New Mexico Statutes 22-18-1. General obligation bonds; authority to issue
A. After consideration of the priorities for the school district’s capital needs as shown by the facility assessment database maintained by the public school facilities authority and subject to the provisions of Article 9, § 11 of the constitution of New Mexico and Sections 6-15-1 and 6-15-2 N.M. Stat. Ann., a school district may issue general obligation bonds for the purpose of:
Terms Used In New Mexico Statutes 22-18-1
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
(1) erecting, remodeling, making additions to and furnishing school buildings, including teacher housing;
(2) purchasing or improving school grounds;
(3) purchasing computer software and hardware for student use in public schools;
(4) providing matching funds for capital outlay projects funded pursuant to the Public School Capital Outlay Act [N.M. Stat. Ann. Chapter 22, Article 24]; or
(5) any combination of these purposes.
B. The bonds shall be fully negotiable and constitute negotiable instruments within the meaning and for all purposes of the Uniform Commercial Code [N.M. Stat. Ann. Chapter 55].