2016 New Mexico Statutes
Chapter 22 - Public Schools
Article 19 - School Revenue Bonds
Section 22-19-8 - Records; restriction on use of income.
22-19-8. Records; restriction on use of income.
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, interest and service charges on any bonds or other special obligations issued pursuant to the School Revenue Bond Act; and
(2) to pay the operating costs of the income project.
History: 1953 Comp., 77-16-8, enacted by Laws 1967, ch. 16, 247.
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