Section 22-25-2 – Definitions.
As used in the Public School Capital Improvements Act: A. “program unit” means the product of the program element multiplied by the applicable cost differential factor, as defined in Section 22-8-2 NMSA 1978; and B. “capital improvements” means expenditures, including payments made with respect to lease-purchase arrangements as defined in the Education Technology Equipment Act […]
Section 22-25-3 – Authorization for local school board to submit question of capital improvements tax imposition.
A. A local school board may adopt a resolution to submit to the qualified electors of the school district the question of whether a property tax should be imposed upon the net taxable value of property allocated to the school district under the Property Tax Code [Chapter 7, Articles 35 to 38 NMSA 1978] at […]
Section 22-25-4 – Authorizing resolution; time limitation.
The resolution authorized under Section 22-25-3 NMSA 1978 shall be adopted within the time frames required by the Election Code [Chapter 1 NMSA 1978] and pursuant to the requirements of the property tax division of the taxation and revenue department. History: 1953 Comp., § 77-25-4, enacted by Laws 1975 (S.S.), ch. 5, § 4; 2019, […]
Section 22-25-5 – Conduct of election; notice; ballot.
A. An election on the question of imposing a tax under the Public School Capital Improvements Act shall be conducted as prescribed in the Local Election Act [Chapter 1, Article 22 NMSA 1978]. B. The proclamation authorizing the ballot question or calling for a special election shall include as the question to be submitted to […]
Section 22-25-6 – Election results; canvass; certification.
The canvass and certification of the results of an election held on the question of imposition of a public school capital improvements tax shall be as prescribed in the Local Election Act [Chapter 1, Article 22 NMSA 1978] and in addition to the reporting of results as required by the Election Code [Chapter 1, NMSA […]
Section 22-25-7 – Imposition of tax; limitation on expenditures.
A. If as a result of an election held in accordance with the Public School Capital Improvements Act a majority of the qualified electors voting on the question votes in favor of the imposition of the tax, the tax rate shall be certified, unless the local school board requests by resolution that a rate be […]
Section 22-25-8 – Tax to be imposed for a maximum of six years.
A tax imposed in a school district as a result of an election under the Public School Capital Improvements Act shall be imposed for a specified number of property tax years not exceeding six years. The local school board may discontinue, by resolution, the Public School Capital Improvements Act tax levy at the end of […]
Section 22-25-9 – State distribution to school district imposing tax under certain circumstances.
A. Except as provided in Subsection C or G of this section, the secretary shall distribute to any school district that has imposed a tax under the Public School Capital Improvements Act an amount from the public school capital improvements fund that is equal to the amount by which the revenue estimated to be received […]
Section 22-25-10 – Public school capital improvements fund created.
There is created a “public school capital improvements fund.” Balances in the fund remaining at the end of a fiscal year shall not revert. History: 1953 Comp., § 77-25-10, enacted by Laws 1975 (S.S.), ch. 5, § 10; 1976 (S.S.), ch. 31, § 3. ANNOTATIONS
Section 22-25-11 – Expenditures by charter schools; reports to department.
A. No later than December 1 of each year, each locally chartered or state-chartered charter school that expects a state distribution or a distribution of property taxes pursuant to the Public School Capital Improvements Act during the next calendar year shall submit a report to the department and its chartering authority showing the purposes for […]