As used in the School Revenue Bond Act:
A. "income project" means purchasing, erecting, improving, repairing or furnishing a building, improvement or facility, including the land upon which it is situated, which will produce an income to the school district;
B. "net income from the income project" means all income derived from an income project, including the income pledged pursuant to the School Revenue Bond Act, less the operating costs of the income project; and
C. "operating costs" means expenses of operating, maintaining and keeping in repair an income project, including the cost of heating, electricity, insurance, service employees and equipment replacement.
History: 1953 Comp., § 77-16-2, enacted by Laws 1967, ch. 16, § 241.
Structure New Mexico Statutes
Article 19 - School Revenue Bonds
Section 22-19-1 - Short title.
Section 22-19-2 - Definitions.
Section 22-19-3 - Income projects.
Section 22-19-4 - Bonds; mortgages.
Section 22-19-5 - Determination by local school board.
Section 22-19-6 - Report to state board [department].
Section 22-19-7 - State board [department] approval; determination by state board.
Section 22-19-8 - Records; restriction on use of income.
Section 22-19-9 - Bonds; pledge of income; satisfaction of indebtedness.
Section 22-19-10 - Proceeds of bond sales; retirement fund.
Section 22-19-11 - Bonds; form; requirements.
Section 22-19-12 - Pledge of additional revenue.
Section 22-19-13 - Refunding bonds.
Section 22-19-14 - Refunding bonds; issuance; sale; proceeds.