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

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

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.