reglab/housing_qa huggingface dataset:
NM Stat § 6-17-6 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 17 - Finances of State Educational Institutions|Section 6-17-6 - Sale of income-producing project bonds; interest and retirement fund; separation of units.

No bonds or other evidence of indebtedness authorized hereunder shall be sold for less than the par value thereof, plus accrued interest, and the proceeds from sale of all of said bonds and all money otherwise borrowed hereunder shall be paid to such county, independent rural, union high and municipal board of education or board of regents of said institution and by the treasurer thereof placed in a separate fund to be used and paid out only for the specific purposes for which the same is borrowed, and any amount left after erecting or purchasing any such building, improvement or facility or making any such improvement for which said money is borrowed shall be converted into the "interest and retirement fund" hereinafter created; but all costs incident to issuing and selling any bonds, or otherwise borrowing any such money, the making and delivering of any other certificate or evidence of indebtedness, including legal expense, may be paid out of the money borrowed and provided for herein; and the county, independent rural, union high and municipal board of education or board of regents of such institution at the time of issuing any bonds or other evidence of indebtedness shall establish for the payment of the principal and interest of such bonds or the repayment of all money otherwise borrowed a separate fund to be known as "interest and retirement fund," into which fund shall be placed all net income from the use of any such building, facility or improvement erected, purchased or made with the money so borrowed, and the money so placed in said fund shall be used for the sole purpose of repaying the principal and interest of the money so borrowed, with any necessary service charges; and the issuance of any such bonds and other evidence of indebtedness shall constitute an irrevocable pledge of said county, independent rural, union high and municipal board of education or board of regents of all net income from the use of such building, facility and improvement for which such money was borrowed; provided, each separate building or group of buildings, facility and income-producing improvement erected or purchased and made hereunder shall be a separate unit and all net income therefrom used solely for the repayment of the money borrowed therefor, used in erecting or purchasing such building or facility and making such improvement. History: Laws 1939, ch. 177, § 5; 1941 Comp., § 55-2705; Laws 1947, ch. 143, § 5; 1949, ch. 98, § 5; 1953 Comp., § 73-29-6.
NM Stat § 6-17-7 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 17 - Finances of State Educational Institutions|Section 6-17-7 - Net income, gross income and operating and maintenance expenses of income-producing projects; definitions.

The net income from the building, facility or improvement so erected, purchased or made shall be deemed to be the difference between the gross income derived from rentals, meals, charges for services and all other revenues from said buildings, improvements or facilities, less the reasonable operating and maintenance expenses thereof. The reasonable operating and maintenance expenses shall be deemed to include all costs of heating and lighting said buildings, improvements or facilities, insurance, the actual cost of services of employees operating and maintaining said buildings, improvements or facilities, costs of food, repairs, costs of reasonable replacements of equipment and any other incidental costs not herein specifically enumerated, but which are reasonably necessary in the operation and maintenance of said buildings, facilities, improvements and equipment. History: Laws 1939, ch. 177, § 6; 1941 Comp., § 55-2706; Laws 1947, ch. 143, § 6; 1953 Comp., § 73-29-7.
NM Stat § 6-17-8 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 17 - Finances of State Educational Institutions|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 and maintenance expenses as hereinbefore provided, and to pay principal and interest on bonds issued under the authority of this act [6-17-1 to 6-17-13 NMSA 1978, except 6-17-1.1 NMSA 1978]. History: Laws 1939, ch. 177, § 7; 1941 Comp., § 55-2707; Laws 1947, ch. 143, § 7; 1949, ch. 98, § 6; 1953 Comp., § 73-29-8. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler 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.
NM Stat § 6-17-9 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|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. ANNOTATIONSBracketed 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.
NM Stat § 6-17-10 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 17 - Finances of State Educational Institutions|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. ANNOTATIONSBracketed 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.
NM Stat § 6-17-11 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 17 - Finances of State Educational Institutions|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 high and municipal board or the board of regents of any such institution issue any bonds or other evidences of indebtedness under the provisions of this act, they shall thereafter operate the buildings, facilities or improvements named in the resolution authorizing the issuance of said bonds or other evidences of indebtedness from which the income is to be used for the repayment of said bonds in a manner so as to ensure the prompt payment of the principal and interest of such indebtedness as the same becomes due. The said boards are hereby empowered to make such contracts, rules and regulations and to take such action as may be necessary to ensure the prompt payment of the principal and interest of all such bonds and indebtedness and properly to carry out the provisions of this act. History: Laws 1939, ch. 177, § 10; 1941 Comp., § 55-2710; Laws 1947, ch. 143, § 9; 1949, ch. 98, § 8; 1953 Comp., § 73-29-11. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler 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.
NM Stat § 6-17-12 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 17 - Finances of State Educational Institutions|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 trust or other security instrument constituting a purchase-money mortgage may be foreclosed against the buildings, facilities or improvements so pledged without the right to a deficiency judgment; and B. any mortgage, deed of trust or other security instrument given by a state educational institution operating a county hospital pursuant to the Hospital Funding Act [Chapter 4, Article 48B NMSA 1978] may be foreclosed against the buildings, facilities or improvements so pledged without the right to a deficiency judgment. History: Laws 1939, ch. 177, § 11; 1941 Comp., § 55-2711; Laws 1947, ch. 143, § 10; 1953 Comp., § 73-29-12; 2003, ch. 285, § 4. ANNOTATIONSThe 2003 amendment, effective April 8, 2003, in the introductory paragraph, substituted "under this article" for "hereunder" near the beginning, deleted "of New Mexico" following "against the state", substituted "article" for "act" following "as in this"; added Subsection A designation; and added Subsection B.
NM Stat § 6-17-13 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 17 - Finances of State Educational Institutions|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. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler 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.
NM Stat § 6-17-15 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 17 - Finances of State Educational Institutions|Section 6-17-15 - Refunding bonds; convertibility.

