HOUSE BILL 504

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

INTRODUCED BY

Max Coll

AN ACT

RELATING TO PUBLIC MONEY; CREATING THE PUBLIC SCHOOL REFORM RESERVE; MAKING AN APPROPRIATION.

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

     Section 1. A new Section 6-4-2.5 NMSA 1978 is enacted to read:

     "6-4-2.5. [NEW MATERIAL] PUBLIC SCHOOL REFORM RESERVE.--

          A. The "public school reform reserve" is created in the general fund.

          B. The public school reform reserve consists of those funds directed to it by law and such other funds that the legislature may appropriate to the reserve from time to time.

          C. The money in the public school reform reserve may be appropriated for use to implement provisions of the 2003 public school reform legislation adopted in Laws 2003, Chapter 153 and the federal No Child Left Behind Act of 2001. The priority use of the reserve shall be for providing minimum salaries required by the three-tiered licensure system for teachers and school administrators."

     Section 2. APPROPRIATION.--Forty million dollars ($40,000,000) is appropriated from the public school reform reserve to the state equalization guarantee distribution in each of fiscal years 2006, 2007 and 2008 to supplement general fund appropriations for public school reform. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.

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