New Mexico Statutes
Article 17 - Finances of State Educational Institutions
Section 6-17-9 - Procedure prior to issuance of income-producing project bonds; approval of state board of finance or state board of education.

Before any money is borrowed and any bonds or other evidence of indebtedness issued under this act [6-17-1 to 6-17-13 NMSA 1978, except 6-17-1.1 NMSA 1978], the board of regents of such institution shall submit to the board of finance of New Mexico, or in the case of county, independent rural, union high and municipal boards of education to the state board of education, a showing for the need for such building, facility or improvement, an estimate of the costs of the buildings, facilities or improvements to be erected, purchased, altered, improved, furnished and equipped and an estimate of the reasonable amount of income anticipated to be derived from the operation of any such, together with an estimate of all operating and maintenance costs thereof, and an estimate of the net income to be derived from the operation of any such, together with an estimate of all operating and maintenance costs thereof, and an estimate of the net income to be derived from the operation and maintenance of said building, facility or improvement so designated; and no bonds shall be issued or money borrowed hereunder until the state board of finance or the state board of education shall find upon proper investigation and showing that such building, facility or improvement is needed, that the cost thereof is reasonable and that the same should and probably will return sufficient net income to repay the money borrowed with interest as the same is due and payable, and shall approve the borrowing of such money and the amount to be borrowed.
History: Laws 1939, ch. 177, § 8; 1941 Comp., § 55-2708; Laws 1947, ch. 143, § 8; 1949, ch. 98, § 7; 1953 Comp., § 73-29-9.
Bracketed material. — The bracketed material was inserted by the compiler for clarity and is not part of the law. Section 6-17-1.1 NMSA 1978 is apparently not encompassed within "this act", since Laws 1989, ch. 182, § 1 enacted that section separately.

Structure New Mexico Statutes

New Mexico Statutes

Chapter 6 - Public Finances

Article 17 - Finances of State Educational Institutions

Section 6-17-1 - Income-producing buildings and improvements; authority to borrow funds.

Section 6-17-1.1 - Definitions.

Section 6-17-2 - Resolution for issuance of bonds for income-producing projects.

Section 6-17-3 - Conditions of income-producing project bonds.

Section 6-17-4 - Determination of charges relating to income-producing projects.

Section 6-17-5 - Determination of charges relating to income-producing projects.

Section 6-17-6 - Sale of income-producing project bonds; interest and retirement fund; separation of units.

Section 6-17-7 - Net income, gross income and operating and maintenance expenses of income-producing projects; definitions.

Section 6-17-8 - Records and expenditures for income-producing projects.

Section 6-17-9 - Procedure prior to issuance of income-producing project bonds; approval of state board of finance or state board of education.

Section 6-17-10 - [Tax exemption of income-producing project bonds.]

Section 6-17-11 - Security for income-producing bonds; rules and regulations.

Section 6-17-12 - Debt against state not to be created by income-producing project bonds.

Section 6-17-13 - [Institutional bond statutes not affected by income-producing bond law.]

Section 6-17-14 - Pledge of additional revenue.

Section 6-17-15 - Refunding bonds; convertibility.

Section 6-17-16 - [Validation.]

Section 6-17-17 - Refunding bonds.

Section 6-17-18 - Exchange of bonds.

Section 6-17-19 - Validation.