reglab/statecodes huggingface dataset:
2023 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.
ANNOTATIONS
Bracketed 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.
2023 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.
ANNOTATIONS
Bracketed 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.
2023 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.
2023 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.
2023 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.
ANNOTATIONS
Cross references.
— For Section 1397E of the Internal Revenue Code, see 26 U.S.C. § 1397E.
2023 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.
ANNOTATIONS
Cross references.
— For Section 1397E of the Internal Revenue Code, see 26 U.S.C. § 1397E.
2023 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.
ANNOTATIONS
Cross references.
— For Section 1397E of the Internal Revenue Code, see 26 U.S.C. § 1397E.
2023 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.
ANNOTATIONS
The 2010 amendment,
effective March 8, 2010, deleted "Sections 1 through 4 of this act" and added "Chapter 22, Article 18C NMSA 1978".
2023 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.
ANNOTATIONS
The 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".
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 18C - Qualified School Construction Bonds Act › Section 22-18C-3 - Qualified school construction bonds; designation; terms; sale.

A. The state or a school district that has been authorized to issue bonds may designate all or any part of the bonds as qualified school construction bonds if:
(1) one hundred percent of the available project proceeds from the issuance of the bonds are to be used for:
(a) the construction, rehabilitation or repair of a qualifying school facility;
(b) the acquisition of land on which such a facility is to be constructed with part of the proceeds; or
(c) the acquisition of equipment to be used in the portion of the qualifying school facility that is being constructed, rehabilitated or repaired with the proceeds;
(2) the bonds are issued by the state or a school district within the jurisdiction of which the qualifying school is located; and
(3) the issuer is:
(a) a school district to which a direct allocation is made pursuant to Section 1521 of the federal American Recovery and Reinvestment Act of 2009 and the amount of the bonds designated as qualified school construction bonds does not exceed the direct allocation; or
(b) the state or a school district that has received an allocation distribution from the council pursuant to Section 22-18C-4 NMSA 1978.
B. Notwithstanding any law requiring bonds to be sold at a public sale or at not less than par, qualified school construction bonds may be sold at a public or private sale to the state, the New Mexico finance authority or any other purchaser and may be sold at par, or at less than or greater than par.
C. In addition to any other requirement of law applicable to the term of the bonds, qualified school construction bonds shall not be issued for a term longer than the term fixed pursuant to the Internal Revenue Code of 1986, as amended, and applicable state law.
History:
Laws 2009, ch. 154, § 3; 2010, ch. 56, § 3.
ANNOTATIONS
Cross references.
— For the Internal Revenue Code of 1986,
see
26 U.S.C.
The 2010 amendment,
effective March 8, 2010, in Subsection A(1)(a), after "school facility", deleted "or for"; added Subsection A(1)(c); in Subsection A(3), deleted "designates the bonds as qualified school construction bonds" and added "is"; added Subparagraphs (a) and (b) of Subsection A(3); and in Subsection B, after "sold at a public sale", added "or at not less than par" and after "public or private sale to", deleted "eligible taxpayers" and added the remainder of the sentence.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19 - School Revenue Bonds › Section 22-19-1 - Short title.

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 seq.
For public school emergency capital outlays,
see
22-24-1 NMSA 1978 et seq.
For public school capital improvements,
see
22-25-1 NMSA 1978 et seq.
For constitutional provision relating to school district indebtedness,
see
N.M. Const., art. IX, § 11.
For issuance and sale of bonds by school districts generally,
see
6-15-3 to 6-15-10 NMSA 1978.
For issuance of refunding bonds by school districts generally,
see
6-15-11 to 6-15-22 NMSA 1978.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19 - School Revenue Bonds › Section 22-19-2 - Definitions.

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, including the income pledged pursuant to the School Revenue Bond Act, less the operating costs of the income project; and
C. "operating costs" means expenses of operating, maintaining and keeping in repair an income project, including the cost of heating, electricity, insurance, service employees and equipment replacement.
History:
1953 Comp., § 77-16-2, enacted by Laws 1967, ch. 16, § 241.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19 - School Revenue Bonds › Section 22-19-4 - Bonds; mortgages.

