reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15A - Education Technology Equipment › Section 6-15A-6 - Tax levy for payment of lease-purchase agreement.

The officials charged by law with the duty of levying ad valorem taxes for the payment of bonds and interest shall, in the manner provided by law, make an annual levy sufficient to meet the payments due on lease-purchase arrangements. Annual payments due on lease-purchase arrangements may be combined with other school district general obligation debt when determining the annual debt service tax levy pursuant to Sections 7-37-8 and 22-18-12 NMSA 1978. Nothing in the Education Technology Equipment Act shall be so construed as to prevent a school district from applying any other legally available funds, including funds that may be in its general fund or investment income actually received from investments, to the payments due on or any prepayment premium payable in connection with such lease-purchase arrangements as the same become due, and upon such payments, the levy or levies provided for in this section may, to that extent, be reduced.
History:
Laws 1997, ch. 193, § 6; 2001, ch. 349, § 1.
ANNOTATIONS
The 2001 amendment,
effective June 15, 2001, added the current second sentence; substituted "in the Education Technology Equipment Act" for "herein contained"; inserted "legally available funds, including" following "applying any other"; deleted "and available for that purpose" preceding "to the payments"; and made stylistic changes.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15A - Education Technology Equipment › Section 6-15A-7 - Lease-purchase arrangements; terms.

Lease-purchase arrangements may:
A. have interest, appreciated principal value, or any part thereof, payable at intervals or at maturity as may be determined by the local school board;
B. be subject to prior redemption or prepayment at the option of the local school board as [at] such time or times and upon such terms and conditions with or without the payment of such premium or premiums as may be determined by the local school board;
C. have a final payment date or mature at any time or times not exceeding five years after the date of issuance;
D. be payable at one time or in installments or may be in such other form as may be determined by the local school board;
E. be priced at, above or below par and at a price that results in a net effective interest rate that does not exceed the maximum permitted by the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978]; and
F. be sold or issued at public sale, negotiated sale or private sale to the New Mexico finance authority.
History:
Laws 1997, ch. 193, § 7.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Definition invalid.
— Definition of "lease-purchase arrangement" is invalid to the extent it includes debt incurred for the acquisition of education technology equipment that is not a lease-purchase arrangement contemplated under N.M. Const., art. IX, § 11(C). 2008 Op. Att'y Gen. No. 08-01.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15A - Education Technology Equipment › Section 6-15A-8 - Authorizing lease-purchase of education technology equipment; preliminary resolution; contents; notice; final resolution of approval.

A. If a local school board proposes to lease-purchase education technology equipment, it shall comply with the requirements of this section.
B. At a regular meeting or at a special meeting called for the purpose of considering the lease-purchase of education technology equipment, a local school board shall:
(1) make a determination of the necessity for lease-purchasing the education technology equipment;
(2) determine the estimated cost of the equipment needed;
(3) review a summary of the terms of the proposed lease-purchase agreement;
(4) identify the source of funds for the lease-purchase payments;
(5) if all or part of the funds needed requires or anticipates the imposition of a property tax, determine the estimated rate of the tax and what, if any, the percentage increase in property taxes for real property owners in the school district;
(6) set a date not more than four weeks and not less than three weeks in the future for a special meeting to consider a resolution granting final approval to the lease-purchase of education technology equipment; and
(7) direct that notice of the special meeting be published once each week for the two weeks immediately preceding the meeting in a newspaper having general circulation in the school district and that the notice include the information required in Paragraphs (1) through (5) of this subsection.
C. At the special meeting scheduled pursuant to Subsection B of this section, the local school board may adopt a final resolution approving the lease-purchase of education technology equipment only by an affirmative vote of majority of all members of the board.
D. The local school board shall not adopt a resolution for or approve a lease-purchase agreement that exceeds five years.
History:
1978 Comp., § 6-15A-8, enacted by Laws 2001, ch. 203, § 1.
ANNOTATIONS
Repeals and reenactments.
— Laws 2001, ch. 203, § 1 repealed 6-15A-8 NMSA 1978, as enacted by Laws 1997, ch. 193, § 8, and enacted a new section, effective April 3, 2001.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15A - Education Technology Equipment › Section 6-15A-9 - Publication of notice; validation; limitation of action.

