State Codes and Statutes
Statutes > New-mexico > Chapter-22 > Article-19 > Section-22-19-822-19-8. 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.
