HOUSE BILL 719

49th legislature - STATE OF NEW MEXICO - first session, 2009

INTRODUCED BY

Thomas A. Garcia

AN ACT

RELATING TO PUBLIC SCHOOL FINANCE; CLARIFYING THE DUTIES OF THE PUBLIC EDUCATION DEPARTMENT CONCERNING PROPOSED SCHOOL DISTRICT GENERAL OBLIGATION BONDS.

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

     Section 1. Section 6-15-1 NMSA 1978 (being Laws 1925, Chapter 131, Section 1, as amended) is amended to read:

     "6-15-1. BONDS PAYABLE FROM AD VALOREM TAXES--NOTICE OF PROPOSED ISSUANCE.--When any county, city, town, village or school district of the state shall have in contemplation the issuance of any bonds payable in whole or in part from ad valorem taxes, the governing authority thereof shall, before initiating any proceedings for such issue, forward a notice of the proposal in writing to the local government division [or public school finance division] of the department of finance and administration [a notice of such proposal in writing] or, in the case of school district bonds, to the public education department."

     Section 2. Section 6-15-2 NMSA 1978 (being Laws 1925, Chapter 131, Section 2, as amended) is amended to read:

     "6-15-2. BOND ISSUES--LOCAL GOVERNMENT DIVISION [OR PUBLIC SCHOOL FINANCE DIVISION] OF THE DEPARTMENT OF FINANCE AND ADMINISTRATION OR PUBLIC EDUCATION DEPARTMENT TO FURNISH INFORMATION--TRANSCRIPTS OF PROCEEDINGS--DISPOSITION.--It [shall be] is the duty of the local government division [or public school finance division] of the department of finance and administration or, in the case of school district bonds, the public education department, upon the receipt of the notice mentioned in Section [1 hereof] 6-15-1 NMSA 1978, to furnish [such] the governing authorities with all necessary information with reference to the valuation, present outstanding bonded indebtedness, limitations as to tax rates and debt contracting power and [such] other information as may be useful to [such] the governing authorities and to the voters of [such] the county, city, town, village or school district in the consideration of any proposal to issue bonds. Upon the adoption of a bond issue as provided by law by a county, city, town, village or school district, the governing authorities thereof shall prepare a true and complete transcript of proceedings [also] and three exact copies of [such] the transcript of the proceedings had in connection with [such] the bond issue. One copy of the transcript of the proceedings shall be immediately filed with the local government division [or public school finance division] of the department of finance and administration or the public education department, one kept by the governing authorities and one copy to be furnished to the officer approving the bond issue as to its legality as provided by law."

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