A. After adoption of a resolution approving a lease-purchase arrangement, the local school board shall publish notice of the adoption of the resolution once in a newspaper of general circulation in the school district.
B. After the passage of thirty days from the publication required by Subsection A of this section, any action attacking the validity of the proceedings taken by the local school board preliminary to and in the authorization of and entering into the lease-purchase arrangement described in the notice is perpetually barred.
History:
Laws 1997, ch. 193, § 9.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15A - Education Technology Equipment › Section 6-15A-10 - Refunding or refinancing lease-purchase arrangements.

School districts are authorized to enter into lease-purchase arrangements for the purpose of refunding or refinancing any lease-purchase arrangements then outstanding, including the payment of any prepayment of redemption premiums thereon and any interest accrued or to accrue to the date of purchase, prepayment, redemption or maturity of the outstanding lease-purchase arrangements. Until the proceeds of the lease-purchase arrangements issued for the purpose of refunding or refinancing outstanding lease-purchase arrangements are applied to the purchase, prepayment, redemption or retirement of the outstanding lease-purchase arrangements, the proceeds may be placed in escrow and invested and reinvested. The interest, income and profits, if any, earned or realized on any such investment may, in the discretion of the local school board, also be applied to the payment of the outstanding lease-purchase arrangements to be refunded or refinanced by purchase, prepayment, redemption or retirement, as the case may be. After the terms of the escrow have been fully satisfied and carried out, any balance of such proceeds and interest, if any, earned or realized on the investments thereof may be returned to the local school board to be used for payment of the refunding or refinancing lease-purchase arrangement. All such refunding or refinancing lease-purchase arrangement [arrangements] shall be entered into under, secured and subject to the provisions of the Education Technology Equipment Act in the same manner and to the same extent as any other lease-purchase arrangements entered into pursuant to that act.
History:
Laws 1997, ch. 193, § 10.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15A - Education Technology Equipment › Section 6-15A-11 - Agreement of the state.

The state does hereby pledge to and agree with the holders of any lease-purchase arrangement entered into under the Education Technology Equipment Act that the state will not limit or alter the rights hereby vested in school districts to fulfill the terms of any lease-purchase arrangement or in any way impair the rights and remedies of the holders of lease-purchase arrangements until the payments due thereon, and all costs and expenses in connection with any action or proceedings by or on behalf of those holders, are fully met and discharged. School districts are authorized to include this pledge and agreement of the state in any lease-purchase arrangement.
History:
Laws 1997, ch. 193, § 11.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15A - Education Technology Equipment › Section 6-15A-12 - Legal investments for public officers and fiduciaries.

Lease-purchase arrangements entered into under the authority of the Education Technology Equipment Act shall be legal investments in which all insurance companies, banks and savings and loan associations organized under the laws of the state, public officers and public bodies and all administrators, guardians, executors, trustees and other fiduciaries may properly and legally invest funds.
History:
Laws 1997, ch. 193, § 12.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15A - Education Technology Equipment › Section 6-15A-13 - Tax exemption.

The state covenants with the purchasers and all subsequent holders and transferees of lease-purchase arrangements entered into by the local school boards, in consideration of the acceptance of and payment for the lease-purchase arrangements entered into pursuant to [the Education] Technology Equipment Act , that lease-purchase arrangements and the income from the lease-purchase arrangements shall at all times be free from taxation by the state, except for estate or gift taxes and taxes on transfers.
History:
Laws 1997, ch. 193, § 13.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not a part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15A - Education Technology Equipment › Section 6-15A-14 - Cumulative and complete authority.

The Education Technology Equipment Act shall be deemed to provide an additional and alternative method for acquiring education technology equipment and shall be regarded as supplemental and additional to powers conferred by other laws and shall not be regarded as a derogation of any powers now existing. The Education Technology Equipment Act shall be deemed to provide complete authority for acquiring education technology equipment and entering into lease-purchase arrangements. No other approval of any state agency or officer, except as provided in that act, shall be required with respect to any lease-purchase arrangements, and the local school board acting pursuant to provisions of that act need not comply with the requirements of any other law applicable to the issuance of debt by school districts; provided, however, that a local school board may submit to a vote of qualified electors of the school district the question of creating debt by entering into a lease-purchase arrangement; and provided further that the local school board shall abide by the vote of the majority of those persons voting on the question.
History:
Laws 1997, ch. 193, § 14; 2015, ch. 68, § 4.
ANNOTATIONS
The 2015 amendment,
effective July 1, 2015, authorized local school boards to submit to a vote of qualified electors of the school district the question of creating debt by entering into a lease-purchase arrangement and required the local school board to abide by the vote of the majority of those persons voting on the question; after "acquiring education technology equipment", deleted "authorized thereby", after "now existing. The", added "Education Technology Equipment", after the first occurrence of "lease-purchase arrangements", deleted "contemplated thereby and", after "except as provided", deleted "therein" and added "in that act", after "local school board acting", deleted "thereunder" and added "pursuant to provisions of that act", and after "debt by school districts", added the remainder of the section.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 15A - Education Technology Equipment › Section 6-15A-17 - Charter schools; receipt of education technology equipment.

