reglab/housing_qa huggingface dataset:
NM Stat § 22-18-8 (2021)
2021 New Mexico Statutes|Chapter 22 - Public Schools|Article 18 - General Obligation Bonds of School Districts|Section 22-18-8 - Restriction on bond elections.

In the event a majority of those persons voting on a question submitted to the voters in a bond election votes against creating a debt by issuing general obligation bonds, no bond election shall be held on the same question for a period of two years from the date of the bond election. History: 1953 Comp., § 77-15-8, enacted by Laws 1967, ch. 16, § 235; 2018, ch. 79, § 93. ANNOTATIONSThe 2018 amendment, effective July 1, 2018, removed an exception to the provision prohibiting a bond election within two years of a bond election in which a majority of voters voted against creating a debt by issuing general obligation bonds; and after "the date of the bond election", deleted the remainder of the subsection, which related to the presentation of a petition calling for a bond election. Bond elections on the "same question". — Alamogordo school district's proposed February, 1989 bond question, which differed materially in amount of bonded indebtedness and in purpose, was not the "same question" that the voters defeated in May, 1987, and therefore did not violate this section. 1988 Op. Att'y Gen. No. 88-53.
NM Stat § 22-18-9 (2021)
2021 New Mexico Statutes|Chapter 22 - Public Schools|Article 18 - General Obligation Bonds of School Districts|Section 22-18-9 - Approval of bond issue by attorney general.

No issue of bonds shall be valid or binding on any school district unless prior to the issuance of the bonds the attorney general approves the bond issue as to form and legality. The written approval of the attorney general shall be made a part of the transcript of the proceedings in connection with each bond issue. The local school board of each school district proposing to issue bonds shall provide the attorney general with all information necessary for this consideration of the form and legality of the bond issue. History: 1953 Comp., § 77-15-9, enacted by Laws 1967, ch. 16, § 236. ANNOTATIONSCross references. — For preparation and disposition of transcripts of proceedings relating to bond issues, see 6-15-2 NMSA 1978.
NM Stat § 22-18-10 (2021)
2021 New Mexico Statutes|Chapter 22 - Public Schools|Article 18 - General Obligation Bonds of School Districts|Section 22-18-10 - Bond election contests.

No action concerning any question placed on the ballot at a bond election shall be maintained in the district court unless the action is filed within ten days after the publication of the certificate of results of the bond election by the superintendent of schools. History: 1953 Comp., § 77-15-10, enacted by Laws 1967, ch. 16, § 237.
NM Stat § 22-18-11 (2021)
2021 New Mexico Statutes|Chapter 22 - Public Schools|Article 18 - General Obligation Bonds of School Districts|Section 22-18-11 - General obligation bonds; issuance; sale.

A. General obligation bonds of a school district shall be issued and sold pursuant to the provisions of Sections 6-15-3 through 6-15-10 NMSA 1978. B. Except as is otherwise provided by law, general obligation bonds issued by a school district shall be of the denomination or denominations, shall be payable at the place or places within or without the state or both, shall be in such form and shall bear such terms and conditions as the local school board of the school district determines. C. General obligation bonds issued by a school district shall be signed by the president and attested by the secretary of the local school board, unless the bonds are issued in book entry or similar form without the delivery of physical securities. Any coupons appertaining to the bonds shall be signed by the president of the local school board either manually or by facsimile signature. D. The general obligation bonds issued by a school district may be executed in the manner provided by the provisions of the Uniform Facsimile Signature of Public Officials Act [6-9-1 to 6-9-6 NMSA 1978]. History: 1953 Comp., § 77-15-11, enacted by Laws 1967, ch. 16, § 238; 1983, ch. 265, § 47.
NM Stat § 22-18-12 (2021)
2021 New Mexico Statutes|Chapter 22 - Public Schools|Article 18 - General Obligation Bonds of School Districts|Section 22-18-12 - Budgetary provisions; payment of principal and interest.

A. A local school board shall establish adequate budgetary provisions, approved by the public school finance division [secretary], to promptly pay, as it becomes due, all principal and interest on general obligation bonds issued by the school district. B. The full faith and credit of a school district shall be pledged to the payment of the principal and interest on general obligation bonds issued by the school district. C. The board of county commissioners shall levy and collect upon all taxable property within a school district in the county such tax as is necessary to pay the interest and principal on general obligation bonds issued by the school district as the interest and principal become due, without limitation as to rate or amount. History: 1953 Comp., § 77-15-12, enacted by Laws 1967, ch. 16, § 239. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Laws 1977, ch. 246, § 69 abolished the public school finance division of the department of finance and administration. Cross references. — For the transfer of powers of the former public school finance division, see 9-6-3.1 NMSA 1978. For the transfer of powers of the former state superintendent to the secretary of public education, see 9-24-15 NMSA 1978.
NM Stat § 22-18A-1 (2021)
2021 New Mexico Statutes|Chapter 22 - Public Schools|Article 18A - School District Loans|Section 22-18A-1 - Short title.

