N.M. Stat. § 6-25-10
Use of project revenue bond proceeds.
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.