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 any bonds or other special obligations issued pursuant to the School Revenue Bond Act.
History:
1953 Comp., § 77-16-4, enacted by Laws 1967, ch. 16, § 243.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19 - School Revenue Bonds › Section 22-19-5 - Determination by local school board.

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 the repayment of the money borrowed.
History:
1953 Comp., § 77-16-5, enacted by Laws 1967, ch. 16, § 244.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19 - School Revenue Bonds › Section 22-19-6 - Report to state board [department].

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 estimate of the amount of income anticipated from the income project;
E. an estimate of the amount of income from existing buildings, improvements or facilities that will be pledged to pay for the income project;
F. an estimate of the yearly operating cost of the income project; and
G. an estimate of the anticipated yearly net income from the income project.
History:
1953 Comp., § 77-16-6, enacted by Laws 1967, ch. 16, § 245.
ANNOTATIONS
Bracketed 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.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19 - School Revenue Bonds › Section 22-19-7 - State board [department] approval; determination by state board.

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, the state board [department] shall determine 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 the repayment of the money borrowed.
History:
1953 Comp., § 77-16-7, enacted by Laws 1967, ch. 16, § 246.
ANNOTATIONS
Bracketed 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.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19 - School Revenue Bonds › Section 22-19-8 - Records; restriction on use of income.

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 bonds or other special obligations issued pursuant to the School Revenue Bond Act; and
(2) to pay the operating costs of the income project.
History:
1953 Comp., § 77-16-8, enacted by Laws 1967, ch. 16, § 247.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19 - School Revenue Bonds › Section 22-19-9 - Bonds; pledge of income; satisfaction of indebtedness.

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 and ratably secured, without priority, by this pledge of the net income from the income project.
B. A local school board shall operate the income project so as to insure a sufficient income to promptly pay the principal, interest and service charges, as they become due, on the bonds or other special obligations issued, after the payment of operating costs of the income project. A local school board shall establish a reserve fund not exceeding ten thousand dollars ($10,000) to be used for the repayment of any money borrowed.
C. Satisfaction of any indebtedness created by any bonds or other special obligations issued pursuant to the School Revenue Bond Act shall be limited solely to foreclosure of the income project upon which a mortgage, deed of trust or security agreement was executed, without the right to a deficiency judgment.
History:
1953 Comp., § 77-16-9, enacted by Laws 1967, ch. 16, § 248.
ANNOTATIONS
Cross references.
— For pledge of additional revenue,
see
22-19-12 NMSA 1978.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19 - School Revenue Bonds › Section 22-19-10 - Proceeds of bond sales; retirement fund.

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 special obligations may be paid out of the proceeds of this account.
B. A local school board, at the time of issuing any bonds or other special obligations, shall establish a fund to be known as the "retirement fund". All net income from the income project and all proceeds remaining after completion of the income project shall be deposited into the retirement fund. All proceeds in the retirement fund shall be used solely for the purpose of repaying the principal, interest and service charges on any bonds or other special obligations issued for the income project.
History:
1953 Comp., § 77-16-10, enacted by Laws 1967, ch. 16, § 249.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19 - School Revenue Bonds › Section 22-19-11 - Bonds; form; requirements.

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 exceed a net of six percent a year, interest payable semiannually;
D. be sold at a price which does not result in an actual net interest cost to maturity, computed on the basis of standard tables of bond values, in excess of six percent a year;
E. have the principal thereof paid in yearly amounts beginning not later than two years from their date of issuance; and
F. be sold at public or private sale, with or without a discount as provided by Subsection D of this section.
History:
1953 Comp., § 77-16-11, enacted by Laws 1967, ch. 16, § 250.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19 - School Revenue Bonds › Section 22-19-12 - Pledge of additional revenue.

