Chapter 22, Article 25 NMSA 1978 may be cited as the “Public School Capital Improvements Act”. History: 1953 Comp., § 77-25-1, enacted by Laws 1975 (S.S.), ch. 5, § 1; 2007, ch. 366, § 12. ANNOTATIONS Cross references. — For public school finances generally, see 22-8-1 NMSA 1978 et seq. For public school emergency capital […]
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
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 […]
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 […]
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 […]
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, […]
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 […]
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 […]
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 […]
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 […]
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 […]
