A. Prior to issuing bonds to finance a housing project, a local school board shall furnish to the state board [department] the following information:
(1) a detailed description of the housing project;
(2) an explanation of the necessity for the housing project;
(3) an estimate of the total cost of the housing project;
(4) an estimate of the net income from the housing project and other revenues that will be pledged to pay for the housing project; and
(5) an estimate of the yearly operating cost of the housing project.
B. A local school board shall obtain written approval of the state board [department] before it issues bonds to finance a housing project pursuant to the Teacher Housing Revenue Bond Act.
C. Prior to giving written approval to a housing project, the state board [department] shall determine that the housing project is necessary and that estimated pledgeable revenue pledged to the bonds is sufficient to repay the bonds.
History: Laws 2002, ch. 22, § 5.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Laws 2004, ch. 25, § 27, provided that all references to the superintendent of public instruction shall be deemed references to the secretary of public education and all references to the former state board of education or state department of education shall be deemed references to the public education department. See 9-24-15 NMSA 1978.