A. For operating expenses, a local school board with the consent of the chief [secretary] may anticipate the collection of taxes for which tax levies have been made by issuing and selling certificates of indebtedness. These certificates shall be issued on the faith and credit of the school district issuing the certificates. The certificates shall not bear interest in excess of six percent a year. The total unpaid certificates outstanding shall not exceed the budget allowance for operating expenses of the school district for a period of ninety days. The certificates shall be paid out of the money first credited thereafter to the operating fund of the school district.
B. For school building construction, repair or both, a local school board with consent of the chief [secretary] may anticipate the collection of taxes for which tax levies have been made for that purpose by issuing and selling certificates of indebtedness. These certificates shall be issued on the faith and credit of the school district issuing the certificates. The certificates shall not bear interest in excess of six percent a year. The certificates shall be paid out of the money first received under the tax levy.
History: 1953 Comp., § 77-6-39, enacted by Laws 1967, ch. 16, § 93.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Cross references. — For transfer of powers of the former chief of public school finance to the state superintendent, and from the state superintendent to the secretary of public education, see 9-6-3.1 and 9-24-15 NMSA 1978.
For general obligation bonds of school districts, see 22-18-1 NMSA 1978 et seq.
For school revenue bonds, see 22-19-1 NMSA 1978 et seq.
For public school emergency capital outlays, see 22-24-1 NMSA 1978 et seq.
For public school capital improvements, see 22-25-1 NMSA 1978 et seq.
Structure New Mexico Statutes
Article 8 - Public School Finance
Section 22-8-3 - Office of education abolished; functions transferred.
Section 22-8-4 - Department; duties.
Section 22-8-5 - Rules; procedures.
Section 22-8-5.1 - Procurement, travel and gas cards.
Section 22-8-6.1 - Charter school operating budgets; maximum MEM.
Section 22-8-7 - Manner of budget submission.
Section 22-8-7.1 - Certain school district budgets.
Section 22-8-8 - Budgets; minimum student membership.
Section 22-8-9 - Budgets; minimum requirements.
Section 22-8-10 - Budgets; fixing the operating budget.
Section 22-8-11 - Budgets; approval of operating budget.
Section 22-8-12 - Operating budgets; amendments.
Section 22-8-12.1 - Membership projections and budget requests.
Section 22-8-12.3 - Local school board finance subcommittee; audit committee; membership; duties.
Section 22-8-13.2 - Financial reporting.
Section 22-8-13.3 - Reporting system; reporting requirements.
Section 22-8-14 - Public school fund.
Section 22-8-15 - Allocation limitation.
Section 22-8-16 - Payment to school districts.
Section 22-8-17 - Program cost determination; required information.
Section 22-8-18 - Program cost calculation; local responsibility.
Section 22-8-19 - Early childhood education program units.
Section 22-8-19.1 - Preschool programs; selected districts.
Section 22-8-20 - Basic program units.
Section 22-8-21 - Special education program units.
Section 22-8-22 - Bilingual multicultural education program units.
Section 22-8-23 - Size adjustment program units.
Section 22-8-23.1 - Enrollment growth program units.
Section 22-8-23.2 - New district adjustment; additional program units.
Section 22-8-23.3 - At-risk program units.
Section 22-8-23.5 - Fine arts education program units.
Section 22-8-23.6 - Charter school student activities program unit.
Section 22-8-23.7 - Elementary physical education program units.
Section 22-8-23.8 - Home school student activities program unit.
Section 22-8-23.9 - Home school student program units.
Section 22-8-23.10 - Extended learning time program.
Section 22-8-23.11 - K-5 plus program units.
Section 22-8-23.12 - New program funding.
Section 22-8-23.13 - Public education reform fund created.
Section 22-8-25 - State equalization guarantee distribution; determination of amount.
Section 22-8-25.1 - Additional per unit distribution from public school fund.
Section 22-8-26 - Transportation distribution.
Section 22-8-27 - Transportation equipment.
Section 22-8-29 - Transportation distributions; reports; payments.
Section 22-8-29.1 - Calculation of transportation allocation.
Section 22-8-29.4 - Transportation distribution adjustment factor.
Section 22-8-29.6 - Transportation emergency fund.
Section 22-8-30 - Supplemental distributions.
Section 22-8-30.1 - Recompiled.
Section 22-8-30.2 - Recompiled.
Section 22-8-31 - State-support reserve fund.
Section 22-8-32 - Current school fund; receipts; disposition.
Section 22-8-33 - Distribution of certain revenue.
Section 22-8-34 - Federal mineral leasing funds.
Section 22-8-35 - Tax anticipation certificates.
Section 22-8-36 - Certification of allocations; fund accounts.
Section 22-8-37 - Public school funds.
Section 22-8-38 - Boards of finance; designation.
Section 22-8-39 - Boards of finance; suspension.
Section 22-8-40 - Deposit of public school funds; distribution; interest.
Section 22-8-41 - Restriction on operational funds; emergency accounts; cash balances.
Section 22-8-42 - Violation of act; penalties.
Section 22-8-43 - Public school reading proficiency fund; created.
Section 22-8-44 - Educator licensure fund; distribution; appropriation.
Section 22-8-45 - Teacher professional development fund.
Section 22-8-45.1 - Beginning teacher mentorship fund; created.
Section 22-8-47 - New Mexico government education fund.
Section 22-8-48 - New school development fund; distribution.
Section 22-8-49 - Teacher cost index; licensure-experience factor; report.