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 school board. A local school board may pledge this income whether or not the existing building, improvement or facility is to be improved, repaired or furnished by the proceeds of the bonds or other special obligations.
History:
1953 Comp., § 77-16-12, enacted by Laws 1967, ch. 16, § 251.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19 - School Revenue Bonds › Section 22-19-13 - Refunding bonds.

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 been authorized by a local school board, or for both purposes.
B. Except as otherwise provided in the School Revenue Bond Act, refunding bonds shall conform to the provisions of the School Revenue Bond Act which provide for the issuance of other revenue bonds by a local school board.
C. A refunding bond issued by a local school board may have the same security or source of payment as was pledged for the payment of the bond being refunded but no source of payment shall be pledged which is not authorized by the School Revenue Bond Act.
D. A refunding bond may be delivered in exchange for a bond authorized to be refunded, sold at a public or private sale for not less than the par value of the bond or sold in part and exchanged in part. If the refunding bond is sold, the proceeds shall be immediately applied to the retirement of the bond to be refunded, or the proceeds or the obligations in which the proceeds are permitted by law to be invested shall be placed in trust to be held and applied to payment of the bond to be refunded.
History:
1953 Comp., § 77-16-13, enacted by Laws 1967, ch. 16, § 252.
ANNOTATIONS
Cross references.
— For exchange of bonds,
see
22-19-15 NMSA 1978.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19 - School Revenue Bonds › Section 22-19-14 - Refunding bonds; issuance; sale; proceeds.

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 more than one issue may be refunded by refunding bonds of one or more issue. Refunding bonds and any other bonds authorized pursuant to the School Revenue Bond Act may be issued separately or in combinations of one or more series.
C. If any officer whose signature or facsimile signature appears on any bond or coupon authorized by the School Revenue Bond Act ceases to hold office before delivery of the bond, the signature or facsimile signature shall be valid for all purposes as if he had remained in office until delivery.
D. When a refunding bond is sold, the net proceeds may, in the discretion of the local school board, be invested in obligations of the federal government or any agency of the federal government or in obligations fully guaranteed by the federal government, but the obligations purchased must have a maturity and bear a rate of interest payable at times to ensure the existence of sufficient money to pay the bond to be refunded when it becomes due or redeemable pursuant to a call for redemption, together with interest and redemption premiums, if any.
E. All obligations purchased with the net proceeds from refunding bonds shall be deposited in trust with a bank doing business in the state and which is a member of the federal deposit insurance corporation. The obligations shall be held, liquidated and the proceeds of the liquidation paid out for payment of the principal, interest and redemption premium of the bonds to be refunded as the bonds to be refunded become due, or where the bonds are subject to redemption under a call for redemption previously made, or where there is a voluntary surrender with the approval of the local school board.
F. The determination of the local school board issuing refunding bonds that the issuance has been in compliance with the School Revenue Bond Act is conclusively presumed correct in the absence of fraud or arbitrary and gross abuse of discretion.
G. As used in this section, "net proceeds" means the gross proceeds of the refunding bonds after deducting all accrued interest and expenses incurred in connection with the authorization and issuance of the refunding bonds and the refunding of outstanding bonds, including fiscal agent fees, commissions and all discounts incurred in the resale of the refunding bonds to the original purchaser.
History:
1953 Comp., § 77-16-14, enacted by Laws 1967, ch. 16, § 253.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19 - School Revenue Bonds › Section 22-19-15 - Exchange of bonds.

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 that there is no overlapping of interest paid. Refunding bonds in changed denominations shall bear interest at the same rates, mature on the same dates, be in the same form and be identical with the original bonds surrendered for exchange in all respects except as to denominations, serial numbers and a recital as to the exchange. Where any exchange of bonds is made pursuant to the School Revenue Bond Act, the bonds surrendered by the holders at the time of exchange shall be cancelled [canceled]. The exchange shall be made only at the request of the holder of the bond to be surrendered, and the local school board may require the holder of the bond to pay all expenses incurred in connection with the exchange, including those of authorization and issuance of the refunding bonds.
History:
1953 Comp., § 77-16-15, enacted by Laws 1967, ch. 16, § 254.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19 - School Revenue Bonds › Section 22-19-16 - Tax exemption; no charge against state.

