A. A local school board may issue refunding bonds to refund outstanding bonds.
B. Except as otherwise provided in the Teacher Housing Revenue Bond Act, refunding bonds shall conform to the provisions of that act that provide for the issuance of teacher housing revenue bonds by a local school board.
C. A refunding bond issued by a local school board may have the same security or source of payment as was pledged for the payment of the bond being refunded, but no source of payment shall be pledged that is not authorized by the Teacher Housing Revenue Bond Act.
D. A refunding bond may be delivered in exchange for a bond authorized to be refunded, sold at a public or private sale or sold in part and exchanged in part as provided in the Supplemental Public Securities Act [6-14-8 to 6-14-11 NMSA 1978]. If the refunding bond is sold, the proceeds shall be immediately applied to the retirement of the bond to be refunded or the proceeds shall be placed in trust to be held and applied to payment of the bonds to be refunded.
History: Laws 2002, ch. 22, ยง 10.
Structure 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.