Chapter 6 — Chapter 6

Upon the surrender of any bonds refunded under the provisions of this act [6-15-11 to 6-15-19 NMSA 1978], there shall be entered on the records of the governing body to whom surrendered the fact of such surrender and the number, amount, date and character of the bonds so surrende…

The term "municipality" shall mean any incorporated city, town, or village in this state, whether the same shall have been incorporated by special character [charter] or under the general laws of this state. The term "school district" shall mean and include all municipal independ…

of finance and administration or public education department to furnish information; transcripts of proceedings; disposition. It is the duty of the local government division of the department of finance and administration or the public education department, upon the receipt of th…

A. The proceeds derived from the issuance of any refunding bonds under the provisions of Sections 6-15-11 through 6-15-22 NMSA 1978, shall first be either immediately applied to the payment, or redemption and retirement of the bonds to be refunded and the cost and expense inciden…

In order to provide for the payment of maturing principal and interest, or call premium if any, on any of its general obligation or general obligation refunding bonds a county, municipality or school district may contribute any available money to aid in the purchase of securities…

A. Any bonds authorized pursuant to Sections 6-6-7 to 6-6-18 and 6-15-1 to 6-15-22 NMSA 1978 may be secured by a sinking fund which may be created by resolution or ordinance of the governing body either at or prior to the issuance of such bonds. The resolution or ordinance creati…

History: 1953 Comp., § 11-6-35, enacted by Laws 1970, ch. 6, § 1; 1978 Comp., § 6- 15-23, repealed by Laws 2019, ch. 212, § 284.

History: 1953 Comp., § 11-6-36, enacted by Laws 1970, ch. 6, § 2; 1971, ch. 132, § 1; 1978 Comp., § 6-15-24, repealed by Laws 2019, ch. 212, § 284.

History: 1953 Comp., § 11-6-37, enacted by Laws 1970, ch. 6, § 3; 1971, ch. 132, § 2; 1978 Comp., § 6-15-25, repealed by Laws 2019, ch. 212, § 284.

History: 1953 Comp., § 11-6-38, enacted by Laws 1971, ch. 132, § 3; 1975, ch. 36, § 1; 1985, ch. 208, § 120; 2018, ch. 79, § 75; 1978 Comp., § 6-15-26, repealed by Laws 2019, ch. 212, § 284.

History: 1953 Comp., § 11-6-39, enacted by Laws 1970, ch. 6, § 5; 1978 Comp., § 6- 15-27, repealed by Laws 2019, ch. 212, § 284.

History: 1953 Comp., § 11-6-40, enacted by Laws 1970, ch. 6, § 6; 1971, ch. 132, § 4; 1978 Comp., § 6-15-28, repealed by Laws 2019, ch. 212, § 284.

A. Hereafter all general obligation bonds, except refunding bonds, issued under lawful authority by any county, city, town, village or school district shall be issued in accordance with the provisions of Sections 6-15-3 through 6-15-8 NMSA 1978. As used in Sections 6-15-3 through…

The officials now or hereafter charged by law with the duty of levying general (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 annual or semiannual payments of principal and interest on the …

A. All of the bonds shall be offered and sold at public sale pursuant to this section or at a negotiated sale on terms determined by the municipal corporation. B. Bonds maturing in less than thirty days may be sold at private sale to the state at the price and upon such terms and…

If a bid be accepted the deposits of all other bidders shall be thereupon returned; if all bids be rejected, then all deposits shall be returned forthwith. History: Laws 1929, ch. 201, § 4; C.S. 1929, § 16-104; 1941 Comp., § 7-619; 1953 Comp., § 11-6-18.

Bonds issued hereunder shall never be issued to run for a longer period than twenty years from the date of the bonds. History: Laws 1929, ch. 201, § 5; C.S. 1929, § 16-105; 1941 Comp., § 7-620; 1953 Comp., § 11-6-19; Laws 1973, ch. 393, § 4.

8 NMSA 1978 defined.] The term municipal corporation shall, for the purpose of this act [6-15-3 to 6-15-8 NMSA 1978], be construed to mean county, incorporated city, incorporated town, incorporated village or school district. History: Laws 1929, ch. 201, § 7; C.S. 1929, § 16-107;…

exceptions. Bonds shall not be issued or sold by a school district, county or municipality after the expiration of four years from the date of the election authorizing the issue, except for the purpose of refunding previous bond issues or in payment of judgments. The bonds may be…

Chapter 6, Article 15A NMSA 1978 may be cited as the "Education Technology Equipment Act". History: Laws 1997, ch. 193, § 1; 2015, ch. 68, § 1.

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 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 ar…

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…

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…

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 …

The Education Technology Equipment Act, being necessary for the welfare of the state and its inhabitants, shall be liberally construed to the effect of the purposes of the act. History: Laws 1997, ch. 193, § 15.

If any part or application of the Education Technology Equipment Act is held invalid, the remainder or its application to other circumstances shall not be affected. History: Laws 1997, ch. 193, § 16.

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 eq…

The purpose of the Education Technology Equipment Act is to implement the provision of Article IX, Section 11 of the constitution of New Mexico, as approved by the voters of the state of New Mexico at the general election held in November, 1996, which declares that a school distr…

As used in the Education Technology Equipment Act: A. "debt" means an obligation payable from ad valorem property tax revenues or the general fund of a school district and that may be secured by the full faith and credit of a school district and a pledge of its taxing powers; B. …

When a school district contemplates entering into a lease-purchase arrangement payable in whole or in part from ad valorem taxes, the local school board, before initiating any proceedings for approval of such lease-purchase arrangement, shall forward to the school budget planning…

public education to furnish information, transcripts of proceedings and disposition. The school budget planning unit of the state department of public education, upon the receipt of the notice mentioned in Section 4 [6-15A-4 NMSA 1978] of the Education Technology Equipment Act sh…

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 arrange…

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]…

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 f…

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 requ…

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.

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 dist…

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 authoriz…

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 …

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.

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 …

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…

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; 1…

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 a…

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 i…

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…

A. Any board of education or board of regents issuing bonds under Chapter 73, Article 29 NMSA 1953 may, in addition to the revenues from the buildings and facilities erected or purchased under authority of Sections 6-17-1 through 6-17-13 NMSA 1978, pledge as security for the bond…

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…

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 val…