Section 22-19A-1 – Short title.

This act [22-19A-1 to 22-19A-12 NMSA 1978] may be cited as the “Teacher Housing Revenue Bond Act”. History: Laws 2002, ch. 22, § 1. ANNOTATIONS

Section 22-19A-10 – Refunding bonds.

A. A local school board may issue refunding bonds to refund outstanding bonds. B. Except as otherwise provided in the Teacher Housing Revenue Bond Act, refunding bonds shall conform to the provisions of that act that provide for the issuance of teacher housing revenue bonds by a local school board. C. A refunding bond issued […]

Section 22-19A-11 – Refunding bonds; issuance; sale; proceeds.

A. A bond shall not be refunded 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 more than one issue may be […]

Section 22-19A-12 – Tax exemption; no charge against state.

Bonds are exempt from taxation by the state or any of its political subdivisions. No obligation created pursuant to the Teacher Housing Revenue Bond Act shall be a charge against or a debt of the state or any of its political subdivisions. History: Laws 2002, ch. 22, § 12. ANNOTATIONS

Section 22-19A-2 – Definitions.

As used in the Teacher Housing Revenue Bond Act: A. “bonds” means teacher housing revenue bonds; B. “federal payment” means a payment, grant, subsidy, contribution or other money from the United States or any of its agencies or instrumentalities that is not otherwise restricted as to use and that the federal government allows to be […]

Section 22-19A-3 – Bonds not general obligations of school district or state.

A. A local school board may issue bonds to finance the purchase, construction, renovation, equipping and furnishing of a housing project and may irrevocably pledge any or all pledgeable revenue to the payment of those bonds and to the debt service reserve fund if one is established for the bonds. B. Bonds shall be payable […]

Section 22-19A-4 – Determination by local school board; federal payments.

A. Prior to issuing bonds to finance the purchase, construction, renovation, equipping or furnishing of a housing project, a local school board shall make a determination that the housing project is necessary and that estimated pledgeable revenue pledged to the bonds is sufficient to repay the bonds. B. Revenue from federal payments may be pledged […]

Section 22-19A-5 – Report to state board [department]; state board approval.

A. Prior to issuing bonds to finance a housing project, a local school board shall furnish to the state board [department] the following information: (1) a detailed description of the housing project; (2) an explanation of the necessity for the housing project; (3) an estimate of the total cost of the housing project; (4) an […]

Section 22-19A-6 – Records; restriction on use of income.

A. A local school board shall retain complete and accurate records of: (1) the net income from the housing project; (2) receipt and amount of federal payments pledged to the repayment of the bonds; and (3) the operating costs of the housing project. B. Pledgeable revenue that is pledged to the repayment of bonds shall […]

Section 22-19A-7 – Bonds; pledge of income.

A. Bonds shall be payable solely from any or all pledgeable revenue, and the local school board shall irrevocably pledge that revenue to the prompt payment of the principal, interest and service charges on the bonds. The bonds shall be equally and ratably secured, without priority, by this pledge of pledgeable revenue. B. If the […]

Section 22-19A-8 – Proceeds of bond sales; retirement fund; reserve fund.

A. Proceeds from the sale of bonds shall be deposited into a separate account to be used solely for the specific purposes for which the bonds were issued, including a debt service reserve fund. All costs incident to issuing and selling the bonds may be paid out of the proceeds of the bonds. B. The […]

Section 22-19A-9 – Bonds; form; requirements.

All bonds issued pursuant to the Teacher Housing 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. have interest, appreciated principal value or any part thereof payable […]