Fiscal impact reports (FIRs) are prepared by the Legislative Finance Committee (LFC) for standing finance committees of the NM Legislature. The LFC does not assume responsibility for the accuracy of these reports if they are used for other purposes.

 

Current FIRs (in HTML & Adobe PDF formats) are available on the NM Legislative Website (legis.state.nm.us).  Adobe PDF versions include all attachments, whereas HTML versions may not.  Previously issued FIRs and attachments may also be obtained from the LFC in Suite 101 of the State Capitol Building North.

 

 

F I S C A L    I M P A C T    R E P O R T

 

 

 

SPONSOR

Boitano

DATE TYPED

2-16-04

HB

 

 

SHORT TITLE

School District Approval of Leases, CA

 

SJR10

 

 

ANALYST

Segura

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY04

FY05

FY04

FY05

 

 

 

See Narrative

 

 

 

 

 

 

 

 

(Parenthesis ( ) Indicate Expenditure Decreases)

 

SOURCES OF INFORMATION

LFC Files

 

Responses Received From

New Mexico Public Education Department (PED)

 

SUMMARY

 

Synopsis of Bill

 

Senate Joint Resolution 10 proposes an amendment to Article 9, Section 11 of the Constitution of New Mexico to the approval of lease-purchase agreements for charter schools and to except those agreements from the school district’s debt limitation.

 

Significant Issues

 

According to PED, Senate Joint Resolution 10 will allow charter schools to enter into lease-purchase agreements with school districts to acquire classrooms and other necessary facilities for charter schools within the district by submitting the proposition to a vote of the qualified electors of the district.

 

The bill will excluded any debt created by the school district related to a lease-purchase agreement from the threshold of exceeding the six percent on the assessed valuation of taxable property within the school district.

 

     

           

FISCAL IMPLICATIONS

 

According to PED, SJR 10 will exclude lease-purchase agreements for charter school from the 6 percent debt threshold and, therefore, should not have any fiscal impact on the school district and its capacity to issue bonds. SJR 10 contains no appropriation.

 

The Secretary of State estimates the costs of the Constitutional amendment at $40.0.

 

RELATIONSHIP

 

Relates to SB403, SB 475, SB 521, HB 404, SB 399 and HB 393.

 

RS/njw:lg