Section 22-19-6 - Report to state board [department].

NM Stat § 22-19-6 (2019) (N/A)

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Prior to borrowing any money to finance an income project, a local school board shall furnish to the state board [department] the following information:

A. a detailed description of the income project;

B. an explanation of the necessity for the income project;

C. an estimate of the total cost of the income project;

D. an estimate of the amount of income anticipated from the income project;

E. an estimate of the amount of income from existing buildings, improvements or facilities that will be pledged to pay for the income project;

F. an estimate of the yearly operating cost of the income project; and

G. an estimate of the anticipated yearly net income from the income project.

History: 1953 Comp., § 77-16-6, enacted by Laws 1967, ch. 16, § 245.

Bracketed 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.

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Section 22-19-5 - Determination by local school board.

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Section 22-19-7 - State board [department] approval; determination by state board.