Section 22-19-8 - Records; restriction on use of income. - New Mexico Statutes

22-19-8. Records; restriction on use of income.

A.     A local school board shall retain complete and accurate records of:   

(1)     the net income from the income project; and   

(2)     the operating costs of the income project.   

B.     All income from the income project shall be used solely for the following purposes:   

(1)     to pay the principal, interest and service charges on any bonds or other special obligations issued pursuant to the School Revenue Bond Act [22-19-1 NMSA 1978]; and   

(2)     to pay the operating costs of the income project.