Transfer of improvement district funds
NMSA 1978, § 4-55A-28
in effect4-55A-28. Transfer of improvement district funds
The board may transfer to the general fund of the county any money obtained from the levy of an assessment for an improvement district if:
A. bonds or assignable certificates were issued to finance the improvement;
B. the proceeds of the bonds or assignable certificates were spent for the improvement;
C. the assessments were levied and collected for the payment of the bonds or assignable certificates; and
D. either the bondholders or assignable certificate holders are barred by the statute of limitations or a court judgment or decree from collecting the indebtedness; or
E. the bonded indebtedness or assignable certificates have been paid.
Laws 1980, ch. 91, § 28; 1991, ch. 199, § 50.
Source: New Mexico Compilation Commission (nmonesource.com)URL: https://nmonesource.com/nmos/nmsa-unanno/en/item/18505/index.do#!b/4-55A-28Fetched: 10/20/2026