A. A school district may issue bond anticipation notes for any purpose for which general obligation bonds are authorized to be issued.
B. The principal amount of bond anticipation notes shall be payable solely from the proceeds of the general obligation bonds for which the bond anticipation notes are issued and shall not be considered debt of the school district for purposes of Article 9, Section 11 of the constitution of New Mexico.
History: Laws 2002, ch. 54, § 4.
Emergency clauses. — Laws 2002, ch. 54, § 11 contained an emergency clause and was approved March 4, 2002.
Structure New Mexico Statutes
Article 19B - School District Bond Anticipation Notes
Section 22-19B-1 - Short title.
Section 22-19B-3 - Definitions.
Section 22-19B-4 - Issuance of bond anticipation notes.
Section 22-19B-5 - Bond anticipation note details.
Section 22-19B-6 - Limitations on issuance of bond anticipation notes.
Section 22-19B-7 - Publication of notice; validation; limitation of action.