,
that any unexpended balance of such bond proceeds remaining after the completion of
the acquisition of [or] improvement of the project or part thereof for which such
bonds were issued shall be paid immediately into the fund created for the payment
of the principal of said bonds and shall be used therefor. The validity of said bonds shall not be dependent on or affected by the validity
or regularity of any proceedings relating to the acquisition or improvement of the
project for which the bonds are issued; and the purchaser or purchasers of the bonds
shall in no manner be responsible for the application of the proceeds of the bonds
by the municipality or any of its officers, agents and employees.
Frequently Asked Questions About New Mexico § 5-5-19
What does New Mexico Statutes Annotated § 5-5-19 cover?
Section 5-5-19 ("Application of proceeds") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 5-5-19?
A common citation format is "New Mexico Statutes Annotated § 5-5-19" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 5-5-19 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.