New Mexico Administrative Code
Title 6 - PRIMARY AND SECONDARY EDUCATION
Chapter 20 - PUBLIC SCHOOL FINANCE - BUDGETING AND ACCOUNTING
Part 5 - PROCEDURES FOR PROVIDING PUBLIC SCHOOL DISTRICTS WITH FINANCIAL ASSISTANCE REGARDING GENERAL OBLIGATION INDEBTEDNESS
Section 6.20.5.8 - FINANCIAL CRITERIA

Universal Citation: 6 NM Admin Code 6.20.5.8
Current through Register Vol. 35, No. 18, September 24, 2024

If it is determined by the public education department and the department of finance and administration that there are insufficient ad valorem taxes or other public school district revenues to meet a payment of principal or interest due on public school district general obligation indebtedness or to meet any other obligation arising in connection with that indebtedness lawfully payable from ad valorem taxes, or that the receipt of ad valorem taxes or other revenues to be used to make any such payment will be delayed and not available to make the payment when due, the public education department and the department of finance and administration may request the state board of finance to direct a temporary transfer of a sufficient amount of money to the public school district general obligation loan fund so that the payment becoming due may be made and a default avoided.

Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.