Sections 22-19-1 through 22-19-16 NMSA 1978 may be cited as the “School Revenue Bond Act”. History: 1953 Comp., § 77-16-1, enacted by Laws 1967, ch. 16, § 240. ANNOTATIONS Cross references. — For public school finances generally, see 22-8-1 NMSA 1978 et seq. For general obligation bonds of school districts, see 22-18-1 NMSA 1978 et […]
A. Proceeds from the sale of bonds or other special obligations issued by a local school board pursuant to the School Revenue Bond Act shall be deposited into a separate account to be used solely for the specific purposes for which the money was borrowed. All costs incident to issuing and selling bonds or other […]
All bonds or other special obligations issued pursuant to the School Revenue Bond Act shall: A. be fully negotiable within the provisions of the Uniform Commercial Code [Chapter 55 NMSA 1978]; B. have a duration of time not to exceed forty years from their date of issuance; C. bear interest at a rate not to […]
A local school board may pledge, as security for the payment of the principal and interest on any bonds or other special obligations issued pursuant to the School Revenue Bond Act, a part or the whole amount of income derived from an existing building, improvement or other facility subject to the control of the local […]
A. A local school board may issue refunding bonds for the purpose of refunding, for not less than the principal amount thereof, bonds issued pursuant to the provisions of the School Revenue Bond Act or any act repealed thereby, or for the purpose of providing additional funds for any income project for which bonds have […]
A. No bond shall be refunded pursuant to the School Revenue Bond Act unless it matures or is callable for prior redemption under its terms within fifteen years from the date of issuance of the refunding bond, or unless the holder of the bond voluntarily surrenders it for exchange or payment. B. Outstanding bonds of […]
In authorizing any bonds pursuant to the School Revenue Bond Act, a local school board, in its authorization resolution, may provide for exchange of any bonds issued for refunding bonds of larger or smaller denominations. Refunding bonds in the changed denominations shall be exchanged for the original bonds in the same aggregate principal amounts so […]
A. Bonds or other special obligations issued pursuant to the School Revenue Bond Act are exempt from taxation by the state or any of its political subdivisions. B. No obligation created pursuant to the School Revenue Bond Act shall be a charge against or a debt of the state or any of its political subdivisions. […]
As used in the School Revenue Bond Act: A. “income project” means purchasing, erecting, improving, repairing or furnishing a building, improvement or facility, including the land upon which it is situated, which will produce an income to the school district; B. “net income from the income project” means all income derived from an income project, […]
A local school board may borrow money to finance income projects of the school district pursuant to the School Revenue Bond Act. History: 1953 Comp., § 77-16-3, enacted by Laws 1967, ch. 16, § 242.
A. A local school board may issue bonds or other special obligations to finance the repayment of all money borrowed for an income project pursuant to the School Revenue Bond Act. B. A local school board may execute a mortgage, deed of trust or a security agreement upon the income project to secure payment of […]
Prior to borrowing money and issuing evidences of indebtedness to finance an income project, a local school board shall make a determination that the income project is necessary and that sufficient income will be produced by the income project to repay all money borrowed and to discharge any bonds or other special obligations issued for […]
Prior to borrowing any money to finance an income project, a local school board shall furnish to the state board [department] the following information: A. a detailed description of the income project; B. an explanation of the necessity for the income project; C. an estimate of the total cost of the income project; D. an […]
A. A local school board shall obtain written approval of the state board [department] before it borrows money, issues bonds or other special obligations, or executes mortgages, deeds of trust or security agreements for financing an income project pursuant to the School Revenue Bond Act. B. Prior to giving written approval to an income project, […]
A. A local school board shall retain complete and accurate records of: (1) the net income from the income project; and (2) the operating costs of the income project. B. All income from the income project shall be used solely for the following purposes: (1) to pay the principal, interest and service charges on any […]
A. Bonds or other special obligations issued pursuant to the School Revenue Bond Act shall irrevocably pledge, for the prompt payment of the principal, interest and service charges thereof, the net income from the income project for which the bonds or other special obligations were issued. The bonds or other special obligations shall be equally […]
