Chapter 22, Chapter 22

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 …

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.

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 publi…

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) t…

A. The aggregate face amount of all qualified school construction bonds issued in a calendar year shall not exceed the available allocation, including any carry-forward allocation, for that year. B. Except for the portion of the allocation required by Section 1521 of the federal …

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.

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 is…

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. be…

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 facili…

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…

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…

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 exch…

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 an…

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 t…

A local school board may borrow money to finance income projects of the school district pursuant to the School Revenue Bond Act. History: 1953 Comp., § 77-16-3, enacted by Laws 1967, ch. 16, § 242.

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…

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 d…

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 t…

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 Rev…

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, i…

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 we…

This act [22-19A-1 to 22-19A-12 NMSA 1978] may be cited as the "Teacher Housing Revenue Bond Act". History: Laws 2002, ch. 22, § 1.

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 …

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 m…

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.

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 a…

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 establish…

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 sufficien…

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…

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 …

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 priorit…

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…

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, appreci…

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.

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…

As used in the School District Bond Anticipation Notes Act: A. "bond anticipation note" means a security evidencing an obligation of the school district that precedes the issuance of general obligation bonds; and B. "general obligation bond" means indebtedness issued by a school …

A. A school district may issue bond anticipation notes for any purpose for which general obligation bonds are authorized to be issued. B. The principal amount of bond anticipation notes shall be payable solely from the proceeds of the general obligation bonds for which the bond a…

A. Bond anticipation notes shall be authorized by resolution of the local school board and may be issued in such denominations as determined by the local school board. B. Bond anticipation notes shall mature no later than one year from the date of issuance. The local school board…

Bond anticipation notes shall not be issued: A. unless the general obligation bonds for which bond anticipation notes are contemplated have been authorized at an election as required by Article 9, Section 11 of the constitution of New Mexico; B. in a principal amount in excess of…

After adoption of a resolution authorizing issuance of bond anticipation notes, the local school board shall publish notice of the adoption of the resolution once in a newspaper of general circulation in the school district. After thirty days from the date of publication, any act…

The School District Bond Anticipation Notes Act is an additional and alternative method for obtaining funding for capital projects by a school district and constitutes full authority for the exercise of powers granted to a local school board by that act. Powers conferred by the S…

The School District Bond Anticipation Notes Act shall be liberally construed to effect the purposes of the act. History: Laws 2002, ch. 54, § 9.

payment grant applications; approval of the public school facilities authority; compliance with statewide adequacy standards; state construction and fire standards applicable. A. Except as provided in Subsection F of this section, each local school board or governing body of a ch…

A. No local school board or governing body of a charter school shall construct or cause the construction of any public school building within four hundred feet of any main artery of travel without the prior written approval of the department. B. The district court may enforce the…

The provisions of Chapter 22, Article 20 NMSA 1978 do not apply to public school capital outlay projects subject to the oversight of the public school capital outlay council pursuant to the Public School Capital Outlay Act [Chapter 22, Article 24 NMSA 1978]. History: 1978 Comp., …

to school personnel; exception; penalty. A. A member of the commission, a member of a local school board, a member of the governing body of a charter school, the secretary, an employee of the department or a school employee shall not, directly or indirectly, sell or be a party to…

lists in direct marketing; remedies. A. No person shall sell or use student, faculty or staff lists with personal identifying information obtained from a public school or a local school district for the purpose of marketing goods or services directly to students, faculty or staff…

This act [22-22-1 to 22-22-6 NMSA 1978] may be cited as the "Variable School Calendar Act". History: 1953 Comp., § 77-22-1, enacted by Laws 1972, ch. 16, § 1.

As used in the Variable School Calendar Act, "variable school calendar" means a calendar for school or school district operations extending over a ten, eleven or twelve- month period or portions thereof in excess of nine months, which permits pupil attendance on a staggered sched…

The purpose of the Variable School Calendar Act is to create an opportunity for public schools or school districts to operate beyond a nine-month period in any one calendar year in order to achieve optimum and maximum use of school facilities and personnel. History: 1953 Comp., §…