New Mexico Statutes 3-33-32. Transfer of improvement district funds
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The governing body may transfer to the general fund of the municipality any money obtained from the levy of an assessment for an improvement district if:
Terms Used In New Mexico Statutes 3-33-32
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
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.