New Mexico § 22-19-8 Records; restriction on use of income

New Mexico Statutes

§ 22-19-8 — Records; restriction on use of income

New Mexico·Ch. 22 Public Schools·Art. 19 School Revenue Bonds

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.

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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.

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