44th legislature - STATE OF NEW MEXICO - second session, 2000

RELATING TO PUBLIC SCHOOLS; AMENDING THE PUBLIC SCHOOL CAPITAL IMPROVEMENTS ACT TO INCREASE THE DOLLAR MULTIPLIER FOR DISTRIBUTION TO CERTAIN SCHOOL DISTRICTS.

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

Section 1. Section 22-25-9 NMSA 1978 (being Laws 1975 (S.S.), Chapter 5, Section 9, as amended by Laws 1988, Chapter 64, Section 44 and also by Laws 1988, Chapter 66, Section 2) is amended to read:

"22-25-9. STATE DISTRIBUTION TO DISTRICT IMPOSING TAX UNDER CERTAIN CIRCUMSTANCES.--

A. The [director] state superintendent shall distribute to [any] a 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 from the imposed tax, at the rate certified by the department of finance and administration in accordance with Section 22-25-7 NMSA 1978, assuming a one hundred percent collection rate, is less than an amount calculated by multiplying the district's first forty-days' total program units [times thirty-five dollars ($35.00)] by the dollar amount provided in Subsection B of this section and further multiplying the product obtained by the tax rate approved by the qualified electors in the most recent election on the question of imposing a tax under the Public School Capital Improvements Act.

B. The dollar amount shall be:

(1) thirty-five dollars ($35.00) for fiscal year 2001;

(2) forty dollars ($40.00) for fiscal year 2002;

(3) forty-five dollars ($45.00) for fiscal year 2003; and

(4) fifty dollars ($50.00) for fiscal year 2004 and subsequent fiscal years.

C. The distribution shall be made each year that the tax is imposed in accordance with Section 22-25-7 NMSA 1978; provided that no state distribution from the public school capital improvements fund may be used for capital improvements to any administration building of a school district. In the event that sufficient funds are not available in the public school capital improvements fund to make the state distribution provided for in this section, the dollar per program unit figure shall be reduced as necessary."

Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2000.