Sections 1 through 4 [22-18A-1 to 22-18A-4 NMSA 1978] of this act may be cited as the "School District Loan Act". History: Laws 1989, ch. 134, § 1.
NM Stat § 22-18A-2 (2021)
2021 New Mexico Statutes|Chapter 22 - Public Schools|Article 18A - School District Loans|Section 22-18A-2 - Purpose.

The purpose of the School District Loan Act is to provide school districts with financial assistance to make payment of principal and interest due on outstanding school district general obligation indebtedness. History: Laws 1989, ch. 134, § 2.
NM Stat § 22-18A-3 (2021)
2021 New Mexico Statutes|Chapter 22 - Public Schools|Article 18A - School District Loans|Section 22-18A-3 - Fund created; administration.

A. There is created in the state treasury a revolving loan fund to be known as the "public school district general obligation bonds loan fund". The fund is established as an additional source for payments of principal and interest due on public school district general obligation indebtedness already incurred or incurred in the future or for payments of any other obligations arising in connection with that indebtedness. The fund shall be drawn upon only in the event ad valorem taxes or other revenues of the public school district available for the described payments are either insufficient or are not received by the public school district at the time due or anticipated. The state department of public education [public education department] shall administer the fund and may make loans from the fund in accordance with the School District Loan Act. Money remaining in the fund at the end of any fiscal year shall not revert to the general fund. B. The state department of public education [public education department] shall deposit in the fund all receipts from the repayment of loans made pursuant to the School District Loan Act. C. Each July 1, balances in the public school district general obligation bonds loan fund in excess of one million dollars ($1,000,000) shall be transferred to the state-support reserve fund. History: Laws 1989, ch. 134, § 3. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Laws 2004, ch. 25, § 27, provided that all references to the superintendent of public instruction shall be deemed references to the secretary of public education and all references to the former state board of education or state department of education shall be deemed references to the public education department. See 9-24-15 NMSA 1978.
NM Stat § 22-18A-4 (2021)
2021 New Mexico Statutes|Chapter 22 - Public Schools|Article 18A - School District Loans|Section 22-18A-4 - Loan program; duties of the state department of public education.

A. The state department of public education [public education department] shall adopt regulations to govern the application procedure and requirements for making loans under the School District Loan Act. B. The state department of public education [public education department] may make a loan to a school district if the local school district board certifies to the state department of public education that there are insufficient ad valorem taxes or other school district revenues to meet a payment of principal or interest, or both, due on the school district's general obligation indebtedness or to meet any other obligation arising in connection with that indebtedness lawfully payable from ad valorem taxes, or that the receipt of ad valorem taxes to make any such payment will be delayed and not be available to make the payment when due. C. A loan shall be made for a period of time not to exceed five years with an annual interest rate to be the lesser of five percent or the rate of interest determined by the state department of public education [public education department], so that the interest rate shall comply with federal arbitrage requirements. A loan shall be repaid in annual installments as determined by the state board [department] of public education. Loans shall be made by the state department of public education [public education department] pursuant to this section only, with the prior approval of the state board of finance. History: Laws 1989, ch. 134, § 4. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Laws 2004, ch. 25, § 27, provided that all references to the superintendent of public instruction shall be deemed references to the secretary of public education and all references to the former state board of education or state department of education shall be deemed references to the public education department. See 9-24-15 NMSA 1978. Cross references. — For the state board of finance, see 6-1-1 NMSA 1978.
NM Stat § 22-18A-5 (2021)
2021 New Mexico Statutes|Chapter 22 - Public Schools|Article 18A - School District Loans|Section 22-18A-5 - Temporary transfer of funds.

If it is determined by the state department of public education [public education department] and the department of finance and administration that there are insufficient ad valorem taxes or other public school district revenues to meet a payment of principal or interest due on public school district general obligation indebtedness or to meet any other obligation arising in connection with that indebtedness lawfully payable from ad valorem taxes, or that the receipt of ad valorem taxes or other revenues to be used to make any such payment will be delayed and not be available to make the payment when due, the state department of public education [public education department] and the department of finance and administration may request the state board of finance to direct a temporary transfer of a sufficient amount of money from the state-support reserve fund or the general fund operating reserve to the public school district general obligation bonds loan fund so that the payment becoming due may be made and a default avoided. In determining the order of transfer, money in the state-support reserve fund shall be transferred first, and if that amount is insufficient then the general fund operating reserve shall be used. If such a transfer is directed by the state board of finance, the state department of public education [public education department] shall use the amount transferred to the state public school district general obligation bonds loan fund to make the payment. History: Laws 1989, ch. 134, § 5. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Laws 2004, ch. 25, § 27, provided that all references to the superintendent of public instruction shall be deemed references to the secretary of public education and all references to the former state board of education or state department of education shall be deemed references to the public education department. See 9-24-15 NMSA 1978.
NM Stat § 22-18B-1 (2021)
2021 New Mexico Statutes|Chapter 22 - Public Schools|Article 18B - Qualified School Bonds|Section 22-18B-1 - Short title.

