N.M. Admin. Code § 6.20.5.10 - REPAYMENT PROCEDURES
A. The
loan shall be made for a period of time not to exceed five years with an annual
interest rate to be the lesser of five (5) percent or a rate of interest
determined by the public education department comply with federal arbitrage
requirements.
B. The loan shall be
repaid in annual installments as determined by the public education department
in consultation with the department of finance and administration.
C. Notwithstanding, the provisions of
Subsections A and B of
6.20.5.10 NMAC, loans made to a
public school district to meet its general obligation indebtedness due to late
or delayed receipts of ad valorem taxes shall be repaid within ten (10) working
days following receipt of these taxes in order to reduce interest
expenses.
Notes
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