On or after July 1, 2015, a school district that assumes a debt through a lease-purchase arrangement under the provisions of the Education Technology Equipment Act shall provide, to each eligible charter school in the school district, education technology equipment equal in value to an amount based upon the net proceeds from the debt after payment of the cost of issuing the debt through a lease-purchase arrangement prorated by the number of students enrolled in the school district and in eligible charter schools as reported on the first reporting date of the prior school year; provided that, in the case of an approved eligible charter school that had not commenced classroom instruction in the prior school year, the estimated full-time-equivalent enrollment in the first year of instruction, as shown in the approved charter school application, shall be used to determine the amount, subject to adjustment after the first reporting date.
History:
Laws 2015, ch. 68, § 3.
ANNOTATIONS
Effective dates.
— Laws 2015, ch. 68, § 5 made Laws 2015, ch. 68, § 3 effective July 1, 2015.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 16 - Public Securities Validation › Section 6-16-1 - Short title.

This act [6-16-1 to 6-16-5 NMSA 1978] may be cited as the "2005 Public Securities Validation Act".
History:
Laws 2005, ch. 266, § 1.
ANNOTATIONS
Compiler's notes.
— Similar validation acts have been enacted on a periodic basis.
See
Laws 1961, ch. 174; Laws 1965, ch. 15; Laws 1973, ch. 152; Laws 1975, ch. 37; Laws 1977, ch. 125; Laws 1980, ch. 80; Laws 1981, ch. 68; Laws 1983, ch. 43; Laws 1984, ch. 28; Laws 1986, ch. 70; Laws 1987, ch. 83; Laws 1987, ch. 186; Laws 1988, ch. 85, § 1.
Effective dates.
— Laws 2005, ch. 266, § 6 made the act effective April 6, 2005.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
64 Am. Jur. 2d Public Securities and Obligations §§ 318 to 327.
20 C.J.S. Counties § 222; 64 C.J.S. Municipal Corporations § 1696; 79 C.J.S. Schools and School Districts § 372; 81A C.J.S. States § 255; 87 C.J.S. Towns §§ 226 to 228.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 16 - Public Securities Validation › Section 6-16-2 - Definitions.

As used in the 2005 Public Securities Validation Act:
A. "public body" of the state means any state educational institution or other state institution, its board of regents or other governing body thereof constituting a body corporate, any county, city, town, village, school district, irrigation district, drainage district, conservancy district, sanitation district, water district, commission, authority or other political subdivision of the state constituting a body corporate;
B. "public security" means a bond, note certificate of indebtedness or other obligation for the payment of money, issued by this state or by any public body thereof; and
C. "state" means the state of New Mexico and any board, commission, department, corporation, instrumentality or agency thereof.
History:
Laws 1988, ch. 85, § 2; 2005, ch. 266, § 2.
ANNOTATIONS
Compiler's notes.
— For citations to similar previous validation acts,
see
compiler's notes following 6-16-1 NMSA 1978.
Effective dates.
— Laws 2005, ch. 266, § 6 made the act effective April 6, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 16 - Public Securities Validation › Section 6-16-3 - Validation.

