New Mexico Statutes Chapter 22. Public Schools § 22-19A-5. Report to state board [department]; state board approval

A. Prior to issuing bonds to finance a housing project, a local school board shall furnish to the state board [department] the following information:

B. A local school board shall obtain written approval of the state board [department] before it issues bonds to finance a housing project pursuant to the Teacher Housing Revenue Bond Act.

C. Prior to giving written approval to a housing project, the state board [department] shall determine that the housing project is necessary and that estimated pledgeable revenue pledged to the bonds is sufficient to repay the bonds.