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.
History:
1953 Comp., § 77-16-16, enacted by Laws 1967, ch. 16, § 255.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19A - Teacher Housing Revenue Bond › 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 pledged or used to pay debt service on bonds; provided that for federal forest reserve or P.L. 874 funds, "federal payment" means that portion of the funds for which the state does not take credit for the state equalization guarantee pursuant to Section 22-8-25 NMSA 1978;
C. "housing project" means a residential housing facility for teachers, including land and land improvements;
D. "net income from the housing project" means all income derived from a housing project less the operating costs of the housing project;
E. "operating costs" means expenses of operating, maintaining and keeping in repair a housing project, including the cost of utilities, insurance, service employees and equipment replacement; and
F. "pledgeable revenue" means net income from the housing project and federal payments.
History:
Laws 2002, ch. 22, § 2.
ANNOTATIONS
Cross references.
— For receipt and distribution of federal forest reserve funds,
see
6-11-2 and 6-11-3 NMSA 1978.
For PL 874 funds,
see
20 USCS § 7701 et seq.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19A - Teacher Housing Revenue Bond › 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 solely from pledgeable revenue and shall not constitute an indebtedness or general obligation of the school district, the state or other political subdivisions of the state.
History:
Laws 2002, ch. 22, § 3.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19A - Teacher Housing Revenue Bond › 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 even if the federal payments are subject to annual appropriation. Federal payments shall not be pledged unless such use is allowed by federal law. The local school board shall include in its determination a statement as to the legality of pledging the federal payments and what other revenue will be available to make bond payments if federal payments are not appropriated.
History:
Laws 2002, ch. 22, § 4.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19A - Teacher Housing Revenue Bond › 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 estimate of the net income from the housing project and other revenues that will be pledged to pay for the housing project; and
(5) an estimate of the yearly operating cost of the housing project.
B. A local school board shall obtain written approval of the state board [department] before it issues bonds to finance a housing project pursuant to the Teacher Housing Revenue Bond Act.
C. Prior to giving written approval to a housing project, the state board [department] shall determine that the housing project is necessary and that estimated pledgeable revenue pledged to the bonds is sufficient to repay the bonds.
History:
Laws 2002, ch. 22, § 5.
ANNOTATIONS
Bracketed 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.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19A - Teacher Housing Revenue Bond › 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 first be used to pay the principal, interest and service charges on the bonds issued pursuant to the Teacher Housing Revenue Bond Act and to fund a debt service reserve fund, if applicable.
History:
Laws 2002, ch. 22, § 6.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19A - Teacher Housing Revenue Bond › 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 bonds are payable solely from the net income of the housing project being financed, the local school board shall operate the housing project so as to ensure a sufficient income to promptly pay the principal, interest and service charges as they become due on the bonds.
C. The state pledges and agrees with the holders of bonds issued by a local school board and payable from pledgeable revenue that the state will not limit or alter the rights of the local school board to receive, collect and account for pledgeable revenue and to fulfill the terms of any agreement made with the bondholders or in any way impair the rights and remedies of the bondholders until the bonds, together with the interest on the bonds, with interest on any unpaid installments of interest and all costs and expenses in connection with any action or proceedings by or on behalf of those bondholders, are fully paid and discharged.
History:
Laws 2002, ch. 22, § 7; 2003, ch. 158, § 1.
ANNOTATIONS
The 2003 amendment,
effective April 4, 2003, added Subsection C.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19A - Teacher Housing Revenue Bond › 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 local school board shall establish a "debt service fund" to be used solely for the payment of principal, interest and service charges on the bonds. Sufficient amounts from the pledged revenue shall be deposited in the debt service fund at least annually so that timely payments of principal, interest and service charges may be made. All proceeds remaining after completion of the housing project shall be deposited into the debt service fund.
