Section 22-26A-7 – Payments under lease purchase arrangements.
A school district or charter school may apply any legally available funds to acquire or improve buildings or other real property subject to a lease purchase arrangement or to the payments due under a lease purchase arrangement, including any combination of: A. money from the school district’s or charter school’s general fund; B. investment income […]
Section 22-26A-8 – Authorization for local school board to submit question of lease purchase tax.
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 at a rate not to exceed the rate specified in the resolution should be imposed upon the net taxable value of property allocated to the school district under the Property […]
Section 22-26A-9 – Authorizing resolution; time limitation.
The resolution authorized under Section 8 [22-26A-8 NMSA 1978] of the Public School Lease Purchase Act shall be adopted no later than May 15 in the year in which the tax is proposed to be imposed. History: Laws 2007, ch. 173, § 9. ANNOTATIONS Effective dates. — Laws 2007, ch. 173 contained no effective date […]
Section 22-26-7 – Imposition of tax; limitations.
If as a result of an election held in accordance with the Public School Buildings 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 directs that the tax levy not be made for […]
Section 22-26-8 – 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 Buildings Act shall be imposed for one, two, three, four, five or six years. The local school board may direct that such levy be decreased or not made for any year if, in its judgment, the total levy […]
Section 22-26-9 – Charter schools; receipt of local property tax revenue.
If the qualified electors of a school district have voted in favor of the imposition of a property tax as provided in Section 22-26-3 NMSA 1978, the amount of tax revenue to be distributed to each charter school that was included in the resolution shall be determined each year and shall be in the same […]
Section 22-26-10 – 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 distribution of property taxes pursuant to the Public School Buildings Act during the next calendar year shall submit a report to the department and its chartering authority showing the purposes for which the expected distribution will […]
Section 22-26-1 – Short title.
Chapter 22, Article 26 NMSA 1978 may be cited as the “Public School Buildings Act”. History: Laws 1983, ch. 163, § 1; 2007, ch. 366, § 18. ANNOTATIONS The 2007 amendment, effective July 1, 2007, changed the statutory reference to the act. For article, “No Cake For Zuni: The Constitutionality of New Mexico’s Public School […]
Section 22-26-2 – Definition.
As used in the Public School Buildings Act, “capital improvements” means expenditures, including payments made with respect to lease-purchase arrangements as defined in the Education Technology Equipment Act [Chapter 6, Article 15A NMSA 1978] but excluding any other debt service expenses, for: A. erecting, remodeling, making additions to, providing equipment for or furnishing public school […]
Section 22-26-3 – 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 at a rate not to exceed the rate specified in the resolution should be imposed upon the net taxable value of property allocated to the school district under the […]