A. A local school board shall retain complete and accurate records of:
(1) the net income from the housing project;
(2) receipt and amount of federal payments pledged to the repayment of the bonds; and
(3) the operating costs of the housing project.
B. Pledgeable revenue that is pledged to the repayment of bonds shall first be used to pay the principal, interest and service charges on the bonds issued pursuant to the Teacher Housing Revenue Bond Act and to fund a debt service reserve fund, if applicable.
History: Laws 2002, ch. 22, ยง 6.
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.