C. The local school board may establish a "debt service reserve fund" to be used to pay bond payments in case the pledged revenue is insufficient.
History:
Laws 2002, ch. 22, § 8.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19A - Teacher Housing Revenue Bond › 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 at intervals or at maturity as determined by the local school board;
D. be sold at a price that does not result in a net effective interest rate in excess of twelve percent a year unless a higher rate of interest is approved by the state board of finance pursuant to the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978];
E. have a principal maturity schedule as determined by the local school board; and
F. be sold at public or private sale at, above or below par.
History:
Laws 2002, ch. 22, § 9.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19A - Teacher Housing Revenue Bond › 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 by a local school board may have the same security or source of payment as was pledged for the payment of the bond being refunded, but no source of payment shall be pledged that is not authorized by the Teacher Housing Revenue Bond Act.
D. A refunding bond may be delivered in exchange for a bond authorized to be refunded, sold at a public or private sale or sold in part and exchanged in part as provided in the Supplemental Public Securities Act [6-14-8 to 6-14-11 NMSA 1978]. If the refunding bond is sold, the proceeds shall be immediately applied to the retirement of the bond to be refunded or the proceeds shall be placed in trust to be held and applied to payment of the bonds to be refunded.
History:
Laws 2002, ch. 22, § 10.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19A - Teacher Housing Revenue Bond › 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 refunded by refunding bonds of one or more issue. Bonds and refunding bonds may be issued separately or in combinations of one or more series.
C. When a refunding bond is sold, the net proceeds may, in the discretion of the local school board, be invested in obligations of the federal government or an agency of the federal government or in obligations fully guaranteed by the federal government, but the obligations purchased shall have a maturity and bear a rate of interest payable at times to ensure the existence of sufficient money to pay the bond to be refunded when it becomes due or redeemable pursuant to a call for redemption, together with interest and redemption premiums, if any.
D. All obligations purchased with the net proceeds from refunding bonds shall be deposited in trust with a bank that has trust powers and that is a member of the federal deposit insurance corporation. The obligations shall be held, liquidated and the proceeds of the liquidation paid out for payment of the principal, interest and redemption premium of the bonds to be refunded as the bonds to be refunded become due or where the bonds are subject to redemption under a call for redemption previously made or where there is a voluntary surrender with the approval of the local school board.
E. The determination of the local school board issuing refunding bonds that the issuance has been in compliance with the Teacher Housing Revenue Bond Act is conclusively presumed correct in the absence of fraud or arbitrary and gross abuse of discretion.
F. As used in this section, "net proceeds" means the gross proceeds of the refunding bonds after deducting all accrued interest and expenses incurred in connection with the authorization and issuance of the refunding bonds and the refunding of outstanding bonds, including fiscal agent fees, commissions and all discounts incurred in the resale of the refunding bonds to the original purchaser.
History:
Laws 2002, ch. 22, § 11.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19A - Teacher Housing Revenue Bond › 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.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19B - School District Bond Anticipation Notes › Section 22-19B-1 - Short title.

This act [22-19B-1 to 22-19B-9 NMSA 1978] may be cited as the "School District Bond Anticipation Notes Act".
History:
Laws 2002, ch. 54, § 1.
ANNOTATIONS
Emergency clauses.
— Laws 2002, ch. 54, § 11 contained an emergency clause and was approved March 4, 2002.
2023 New Mexico Statutes › Chapter 22 - Public Schools › Article 19B - School District Bond Anticipation Notes › Section 22-19B-2 - Purpose.

The purpose of the School District Bond Anticipation Notes Act is to provide a mechanism for school districts to obtain short-term financing for capital projects that are needed by the school district to meet the educational needs of students in the school district and to promote the health, safety, security and general welfare of the students in the school district.
History:
Laws 2002, ch. 54, § 2.
ANNOTATIONS
Emergency clauses.
— Laws 2002, ch. 54, § 11 contained an emergency clause and was approved March 4, 2002.