A. Proceeds from the sale of bonds shall be deposited into a separate account to be used solely for the specific purposes for which the bonds were issued, including a debt service reserve fund. All costs incident to issuing and selling the bonds may be paid out of the proceeds of the bonds.
B. The local school board shall establish a "debt service fund" to be used solely for the payment of principal, interest and service charges on the bonds. Sufficient amounts from the pledged revenue shall be deposited in the debt service fund at least annually so that timely payments of principal, interest and service charges may be made. All proceeds remaining after completion of the housing project shall be deposited into the debt service fund.
C. The local school board may establish a "debt service reserve fund" to be used to pay bond payments in case the pledged revenue is insufficient.
History: Laws 2002, ch. 22, ยง 8.
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.