SENATE JOINT RESOLUTION 10

46th legislature - STATE OF NEW MEXICO - second session, 2004

INTRODUCED BY

Mark Boitano

A JOINT RESOLUTION

PROPOSING AN AMENDMENT TO ARTICLE 9, SECTION 11 OF THE CONSTITUTION OF NEW MEXICO TO ALLOW THE QUALIFIED ELECTORS OF A SCHOOL DISTRICT TO APPROVE LEASE-PURCHASE AGREEMENTS FOR CHARTER SCHOOL FACILITIES AND EXCEPTING THOSE AGREEMENTS FROM THE DEBT LIMITATION OF THE SCHOOL DISTRICT.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. It is proposed to amend Article 9, Section 11 of the constitution of New Mexico to read:

          "A. Except as provided in Subsection C of this section, no school district shall borrow money except for the purpose of erecting, remodeling, making additions to and furnishing school buildings or purchasing or improving school grounds or any combination of these purposes, and in such cases only when the proposition to create the debt has been submitted to a vote of such qualified electors of the district [as are owners of real estate within the school district] and a majority of those voting on the question has voted in favor of creating such debt.

          B. Except as provided in Subsection D of this section, no school district shall ever become indebted in an amount exceeding six percent on the assessed valuation of the taxable property within the school district as shown by the preceding general assessment.

          C. A school district may create a debt by entering into a lease-purchase arrangement to acquire education technology equipment without submitting the proposition to a vote of the qualified electors of the district, but any debt created is subject to the limitation of Subsection B of this section.

          D. A school district may create a debt by entering into a lease-purchase agreement to acquire classrooms and other necessary facilities for charter schools in the district by submitting the proposition to a vote of the qualified electors of the district; provided that any debt created by the lease-purchase agreement is not subject to the limitation of Subsection B of this section."

     Section 2. The amendment proposed by this resolution shall be submitted to the people for their approval or rejection at the next general election or at any special election prior to that date that may be called for that purpose.

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