New Mexico § 22-19A-6 Records; restriction on use of income

New Mexico Statutes

§ 22-19A-6 — Records; restriction on use of income

New Mexico § 22-19A-6

Ch. 22Public Schools

Art. 19ATeacher Housing Revenue Bond

This text of New Mexico § 22-19A-6 (Records; restriction on use of income) 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. § 22-19A-6 (2026).

Text

A. A local school board shall retain complete and accurate records of:

(1)the net income from the housing project;

(2)receipt and amount of federal payments pledged to the repayment of the bonds; and (3) the operating costs of the housing project. B. Pledgeable revenue that is pledged to the repayment of bonds shall first be used to pay the principal, interest and service charges on the bonds issued pursuant to the Teacher Housing Revenue Bond Act and to fund a debt service reserve fund, if applicable.

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A. A local school board shall retain complete and accurate records of: (1) the net income from the housing project; (2) receipt and amount of federal payments pledged to the repayment of the bonds; and (3) the operating costs of the housing project. B. Pledgeable revenue that is pledged to the repayment of bonds shall first be used to pay the principal, interest and service charges on the bonds issued pursuant to the Teacher Housing Revenue Bond Act and to fund a debt service reserve fund, if applicable.