A. In addition to all other powers granted, any board of education or board of regents may issue bonds for the purpose of refunding, for not less than the principal amount of any bonds issued by it under Chapter 73, Article 29 NMSA 1953, or under any other law. The board may also issue bonds in part for the purpose of refunding the bonds and in part for the purpose of providing additional funds to acquire or construct any building, facility, improvement, alteration, addition or extension or any combination, including furnishings and equipment, for which bonds are authorized to be issued by the board. Except as provided in this section, the bonds shall mature, bear interest, have such details and be authorized and issued in the manner provided for the authorization and issuance of other bonds. Refunding bonds issued may carry forward for the benefit of the refunding bonds the security and sources of payment as were pledged to the payment of the bonds refunded, or may make changes in security and sources of payment deemed advisable by the board. There shall not be pledged to the payment of the bonds any source of revenue not authorized in Chapter 73, Article 29 NMSA 1953, to be pledged to the payment of bonds issued under that chapter. B. Any bonds issued for refunding purposes may be delivered in exchange for the outstanding bonds authorized to be refunded, or sold at public or private sale for not less than the par value of the bonds, or sold in part and exchanged in part. If sold, the proceeds shall be immediately applied to the retirement of the bonds to be refunded, or the proceeds, or the obligations in which they are invested as permitted by law, shall be placed in escrow to be held and applied to payment of the bonds to be refunded. History: 1953 Comp., § 73-29-14.1, enacted by Laws 1957, ch. 245, § 3; 1963, ch. 297, § 2. ANNOTATIONSCompiler's notes. — Chapter 73, Article 29 NMSA 1953 is now compiled as 6-17-1, 6-17-2 to 6-17-19, 21-1-26 and 21-1-27 to 21-1-33 NMSA 1978.
NM Stat § 6-17-16 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 17 - Finances of State Educational Institutions|Section 6-17-16 - [Validation.]

That all bonds heretofore issued under authority of the act hereby amended, and the proceedings adopted for the authorization and issuance of such bonds, are hereby validated, ratified and confirmed, and all such bonds and proceedings are hereby found and declared to be fully valid, effective and enforceable in accordance with the terms thereof. History: 1953 Comp., § 73-29-14.2, enacted by Laws 1957, ch. 245, § 4. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Compiler's notes. — "The act hereby amended" seemingly refers to Laws 1939, ch. 177, compiled as 6-17-1 to 6-17-13 NMSA 1978, except 6-17-1.1 NMSA 1978.
NM Stat § 6-17-17 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 17 - Finances of State Educational Institutions|Section 6-17-17 - Refunding bonds.

A. No bonds may be refunded under Section 6-17-14 through 6-17-18 NMSA 1978, unless they mature or are callable for prior redemption under their terms within fifteen years from the date of issuance of the refunding bonds, or unless the holders voluntarily surrender them for exchange or payment. B. Outstanding bonds of more than one issue may be refunded by bonds of one or more issues. Bonds for refunding and bonds for any other purposes authorized in Chapter 73, Article 29 NMSA 1953, may be issued separately or in combination in one series or more. C. If any officer whose signature or facsimile signature appears on any bonds or coupons ceases to hold his office before delivery of the bonds, his signature or its facsimile is valid for all purposes as if he had remained in office until the delivery. D. Where refunding bonds are sold, the net proceeds may, in the discretion of the issuing board, be invested in obligations of the United States or any of its agencies, or in obligations fully guaranteed by the United States, but the obligations purchased must have maturities and bear rates of interest payable at times to ensure the existence of money sufficient to pay the bonds to be refunded when due or when redeemed pursuant to call for redemption, together with interest and redemption premiums, if any. E. As used in this section, "net proceeds" means the gross proceeds of the bonds after deduction of all accrued interest and expenses incurred in connection with the authorization and issuance of the bonds and the refunding of the outstanding bonds, including fiscal agent fees and commissions and all discounts incurred in the resale of the refunding bonds by the original purchaser. F. All obligations purchased with refunding bond proceeds shall be deposited in trust with a bank doing business in this state and a member of the federal deposit insurance corporation, to be held, liquidated and the proceeds of the liquidation paid out for payment of the bonds to be refunded, along with interest and redemption premiums, as the refunded bonds become due or subject to redemption under call for redemption previously made, or upon earlier voluntary surrender with the consent of the issuing board. G. The determination of the board issuing refunding bonds that the conditions of Chapter 73, Article 29 NMSA 1953, upon the issuance of refunding bonds have been met is conclusive in the absence of fraud or arbitrary and gross abuse of discretion. History: 1953 Comp., § 73-29-14.3, enacted by Laws 1963, ch. 297, § 3. ANNOTATIONSCompiler's notes. — Chapter 73, Article 29 NMSA 1953 is now compiled as 6-17-1, 6-17-2 to 6-17-19, 21-1-26 and 21-1-27 to 21-1-33 NMSA 1978.
NM Stat § 6-17-18 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 17 - Finances of State Educational Institutions|Section 6-17-18 - Exchange of bonds.

