Section 22-28-4 – School bus advertising fund.
The “school bus advertising fund” is created in the state treasury and shall be administered by the department of education [public education department]. The fund shall consist of money raised pursuant to this act. Balances in the fund at the end of any fiscal year shall not revert to the general fund. Income from investment […]
Section 22-28-5 – Distribution.
A. Funds raised from commercial advertisement shall be distributed from the school bus advertising fund after the required payment is made to school bus private owners. B. Sixty percent of the proceeds raised shall be distributed to each school district to use in accordance with the school district’s technology plan in amounts proportionate to the […]
Section 22-28-6 – Accountability.
Funds raised by a school district from lease agreements relating to the use of advertising space on school buses by commercial advertisers shall be fully accounted for and subject to review and examination by the department of education [public education department]. History: Laws 1997, ch. 233, § 8. ANNOTATIONS Bracketed material. — The bracketed material […]
Section 22-26A-17 – Tax exemption.
The state covenants with the original holder and all subsequent holders and transferees of lease purchase arrangements entered into by governing bodies, in consideration of the acceptance of and payment for the lease purchase arrangements entered into pursuant to the Public School Lease Purchase Act, that lease purchase arrangements, certificates of participation and other partial […]
Section 22-26A-18 – Cumulative and complete authority.
The Public School Lease Purchase Act shall be deemed to provide an additional and alternative method for acquiring buildings and other real property authorized thereby and shall be regarded as supplemental and additional to powers conferred by other laws and shall not be regarded as a derogation of any powers now existing. The Public School […]
Section 22-26A-19 – Repealed.
History: Laws 2007, ch. 173, § 19; 2009, ch. 132, § 14; repealed by Laws 2015, ch. 106, § 11. ANNOTATIONS Repeals. — Laws 2015, ch. 106, § 11 repealed 22-26A-19 NMSA 1978, as enacted by Laws 2007, ch. 173, § 19, relating to lease purchase arrangements for charter schools, effective July 1, 2015. For […]
Section 22-26A-10 – Conduct of election; notice; ballot.
A. An election on the question of imposing a tax under Sections 22-26A-8 through 22-26A-12 NMSA 1978 shall be held as prescribed in the Local Election Act [Chapter 1, Article 22 NMSA 1978]. B. The resolution required to be published as notice of the election under Section 1-22-11 NMSA 1978 [repealed] shall include as the […]
Section 22-26A-11 – Election results; certification.
The certification of the results of an election held on the question of imposition of a lease purchase tax shall be made in accordance with the Local Election Act [Chapter 1, Article 22 NMSA 1978], and a copy of the certificate of results shall be mailed immediately to the secretary. History: Laws 2007, ch. 173, […]
Section 22-26A-12 – Imposition of tax; limitations.
If as a result of an election held in accordance with Sections 22-26A-8 through 22-26A-11 NMSA 1978 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 directs that the tax levy not be made […]
Section 22-26A-13 – Publication of notice; validation.
A. After adoption of a resolution approving a lease purchase arrangement, the governing body shall publish notice of the adoption of the resolution once in a newspaper of general circulation in the school district in which the governing body’s school is located. B. After the passage of thirty days from the publication required by Subsection […]