2016 New Mexico Statutes
Chapter 22 - Public Schools
Article 19 - School Revenue Bonds
Section 22-19-7 - State board department approval; determination by state board.
22-19-7. State board [department] approval; determination by state 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 Revenue Bond Act.
B. Prior to giving written approval to an income project, the state board [department] shall determine that the income project is necessary and that sufficient income will be produced by the income project to repay all money borrowed and to discharge any bonds or other special obligations issued for the repayment of the money borrowed.
History: 1953 Comp., 77-16-7, enacted by Laws 1967, ch. 16, 246.
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