{"data":{"id":"us-nm/22-19a-5","jurisdiction":"us-nm","citation":"22-19A-5","heading":"Report to state board [department]; state board approval.","body":"A. Prior to issuing bonds to finance a housing project, a local school board shall furnish to the state board [department] the following information:\n(1) a detailed description of the housing project;\n(2) an explanation of the necessity for the housing project;\n(3) an estimate of the total cost of the housing project;\n(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\n(5) an estimate of the yearly operating cost of the housing project.\nB. 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.\nC. 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.","path":["Chapter 22 - Public Schools","ARTICLE 19A Teacher Housing Revenue Bond"],"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":"e92aa12303f7b429696ea2388302e9daad386d240aced48bdd8c05fd1c5e1969","source_id":"us-nm","stale":false,"prev":"us-nm/22-19a-4","next":"us-nm/22-19a-6"},"notice":"GroundRules: Original legal text. Not legal advice."}