Chapter 22 — Chapter 22

No action concerning any question placed on the ballot at a bond election shall be maintained in the district court unless the action is filed within ten days after the publication of the certificate of results of the bond election by the superintendent of schools. History: 1953 …

A. General obligation bonds of a school district shall be issued and sold pursuant to the provisions of Sections 6-15-3 through 6-15-10 NMSA 1978. B. Except as is otherwise provided by law, general obligation bonds issued by a school district shall be of the denomination or denom…

A. A local school board shall establish adequate budgetary provisions, approved by the public school finance division [secretary], to promptly pay, as it becomes due, all principal and interest on general obligation bonds issued by the school district. B. The full faith and credi…

A. Whenever a paying agent has not received payment of principal or interest on school district general obligation bonds on the business day immediately prior to the date on which the payment is due, the paying agent shall so notify the department of finance and administration, t…

elections. A. Before any general obligation bonds are issued, a local school board of a school district shall submit to a vote of the qualified electors of the school district the question of creating a debt by issuing the bonds, and a majority of those persons voting on the ques…

ANNOTATIONS Repeals. — Laws 2001, ch. 61, § 3 repealed 22-18-3 NMSA 1978, as enacted by Laws 1967, ch. 16, § 230, relating to giving the public notice of bond elections and provisions for publications concerning bond elections, effective June 15, 2001. For provisions of former se…

A. A person is required to be a qualified elector to vote in a bond election in a school district. B. Bond elections in a school district shall be conducted pursuant to the Local Election Act [Chapter 1, Article 22 NMSA 1978]. History: 1953 Comp., § 77-15-4, enacted by Laws 1967,…

A. The question on the ballot of creating a debt by issuing general obligation bonds shall state the purpose or purposes for which the bonds are to be issued and the amount of the bond issue. Two or more separate questions may be submitted to the voters at a bond election, in whi…

ANNOTATIONS Repeals. — Laws 2001, ch. 61, § 3 repealed 22-18-6 NMSA 1978, as enacted by Laws 1967, ch. 16, § 233, regarding the authority of local school boards to issue bonds, effective June 15, 2001. For provisions of former section, see the 2000 NMSA 1978 on NMOneSource.com.

If a majority of those persons voting on a question submitted to the voters in a bond election vote for creating a debt by issuing general obligation bonds, the local school board may, subject to the approval of the attorney general, proceed to issue the bonds. History: 1953 Comp…

In the event a majority of those persons voting on a question submitted to the voters in a bond election votes against creating a debt by issuing general obligation bonds, no bond election shall be held on the same question for a period of two years from the date of the bond elec…

No issue of bonds shall be valid or binding on any school district unless prior to the issuance of the bonds the attorney general approves the bond issue as to form and legality. The written approval of the attorney general shall be made a part of the transcript of the proceeding…

Sections 1 through 4 [22-18A-1 to 22-18A-4 NMSA 1978] of this act may be cited as the "School District Loan Act". History: Laws 1989, ch. 134, § 1.

The purpose of the School District Loan Act is to provide school districts with financial assistance to make payment of principal and interest due on outstanding school district general obligation indebtedness. History: Laws 1989, ch. 134, § 2.

A. There is created in the state treasury a revolving loan fund to be known as the "public school district general obligation bonds loan fund". The fund is established as an additional source for payments of principal and interest due on public school district general obligation …

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 dep…

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 p…

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.

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 populate…

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 ta…

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 us…

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. ARTICL…

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…