The proceeds from the sale of project revenue bonds issued pursuant to the Statewide Economic Development Finance Act shall be applied only for the purpose for which the bonds were issued and costs related to the project. The cost of any project shall include the following: A. all expenses in connection with the authorization, sale and issuance of the bonds; and B. capitalized interest on the bonds for a reasonable time. History: Laws 2003, ch. 349, § 10; 2005, ch. 103, § 10. ANNOTATIONSThe 2005 amendment, effective April 4, 2005, changed 'bonds' to 'project revenue bonds' and 'project property' to 'project', deletes the requirements that the cost of a project shall include the cost of construction, including architect, engineering and attorney fees; the purchase price of any project property that may be purchased and the cost of extension of utilities and added in Subsection B that the cost of a project include the capitalized interest on bonds for a reasonable time.
New Mexico Legal Code