A. Prior to issuing bonds to finance the purchase, construction, renovation, equipping or furnishing of a housing project, a local school board shall make a determination that the housing project is necessary and that estimated pledgeable revenue pledged to the bonds is sufficient to repay the bonds.
B. Revenue from federal payments may be pledged even if the federal payments are subject to annual appropriation. Federal payments shall not be pledged unless such use is allowed by federal law. The local school board shall include in its determination a statement as to the legality of pledging the federal payments and what other revenue will be available to make bond payments if federal payments are not appropriated.
History: Laws 2002, ch. 22, ยง 4.
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.