New Mexico Statutes 22-18C-3. Qualified school construction bonds; designation; terms;
sale.
Terms Used In New Mexico Statutes 22-18C-3
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
A. The state or a school district that has been authorized to issue bonds may designate all or any part of the bonds as qualified school construction bonds if:
(1) one hundred percent of the available project proceeds from the issuance of the bonds are to be used for:
(a) the construction, rehabilitation or repair of a qualifying school facility; (b) the acquisition of land on which such a facility is to be constructed with part of the proceeds; or
(c) the acquisition of equipment to be used in the portion of the qualifying school facility that is being constructed, rehabilitated or repaired with the proceeds;
(2) the bonds are issued by the state or a school district within the jurisdiction of which the qualifying school is located; and
(3) the issuer is:
(a) a school district to which a direct allocation is made pursuant to section 1521 of the federal American Recovery and Reinvestment Act of 2009 and the amount of the bonds designated as qualified school construction bonds does not exceed the direct allocation; or
(b) the state or a school district that has received an allocation distribution from the council pursuant to Section 22-18C-4 N.M. Stat. Ann..
B. Notwithstanding any law requiring bonds to be sold at a public sale or at not less than par, qualified school construction bonds may be sold at a public or private sale to the state, the New Mexico finance authority or any other purchaser and may be sold at par, or at less than or greater than par.
C. In addition to any other requirement of law applicable to the term of the bonds, qualified school construction bonds shall not be issued for a term longer than the term fixed pursuant to the Internal Revenue Code of 1986, as amended, and applicable state law.