All outstanding public securities of the state and of all public bodies thereof, and all acts and proceedings heretofore had or taken, or purportedly had or taken, by or on behalf of the state or any public body thereof under law or color of law preliminary to and in the authorization, execution, sale, issuance and payment, or any combination thereof, of all such public securities are hereby validated, ratified, approved and confirmed, including but not necessarily limited to, the terms, provisions, conditions and covenants of any resolution or ordinance appertaining thereto, the redemption or refunding of public securities before maturity and provisions therefor, including defeasance and discharge of liens arising from or existing by virtue of public securities redeemed or refunded, the levy and collection of rates, tolls and charges, special assessments, and general and other taxes, and the acquisition and application of other revenues, the pledge and use of the proceeds thereof, and the establishment of liens thereon and funds therefore, appertaining to such public securities, except as hereinafter provided, notwithstanding any lack of power, authority or otherwise, and notwithstanding any defects and irregularities in such public securities, acts and proceedings, and in such authorization, execution, sale, issuance and payment, including, without limiting the generality of the foregoing, such acts and proceedings appertaining to such public securities all or any part of which have heretofore not been issued nor purportedly issued. Such outstanding public securities are and shall be, and such public securities heretofore not issued nor purportedly issued shall be, after their issuance, binding, legal, valid and enforceable obligations of the state or the public body issuing them in accordance with their terms and their authorizing proceedings, subject to the taking or adoption of acts and proceedings heretofore not had nor taken, nor purportedly had nor taken, but required by and in substantial and due compliance with laws appertaining to any such public securities heretofore not issued nor purportedly issued.
History:
Laws 1988, ch. 85, § 3; 2005, ch. 266, § 3.
ANNOTATIONS
Compiler's notes.
— For citations to similar previous validation acts,
see
compiler's notes following 6-16-1 NMSA 1978.
Effective dates.
— Laws 2005, ch. 266, § 6 made the act effective April 6, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 16 - Public Securities Validation › Section 6-16-4 - Effect and limitations.

The 2005 Public Securities Validation Act shall operate to supply such legislative authority as may be necessary to validate any public securities heretofore issued and any such acts and proceedings heretofore taken that the legislature could have supplied or provided for or can now supply or provide for in the law under which such public securities were issued and such acts or proceedings were taken. The 2005 Public Securities Validation Act, however, shall be limited to the validation of public securities, acts and proceedings to the extent to which the same can be effectuated under the state and federal constitutions.
History:
Laws 1988, ch. 85, § 4; 2005, ch. 266, § 4.
ANNOTATIONS
Compiler's notes.
— For citations to similar previous validation acts,
see
compiler's notes following 6-16-1 NMSA 1978.
Effective dates.
— Laws 2005, ch. 266, § 6 made the act effective April 6, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 16 - Public Securities Validation › Section 6-16-5 - Construction.

This act [6-16-1 to 6-16-5 NMSA 1978] being necessary to secure the public health, safety, convenience and welfare, it shall be liberally construed to effect its purposes.
History:
Laws 1988, ch. 85, § 5; 2005, ch. 266, § 5.
ANNOTATIONS
Compiler's notes.
— For citations to similar previous validation acts,
see
compiler's notes following 6-16-1 NMSA 1978.
Effective dates.
— Laws 2005, ch. 266, § 6 made the act effective April 6, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 17 - Finances of State Educational Institutions › Section 6-17-1.1 - Definitions.

As used in Chapter 6, Article 17 NMSA 1978, "state educational institution" means the following:
A. the university of New Mexico;
B. the New Mexico state university;
C. the New Mexico highlands university;
D. the western New Mexico university;
E. the eastern New Mexico university;
F. the New Mexico institute of mining and technology;
G. the northern New Mexico state school;
H. the New Mexico military institute;
I. the New Mexico school for the deaf;
J. the New Mexico school for the visually handicapped;
K. the San Juan college;
L. the New Mexico junior college;
M. the Santa Fe community college; and
N. any post-secondary technical, vocational and area vocational institutes as defined in Sections 21-16-2 and 21-17-2 [repealed] NMSA 1978.
History:
1978 Comp., § 6-17-1.1, enacted by Laws 1989, ch. 182, § 1.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law. Section 21-17-2 NMSA 1978 was repealed by Laws 1999, ch. 219, § 21, effective July 1, 1999.
Eleventh Amendment immunity for New Mexico junior college.
— New Mexico junior college is not an arm of the state and is not entitled to Eleventh Amendment immunity.
Leach v. N.M. Junior Coll
., 2002-NMCA-039, 132 N.M. 106, 45 P.3d 46.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 17 - Finances of State Educational Institutions › Section 6-17-2 - Resolution for issuance of bonds for income-producing projects.