In authorizing bonds, including refunding bonds, under Chapter 73, Article 29 NMSA 1953, any board may provide for exchange of any bonds issued for bonds of larger or smaller denominations in the authorizing resolution. Bonds in changed denominations shall be exchanged for the original bonds in the same aggregate principal amounts and so that no overlapping interest is paid. Bonds in changed denominations shall bear interest at the same rates, mature on the same dates, be in the same form, except for an appropriate recital as to the exchange, and in all other respects, except as to denominations and numbers, be identical with the original bonds surrendered for exchange. Where any exchange is made under this section, the bonds surrendered by the holders at the time of the exchange shall be cancelled. The exchange shall be made only at the request of the holders of the bonds to be surrendered, and the board may require all expenses incurred in connection with the exchange, including those of authorization and issuance of the new bonds, to be paid by the holders. History: 1953 Comp., § 73-29-14.4, enacted by Laws 1963, ch. 297, § 4. ANNOTATIONSCompiler's notes. — Chapter 73, Article 29 NMSA 1953 is now compiled as 6-17-1, 6-17-2 to 6-17-19, 21-1-26 and 21-1-27 to 21-1-33 NMSA 1978.
NM Stat § 6-17-19 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 17 - Finances of State Educational Institutions|Section 6-17-19 - Validation.

All bonds issued prior to the effective date of this section by any board of regents under authority of any law, and the proceedings for authorization and issuance of the bonds and the pledges made for their payment, are validated, ratified and confirmed. All such bonds and proceedings are declared fully valid, effective and enforceable in accordance with their terms. History: 1953 Comp., § 73-29-14.5, enacted by Laws 1963, ch. 297, § 5.
NM Stat § 6-18-1 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 18 - Public Securities Short-Term Interest Rates|Section 6-18-1 - Short title.

This act [6-18-1 to 6-18-16 NMSA 1978] may be cited as the "Public Securities Short-Term Interest Rate Act." History: Laws 1983, ch. 161, § 1. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations §§ 173, 175, 177, 375 to 377. 20 C.J.S. Counties §§ 222, 276; 64 C.J.S. Municipal Corporations §§ 1684 to 1693; 79 C.J.S. Schools and School Districts §§ 371, 374; 81A States §§ 255, 257, 261; 87 C.J.S. Towns §§ 215, 218.
NM Stat § 6-18-2 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 18 - Public Securities Short-Term Interest Rates|Section 6-18-2 - Findings and declarations of necessity.

A. It is found and declared that there exists a substantial financial market for a public body's public securities structured for short-term interest rates which traditionally bear a lesser rate of interest than long-term public securities; that public bodies of this state have not been provided with statutory authority to take advantage of such lower interest rates which has resulted in public bodies paying higher interest rates on their public securities, exacting an unnecessary financial premium from the public bodies and the residents of this state, and impairing the public bodies' ability to obtain responsible, low cost financing for the promotion of the health, safety, security and general welfare of the citizens of the public bodies and of the peoples of the state of New Mexico; that it is a matter of state policy and concern that public bodies shall not continue to pay interest on their public securities at rates higher than those available on bonds issued under the Public Securities Short-Term Interest Rate Act, and that unnecessary consumption of the public bodies' revenue be prevented. B. It is a matter of state policy and concern that public bodies be provided flexibility in structuring their public securities to take advantage of lower interest rates offered in financial markets for all types and kinds of public securities; that public bodies be authorized and empowered to issue public securities which provide for short-term interest rates, variable interest rates, renewals and refundings of such securities, giving holders the right to put the public security for repurchase before maturity, with related accompanying provisions, and other features which will enhance the marketability of public securities and result in a lower interest cost to the public body. C. The legislature finds that the ability to take advantage of lower interest rates accorded to public securities structured for short-term interest rates is appropriate for the public bodies of this state because of the size and magnitude of the financing required to support the public bodies. The legislature further finds and declares that the strategies and methods for solving the financing problems of public bodies differ from those in other counties, cities, towns and villages of the state, and it is necessary to authorize public bodies additional powers and flexibility because of the nature and size of their problems and because the governments and governing bodies of such public bodies have sufficient staff to meet and deal with those problems. History: Laws 1983, ch. 161, § 2; 1986, ch. 60, § 2.