{"data":{"id":"us-nm/22-18b-3","jurisdiction":"us-nm","citation":"22-18B-3","heading":"Definitions.","body":"As used in the Qualified School Bonds Act:\nA. \"allocation\" means New Mexico's allocation of the national zone academy bond limitation pursuant to Section 1397E(e)(2) of the Internal Revenue Code of 1986;\nB. \"council\" means the public school capital outlay council;\nC. \"eligible taxpayer\" means an entity that qualifies as an eligible taxpayer under Section 1397E(d)(6) of the Internal Revenue Code of 1986 and includes a bank, insurance company or corporation actively engaged in the business of lending money;\nD. \"qualified contribution\" means a contribution meeting the requirements of Section 1397E(d)(2) of the Internal Revenue Code of 1986, from a private entity to the qualifying school and includes:\n(1) equipment for use in the qualifying school, including state-of-the-art technology and vocational equipment;\n(2) technical assistance in developing curriculum or in training teachers in order to promote appropriate market-driven technology in the classroom;\n(3) services of employees as volunteer mentors;\n(4) internships, field trips or other educational opportunities outside the qualifying school for students; and\n(5) any other property or service specified by the governing body of the qualifying school;\nE. \"qualified school bond\" means a bond issued by the state or a political subdivision of the state that meets all of the requirements of Section 4 [22-18B-4 NMSA 1978] of the Qualified School Bonds Act and the requirements for a qualified zone academy bond pursuant to Section 1397E(d)(1) of the Internal Revenue Code of 1986;\nF. \"qualified purpose\" means a purpose of a bond issue that meets the requirements of Section 1397E(d)(5) of the Internal Revenue Code of 1986 and Article 9, Section 11 of the constitution of New Mexico; and\nG. \"qualifying school\" means a public school, a New Mexico state educational institution providing education or training below the post-secondary level or a program within such a public school or educational institution and which school, institution or program meets the requirements for a qualified zone academy pursuant to Section 1397E(d)(4) of the Internal Revenue Code of 1986.","path":["Chapter 22 - Public Schools","ARTICLE 18B Qualified School Bonds"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18522/index.do","current_through":"2026-07-01","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"27e4ae16d2ccad8d1f32539bd1eb111234a0893736dada34b7c498d8b05a9ef9","source_id":"us-nm","stale":false,"prev":"us-nm/22-18b-2","next":"us-nm/22-18b-4"},"notice":"GroundRules: Original legal text. Not legal advice."}