As used in the Teacher Housing Revenue Bond Act:
A. "bonds" means teacher housing revenue bonds;
B. "federal payment" means a payment, grant, subsidy, contribution or other money from the United States or any of its agencies or instrumentalities that is not otherwise restricted as to use and that the federal government allows to be pledged or used to pay debt service on bonds; provided that for federal forest reserve or P.L. 874 funds, "federal payment" means that portion of the funds for which the state does not take credit for the state equalization guarantee pursuant to Section 22-8-25 NMSA 1978;
C. "housing project" means a residential housing facility for teachers, including land and land improvements;
D. "net income from the housing project" means all income derived from a housing project less the operating costs of the housing project;
E. "operating costs" means expenses of operating, maintaining and keeping in repair a housing project, including the cost of utilities, insurance, service employees and equipment replacement; and
F. "pledgeable revenue" means net income from the housing project and federal payments.
History: Laws 2002, ch. 22, § 2.
Cross references. — For receipt and distribution of federal forest reserve funds, see 6-11-2 and 6-11-3 NMSA 1978.
For PL 874 funds, see 20 USCS § 7701 et seq.
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