0001| AN ACT | 0002| RELATING TO PUBLIC SCHOOLS; INCREASING TO FOUR YEARS THE AMOUNT OF TIME | 0003| A PROPERTY TAX MAY BE IMPOSED FOR CAPITAL IMPROVEMENTS IN A SCHOOL | 0004| DISTRICT; AMENDING SECTIONS OF THE PUBLIC SCHOOL CAPITAL IMPROVEMENTS | 0005| ACT. | 0006| | 0007| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0008| Section 1. Section 22-25-3 NMSA 1978 (being Laws 1975 (S.S.), | 0009| Chapter 5, Section 3, as amended) is amended to read: | 0010| "22-25-3. AUTHORIZATION FOR LOCAL SCHOOL BOARD TO SUBMIT QUESTION | 0011| OF CAPITAL IMPROVEMENTS TAX IMPOSITION.--Any local school board may | 0012| adopt a resolution to submit to the qualified electors of the school | 0013| district the question of whether a property tax should be imposed upon | 0014| the net taxable value of property allocated to the school district under | 0015| the Property Tax Code at a rate not to exceed that specified in the | 0016| resolution for the purpose of capital improvements in the school | 0017| district. The resolution shall: | 0018| A. identify the capital improvements for which the revenue | 0019| proposed to be produced will be used; | 0020| B. specify the rate of the proposed tax, which shall not | 0021| exceed two dollars ($2.00) on each one thousand dollars ($1,000) of net | 0022| taxable value of property allocated to the school district under the | 0023| Property Tax Code; | 0024| C. specify the date an election will be held to submit the | 0025| question of imposition of the tax to the qualified electors of the | 0001| district; and | 0002| D. limit the imposition of the proposed tax to no more than | 0003| four property tax years." | 0004| Section 2. Section 22-25-5 NMSA 1978 (being Laws 1975 (S.S.), | 0005| Chapter 5, Section 5, as amended) is amended to read: | 0006| "22-25-5. CONDUCT OF ELECTION--NOTICE--BALLOT.-- | 0007| A. An election on the question of imposing a tax under the | 0008| Public School Capital Improvements Act may be held in conjunction with a | 0009| regular school district election or may be conducted as or held in | 0010| conjunction with a special school district election, but the election | 0011| shall be held prior to July 1 of the property tax year in which the tax | 0012| is proposed to be imposed. Conduct of the election shall be as | 0013| prescribed in the School Election Law for regular and special school | 0014| district elections. | 0015| B. The resolution required to be published as notice of the | 0016| election under Section 1-22-4 or 1-22-5 NMSA 1978 shall include as the | 0017| question to be submitted to the voters whether a property tax at a rate | 0018| not to exceed the rate specified in the authorizing resolution should be | 0019| imposed for the specified number of property tax years not exceeding | 0020| four years upon the net taxable value of all property allocated to the | 0021| school district for the capital improvements specified in the | 0022| authorizing resolution. | 0023| C. The ballot shall include the information specified in | 0024| Subsection B of this section and shall present the voter the choice of | 0025| voting "for the public school capital improvements tax" or "against the | 0001| public school capital improvements tax"." | 0002| Section 3. Section 22-25-8 NMSA 1978 (being Laws 1975 (S.S.), | 0003| Chapter 5, Section 8, as amended) is amended to read: | 0004| "22-25-8. TAX TO BE IMPOSED FOR A MAXIMUM OF FOUR | 0005| YEARS.--A tax imposed in a school district as a result of an election | 0006| under the Public School Capital Improvements Act shall be imposed for | 0007| one, two, three or four years commencing with the property tax year in | 0008| which the election was held. The local school board may discontinue, by | 0009| resolution, the Public School Capital Improvements Act tax levy at the | 0010| end of the first, second or third year of the levy. The local school | 0011| board shall direct that the Public School Capital Improvements Act tax | 0012| levy be decreased by the amount required for any year in which the | 0013| decrease is required by operation of the rate limitation provisions of | 0014| Section 7-37-7.1 NMSA 1978." | 0015| | 0016| HB | 0017| 61 | 0018| Page  |