Sections 1 through 5 [22-18B-1 to 22-18B-5 NMSA 1978] of this act may be cited as the "Qualified School Bonds Act". History: Laws 1999, ch. 225, § 1.
NM Stat § 22-18B-2 (2021)
2021 New Mexico Statutes|Chapter 22 - Public Schools|Article 18B - Qualified School Bonds|Section 22-18B-2 - Findings and purpose.

A. The legislature finds that: (1) the condition of public school facilities has a direct effect on the safety of teachers and students and on the ability of students to learn; (2) public schools in rapidly growing urban areas of New Mexico and public schools in sparsely populated rural areas are unable to meet the capital needs for modernization of existing school facilities to meet the growing school-age population in New Mexico under present funding authorizations; (3) additional funding options are necessary to meet the needs for teacher training to improve student achievement levels and to meet the needs of the work place by providing sufficient student training in the use of advanced technology; (4) encouraging active community participation and private sector contributions to the public schools will enhance learning opportunities for New Mexico students; (5) authorizing additional forms of financing for school modernization and construction will permit eligible taxpayers to take advantage of tax credits not currently available to bondholders and will increase the market options for state and local bonds; (6) encouraging active community participation in the development of resources to build and modernize schools, to enhance educational technology and to enhance teacher training is essential to the success of students in the twenty-first century; and (7) authorizing additional alternative procedures for the sale of bonds will allow New Mexico public schools and eligible taxpayers to participate in available tax credits and to leverage additional funds for the improvement of public school facilities. B. The purpose of the Qualified School Bonds Act is to implement a state program that allows eligible taxpayers to take advantage of available tax credits by expanding the incentives to purchase and hold bonds and thereby increasing the financing alternatives for modernization and rehabilitation of public school facilities and enhancing teacher training. History: Laws 1999, ch. 225, § 2.
NM Stat § 22-18B-3 (2021)
2021 New Mexico Statutes|Chapter 22 - Public Schools|Article 18B - Qualified School Bonds|Section 22-18B-3 - Definitions.

As used in the Qualified School Bonds Act: A. "allocation" means New Mexico's allocation of the national zone academy bond limitation pursuant to Section 1397E(e)(2) of the Internal Revenue Code of 1986; B. "council" means the public school capital outlay council; C. "eligible taxpayer" means an entity that qualifies as an eligible taxpayer under Section 1397E(d)(6) of the Internal Revenue Code of 1986 and includes a bank, insurance company or corporation actively engaged in the business of lending money; D. "qualified contribution" means a contribution meeting the requirements of Section 1397E(d)(2) of the Internal Revenue Code of 1986, from a private entity to the qualifying school and includes: (1) equipment for use in the qualifying school, including state-of-the-art technology and vocational equipment; (2) technical assistance in developing curriculum or in training teachers in order to promote appropriate market-driven technology in the classroom; (3) services of employees as volunteer mentors; (4) internships, field trips or other educational opportunities outside the qualifying school for students; and (5) any other property or service specified by the governing body of the qualifying school; E. "qualified school bond" means a bond issued by the state or a political subdivision of the state that meets all of the requirements of Section 4 [22-18B-4 NMSA 1978] of the Qualified School Bonds Act and the requirements for a qualified zone academy bond pursuant to Section 1397E(d)(1) of the Internal Revenue Code of 1986; F. "qualified purpose" means a purpose of a bond issue that meets the requirements of Section 1397E(d)(5) of the Internal Revenue Code of 1986 and Article 9, Section 11 of the constitution of New Mexico; and G. "qualifying school" means a public school, a New Mexico state educational institution providing education or training below the post-secondary level or a program within such a public school or educational institution and which school, institution or program meets the requirements for a qualified zone academy pursuant to Section 1397E(d)(4) of the Internal Revenue Code of 1986. History: Laws 1999, ch. 225, § 3. ANNOTATIONSCross references. — For Section 1397E of the Internal Revenue Code, see 26 U.S.C. § 1397E.
NM Stat § 22-18B-4 (2021)
2021 New Mexico Statutes|Chapter 22 - Public Schools|Article 18B - Qualified School Bonds|Section 22-18B-4 - Qualified school bonds; designation; terms; sale.