Whenever a county, independent rural, union high or municipal board of education or the board of regents of any state educational institution by the affirmative vote of a majority of its members, duly entered in the official minutes of such board, shall by resolution determine that it is necessary to purchase, erect, alter, improve, repair, furnish and/or equip any such income-producing building, improvement or facility or any group of buildings, improvements or facilities and that the same will produce sufficient income to repay all moneys so borrowed and pay off and discharge any and all bonds or other evidences of indebtedness to be issued for the repayment of such money, and the amount required to be borrowed therefor, and upon approval in writing of the board of finance of the state of New Mexico in the case of boards of regents of educational institutions, or the state board of education in the case of county, independent rural, union high and municipal boards of education, such boards of regents or boards of education may proceed to borrow such money and purchase or erect such building or buildings, improvement or improvements and facility or facilities, and make any such alteration, improvement, repair and furnish and equip same 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, § 2; 1941 Comp., § 55-2702; Laws 1947, ch. 143, § 2; 1949, ch. 98, § 2; 1953 Comp., § 73-29-2.
ANNOTATIONS
Bracketed 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.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 17 - Finances of State Educational Institutions › Section 6-17-4 - Determination of charges relating to income-producing projects.

Such board of regents shall be required to make such charges, including the imposition of student fees as above provided, for the use or availability of said building, improvement or facility purchased or erected hereunder and the furnishing of the services for which same is purchased or erected and used as will return annually a sufficient amount to pay the annual requirements for repayment of principal and interest on such bonds or other evidence or [of] indebtedness; and in addition thereto may make additional charges, including the imposition of student fees as above provided, for the use or availability of said building, improvement or facility and services to return a sufficient amount to pay all necessary costs and expenses of maintenance, upkeep and any required repairs thereto and all necessary costs and expenses of furnishing all services in connection therewith, and sufficient to create such reserves for the payment of principal and interest and for contingencies as may be provided in the proceedings authorizing such obligations; but said board of regents shall make no further or additional charges for the use or availability of said building, improvement or facility and the furnishing of the services for which the same is erected or purchased and used, to the members of the student body, faculty, instructors and other employees of such institution.
History:
Laws 1939, ch. 177, § 4; 1941 Comp., § 55-2704 (1); Laws 1947, ch. 143, § 4; 1949, ch. 92, § 2; 1953 Comp., § 73-29-4.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes.
— Laws 1939, ch. 177, § 4, as amended, was originally codified as one section. However, after non-identical amendments by Laws 1949, ch. 92, § 2 and Laws 1949, ch. 98, § 4, the section was set out twice, as this section, with the ch. 92 amendments, and 6-17-5 NMSA 1978, with the ch. 98 amendments.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 17 - Finances of State Educational Institutions › Section 6-17-5 - Determination of charges relating to income-producing projects.

Such county, independent rural, union high and municipal board of education or board of regents shall be required to make such charges for the use of said building, improvement or facility purchased or erected hereunder and the furnishing of the services for which same is purchased or erected and used as will return annually a sufficient amount to pay the annual requirement for repayment of principal and interest on such bonds or other evidence of indebtedness; and in addition thereto may make additional charges for the use of said building, improvement or facility and services to return a sufficient amount to pay all necessary costs and expenses of maintenance, upkeep and any required repairs thereto and all necessary costs and expenses of furnishing all services in connection therewith, and sufficient to create a reserve fund not exceeding $10,000.00 to be used for repayment of said indebtedness; but said county, independent rural, union high and municipal board of education or board of regents shall make no further or additional charges for the use of said building, improvement or facility and the furnishing of the services for which the same is erected or purchased and used, to the members of the student body, faculty, instructors and other employees of such institution.
History:
Laws 1939, ch. 177, § 4; 1941 Comp., § 55-2704 (2); Laws 1947, ch. 143, § 4; 1949, ch. 98, § 4; 1953 Comp., § 73-29-5.
ANNOTATIONS
Compiler's notes.
— Laws 1939, ch. 177, § 4, as amended, was originally codified as one section. However, after non-identical amendments by Laws 1949, ch. 92, § 2 and Laws 1949, ch. 98, § 4, the section was set out twice, as this section, with the ch. 98 amendments, and 6-17-4 NMSA 1978, with the ch. 92 amendments.
2023 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.
2023 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.
2023 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.
ANNOTATIONS
Bracketed 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.
2023 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.
ANNOTATIONS
Bracketed 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.
2023 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.
ANNOTATIONS
Bracketed 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.
2023 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.
ANNOTATIONS
Bracketed 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.
2023 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.
ANNOTATIONS
The 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.
2023 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.
ANNOTATIONS
Bracketed 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.
2023 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.
ANNOTATIONS
Compiler'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.
2023 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.
ANNOTATIONS
Bracketed 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.
2023 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.
ANNOTATIONS
Compiler'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.
2023 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.
ANNOTATIONS
Compiler'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.
2023 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.
2023 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.
ANNOTATIONS
Am. 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.