New Mexico § 22-18-12 Budgetary provisions; payment of principal and interest

New Mexico Statutes

§ 22-18-12 — Budgetary provisions; payment of principal and interest

New Mexico § 22-18-12

Ch. 22Public Schools

Art. 18General Obligation Bonds of School Districts

This text of New Mexico § 22-18-12 (Budgetary provisions; payment of principal and interest) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 22-18-12 (2026).

Text

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 credit of a school district shall be pledged to the payment of the principal and interest on general obligation bonds issued by the school district.

C.The board of county commissioners shall levy and collect upon all taxable property within a school district in the county such tax as is necessary to pay the interest and principal on general obligation bonds issued by the school district as the interest and principal become due, without limitation as to rate or amount.

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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 credit of a school district shall be pledged to the payment of the principal and interest on general obligation bonds issued by the school district. C. The board of county commissioners shall levy and collect upon all taxable property within a school district in the county such tax as is necessary to pay the interest and principal on general obligation bonds issued by the school district as the interest and principal become due, without limitation as to rate or amount.