Section 6-17-8 – Records and expenditures for income-producing projects.
The board shall cause to be kept separate and complete records of all income and revenues from the building, facility or improvements and the use thereof and services rendered therewith; and all of the operating and maintenance expenses thereof, and none of said income and revenues shall be expended except to pay the reasonable operating […]
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 […]
Section 6-17-10 – [Tax exemption of income-producing project bonds.]
Bonds and all other evidences of indebtedness issued under the provisions of this act [6-17-1 to 6-17-13 NMSA 1978, except 6-17-1.1 NMSA 1978], shall forever be and remain free and exempt from taxation of this state and any subdivision thereof. History: Laws 1939, ch. 177, § 9; 1941 Comp., § 55-2709; 1953 Comp., § 73-29-10. […]
Section 6-17-11 – Security for income-producing bonds; rules and regulations.
All money borrowed and bonds and other evidences of indebtedness issued under this act [6-17-1 to 6-17-13 NMSA 1978, except 6-17-1.1 NMSA 1978] shall be equally and ratably secured, without priority, by a lien on said net income in accordance with the terms of this act. In the event that such county, independent rural, union […]
Section 6-17-12 – Debt against state not to be created by income-producing project bonds.
No obligation created under this article shall ever be or become a charge or debt against the state, but all such obligations, including principal and interest, shall be payable solely from the net income derived from the buildings, facilities and improvements as in this article specified; provided, however, that: A. any purchase-money mortgage, deed of […]
Section 6-17-13 – [Institutional bond statutes not affected by income-producing bond law.]
This act [6-17-1 to 6-17-13 NMSA 1978, except 6-17-1.1 NMSA 1978] shall not be construed as amending or repealing any existing acts authorizing the issuance of bonds by the board of regents of any such institution. History: Laws 1939, ch. 177, § 12; 1941 Comp., § 55-2712; 1953 Comp., § 73-29-13. ANNOTATIONS Bracketed material. — […]
Section 6-17-1.1 – Definitions.
As used in Chapter 6, Article 17 NMSA 1978, “state educational institution” means the following: A. the university of New Mexico; B. the New Mexico state university; C. the New Mexico highlands university; D. the western New Mexico university; E. the eastern New Mexico university; F. the New Mexico institute of mining and technology; G. […]
Section 6-17-2 – Resolution for issuance of bonds for income-producing projects.
Whenever a county, independent rural, union high or municipal board of education or the board of regents of any state educational institution by the affirmative vote of a majority of its members, duly entered in the official minutes of such board, shall by resolution determine that it is necessary to purchase, erect, alter, improve, repair, […]
Section 6-17-3 – Conditions of income-producing project bonds.
County, independent rural, union high and municipal boards of education or boards of regents may issue bonds or other evidence of indebtedness for the securing of the repayment of any and all money as borrowed, which shall not run for a longer period than forty years from their date and which shall bear interest at […]
Section 6-17-1 – Income-producing buildings and improvements; authority to borrow funds.
A. Boards of education and boards of regents of the various educational institutions of this state are authorized to borrow money, in conformity with the provisions of this article, for the purpose of purchasing, erecting, altering, improving, repairing, furnishing or equipping any income-producing building, improvement or facility or any group of buildings, improvements or facilities, […]