Section 22-18-1 - General obligation bonds; authority to issue. - New Mexico Statutes

22-18-1. General obligation bonds; authority to issue.

A.     After consideration of the priorities for the school district's capital needs as shown by the facility assessment database maintained by the public school facilities authority and subject to the provisions of Article 9, Section 11 of the constitution of New Mexico and Sections 6-15-1 and 6-15-2 NMSA 1978, a school district may issue general obligation bonds for the purpose of:

(1)     erecting, remodeling, making additions to and furnishing school buildings; 

(2)     purchasing or improving school grounds;

(3)     purchasing computer software and hardware for student use in public schools; 

(4)     providing matching funds for capital outlay projects funded pursuant to the Public School Capital Outlay Act [22-24-1 NMSA 1978]; or

(5)     any combination of these purposes. 

B.     The bonds shall be fully negotiable and constitute negotiable instruments within the meaning and for all purposes of the Uniform Commercial Code [55-1-101 NMSA 1978].