16-2-25: Proceeds from sale of bonds.

Proceeds from the sale of bonds issued under this State Park and Recreation Bond Act [16-2-20 to 16-2-29 NMSA 1978] shall be deposited in a special fund in the state treasury and used solely for the purpose for which the bonds were authorized. Purchasers of the bonds are not responsible in any way for the application of the proceeds. The cost of preparing, advertising and selling the bonds, including any necessary expense for financial and legal services, shall be paid out of the proceeds.