HOUSE BILL 405

47th legislature - STATE OF NEW MEXICO - second session, 2006

INTRODUCED BY

Eric A. Youngberg

AN ACT

RELATING TO PUBLIC SCHOOLS; PROVIDING FOR THE CONSTRUCTION OF NORTHWEST HIGH SCHOOL IN THE ALBUQUERQUE PUBLIC SCHOOL DISTRICT; PROVIDING FOR THE REPAYMENT BY THE DISTRICT OF A PORTION OF THE CONSTRUCTION COST; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.

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

     Section 1. APPROPRIATION--NORTHWEST HIGH SCHOOL--LOAN REPAYMENT.--One hundred thirty million dollars ($130,000,000) is appropriated from the general fund to the public education department for expenditure in fiscal years 2006 through 2009 to plan, design, construct, equip and furnish a new northwest high school in the Albuquerque public school district pursuant to the following criteria:

          A. fifty-three percent of the total cost of the school shall be in the form of an interest-free loan to the school district and subject to a loan agreement between the public education department and the school district. The loan agreement shall provide that:

                (1) the school district shall pay the loan within ten years;

                (2) loan payments may be made from any resources available to the school district, including cash balances; and

                (3) loan payments shall be made to the department and deposited in the general fund; and

          B. any unexpended or unencumbered balance of the appropriation remaining at the end of fiscal year 2009 shall revert to the general fund.

     Section 2. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.

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