SENATE BILL 24

49th legislature - STATE OF NEW MEXICO - first special session, 2009

INTRODUCED BY

Vernon D. Asbill

AN ACT

RELATING TO FLEXIBILITY FOR PUBLIC SCHOOLS; MAKING AN APPROPRIATION FROM THE PUBLIC SCHOOL CAPITAL OUTLAY FUND TO PAY FOR PROPERTY INSURANCE ON BEHALF OF SCHOOL DISTRICTS AND CHARTER SCHOOLS DURING FISCAL YEAR 2010; AMENDING THE GENERAL APPROPRIATION ACT OF 2009 TO DEDUCT A PORTION OF THE AMOUNT IN THE STATE EQUALIZATION GUARANTEE RELATED TO PROPERTY INSURANCE; DECLARING AN EMERGENCY.

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

     Section 1. APPROPRIATION--PUBLIC SCHOOL CAPITAL OUTLAY FUND FOR INSURANCE COVERAGE.--Notwithstanding the provisions of the Public School Capital Outlay Act, twenty-nine million dollars ($29,000,000) is appropriated from the public school capital outlay fund to the public school insurance authority for expenditure in fiscal year 2010 for the purpose of paying property insurance premiums on behalf of school districts and charter schools. Of the appropriation, the amount necessary, up to seven million dollars ($7,000,000), to provide property insurance coverage in fiscal year 2010 for the Albuquerque public school district, shall be distributed by the public school insurance authority to the Albuquerque public school district. Any unexpended or unencumbered balance remaining at the end of fiscal year 2010 shall revert to the public school capital outlay fund.

     Section 2. A new section of the General Appropriation Act of 2009 is enacted to read:

     "[NEW MATERIAL] STATE EQUALIZATION GUARANTEE DISTRIBUTION--APPROPRIATION REDUCTION.--In addition to any other reductions provided by law, the general fund appropriation for the state equalization guarantee distribution in Section 4 of the General Appropriation Act of 2009 is reduced by six million four hundred thousand dollars ($6,400,000)."

     Section 3. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.

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