A. A local school board may issue bonds to finance the purchase, construction, renovation, equipping and furnishing of a housing project and may irrevocably pledge any or all pledgeable revenue to the payment of those bonds and to the debt service reserve fund if one is established for the bonds.
B. Bonds shall be payable solely from pledgeable revenue and shall not constitute an indebtedness or general obligation of the school district, the state or other political subdivisions of the state.
History: Laws 2002, ch. 22, ยง 3.
Structure 2021 New Mexico Statutes
Article 19A - Teacher Housing Revenue Bond
Section 22-19A-1 - Short title.
Section 22-19A-2 - Definitions.
Section 22-19A-3 - Bonds not general obligations of school district or state.
Section 22-19A-4 - Determination by local school board; federal payments.
Section 22-19A-5 - Report to state board [department]; state board approval.
Section 22-19A-6 - Records; restriction on use of income.
Section 22-19A-7 - Bonds; pledge of income.
Section 22-19A-8 - Proceeds of bond sales; retirement fund; reserve fund.
Section 22-19A-9 - Bonds; form; requirements.
Section 22-19A-10 - Refunding bonds.
Section 22-19A-11 - Refunding bonds; issuance; sale; proceeds.