A. The state or a political subdivision of the state that has been authorized to issue bonds may designate all or any part of the bonds as qualified school bonds if: (1) at least ninety-five percent of the proceeds from the sale of the proposed qualified school bonds are to be used for a qualified purpose at a qualifying school within the jurisdiction of the state or political subdivision; (2) the state or the political subdivision has the written approval of the governing body of the qualifying school to issue the proposed qualified school bonds; (3) the governing body of the qualifying school has written commitments from private entities for qualified contributions having a present value of not less than ten percent of the value of the proceeds from the sale of the proposed qualified school bonds; and (4) the council has reserved to the qualifying school an amount of the allocation equal to the proceeds from the sale of the proposed qualified school bonds. B. Notwithstanding any law requiring bonds to be sold at a public sale, qualified school bonds may be sold at a private sale to eligible taxpayers. C. In addition to any other requirement of law applicable to the term of the bonds, qualified school bonds shall not be issued for a term longer than the term fixed pursuant to Section 1397E(d)(3) of the Internal Revenue Code of 1986 for qualified zone academy bonds issued during the month that the qualified school bonds are issued. D. Qualified school bonds shall not bear interest. History: Laws 1999, ch. 225, § 4. ANNOTATIONSCross references. — For Section 1397E of the Internal Revenue Code, see 26 U.S.C. § 1397E.
NM Stat § 22-18B-5 (2021)
2021 New Mexico Statutes|Chapter 22 - Public Schools|Article 18B - Qualified School Bonds|Section 22-18B-5 - Public school capital outlay council; allocation.

A. The aggregate face amount of all qualified school bonds issued in a calendar year shall not exceed the allocation for that year. B. The council is designated the state education agency pursuant to Section 1397E(e)(2) of the Internal Revenue Code of 1986 and is responsible for ensuring compliance with the limitation of Subsection A of this section. C. If the state or a political subdivision desires to designate bonds as qualified school bonds, it shall, by July 1 of the calendar year in which the bonds are to be issued, submit an application for reservation of an allocation to the council. The application shall include evidence that the requirements of Paragraphs (1), (2) and (3) of Subsection A of Section 4 [22-18B-4 NMSA 1978] of the Qualified School Bonds Act have been satisfied. D. If, for a calendar year, the allocation for that year exceeds the amount of qualified school bonds designated and issued in that year, the excess shall be carried forward and included in the allocation for the subsequent year. E. In the event the face amount of all proposed qualified school bonds for a calendar year exceeds the allocation, the council shall ratably apportion the allocation among the state and political subdivisions that have timely filed valid applications for that year. History: Laws 1999, ch. 225, § 5. ANNOTATIONSCross references. — For Section 1397E of the Internal Revenue Code, see 26 U.S.C. § 1397E.
NM Stat § 22-18C-1 (2021)
2021 New Mexico Statutes|Chapter 22 - Public Schools|Article 18C - Qualified School Construction Bonds Act|Section 22-18C-1 - Short title.

Chapter 22, Article 18C NMSA 1978 may be cited as the "Qualified School Construction Bonds Act". History: Laws 2009, ch. 154, § 1; 2010, ch. 56, § 1. ANNOTATIONSThe 2010 amendment, effective March 8, 2010, deleted "Sections 1 through 4 of this act" and added "Chapter 22, Article 18C NMSA 1978".
NM Stat § 22-18C-2 (2021)
2021 New Mexico Statutes|Chapter 22 - Public Schools|Article 18C - Qualified School Construction Bonds Act|Section 22-18C-2 - Definitions.

As used in the Qualified School Construction Bonds Act: A. "allocation" means New Mexico's allocation of the national qualified school construction bond limitation pursuant to Section 1521 of the federal American Recovery and Reinvestment Act of 2009; B. "council" means the public school capital outlay council; C. "qualified school construction bond" means a bond issued by the state or a school district that meets all of the requirements of Section 22-18C-3 NMSA 1978 and the requirements for a qualified school construction bond pursuant to Section 1521 of the federal American Recovery and Reinvestment Act of 2009; and D. "qualifying school" means a public school, a New Mexico state educational institution providing education or training below the post-secondary level or a program within such a public school or educational institution and which school, institution or program meets the requirements of Section 1521 of the federal American Recovery and Reinvestment Act of 2009. History: Laws 2009, ch. 154, § 2; 2010, ch. 56, § 2. ANNOTATIONSThe 2010 amendment, effective March 8, 2010, deleted former Subsection C, which defined "eligible taxpayer" as an entity that qualifies as an eligible taxpayer under the Internal Revenue Code; and in Subsection C, deleted "3 of the Qualified School Construction Bonds Act" and added "22-18C-3 NMSA 1978".