2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 17 - Finances of State Educational Institutions › Section 6-17-1 - Income-producing buildings and improvements; authority to borrow funds.

A. Boards of education and boards of regents of the various educational institutions of this state are authorized to borrow money, in conformity with the provisions of this article, for the purpose of purchasing, erecting, altering, improving, repairing, furnishing or equipping any income-producing building, improvement or facility or any group of buildings, improvements or facilities, including any infrastructure improvements necessary for the buildings' improvements or facilities, at and for the use of any public school, state educational institution or any branch thereof already established or to be established or acquired in whole or in part under the provisions of this article and for the acquiring of any necessary and convenient lands for that purpose.
B. All buildings and facilities used in the conduct of any such educational institution, including specifically but without limitation, classroom buildings, administrative buildings, research facilities and development facilities, shall be considered to be within the scope of this article, and the board of regents of any such institution is authorized to impose and collect fees from all or specific classes of students of attendance as it may consider desirable to impose and collect for the use or availability or both of the buildings or facilities, and the proceeds of all such student fees shall be considered to be income and revenues derived from the operation of the buildings or facilities for all purposes of this article. The board of regents of an educational institution may charge fees to persons other than students for the use of the buildings or facilities, and any fees charged any person for the use of the buildings or facilities are considered income and revenue derived from the operation of the buildings or facilities for all purposes of this article.
C. All bonds issued pursuant to this article shall be fully negotiable instruments within the meaning of the Uniform Commercial Code [Chapter 55 NMSA 1978].
History:
Laws 1939, ch. 177, § 1; 1941 Comp., § 55-2701 (1); Laws 1947, ch. 143, § 1; 1949, ch. 92, § 1; 1951, ch. 150, § 1; 1953 Comp., § 73-29-1; Laws 1989, ch. 265, § 1.
ANNOTATIONS
The 1989 amendment,
effective April 5, 1989, added the subsection designations; in Subsection A deleted "The county, independent rural, union high and municipal" at the beginning of the subsection, deleted "dormitory, auditorium, dining hall, refectory, stadium, swimming pool or any type of" following "income-producing", and inserted "including any infrastructure improvements necessary for the buildings' improvements or facilities"; in Subsection B inserted "research facilities and development facilities" near the beginning of the first sentence and added the second sentence; in Subsection C substituted "the Uniform Commercial Code" for "and for all purposes of the negotiable instruments law as such law is now or may hereafter be in effect in this state"; and, throughout the section, substituted "this article" for "this act" and made minor stylistic changes.
Legislative intent.
— The legislature had in mind the assessment of a specific fee for the use of certain buildings in the enactment of this section and did not authorize the pledge of a portion of receipts collected from all students for general instruction purposes. 1953 Op. Att'y Gen. No. 53-5834.
Building financed by sale of bonds secured by pledges permitted.
— The New Mexico normal school at Silver City (now western New Mexico university) may finance the construction of a dormitory by the sale of an issue of dormitory revenue bonds secured by a pledge of the income to be derived therefrom under the provisions of this section, and a separate issue of building and improvement bonds secured by a pledge of a fixed amount of the school's income from trust lands under the provision of Laws 1949, ch. 121. 1957 Op. Att'y Gen. No. 57-167.
State institution of higher education may operate bowling alley
which is open to the public, even though this may result in its competing with privately owned bowling alleys, only if public admittance is incidental to its primary use for the institution. 1966 Op. Att'y Gen. No. 66-90.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
64 Am. Jur. 2d Public Securities and Obligations § 120.
14A C.J.S. Colleges and Universities § 8; 79 C.J.S. Schools and School Districts § 323.