0001|                               AN ACT
    |
0002| RELATING TO PUBLIC SCHOOL BUILDINGS; ALLOWING AN INCREASE OF A PROPERTY
    |
0003| TAX RATE AUTHORIZED FOR CAPITAL IMPROVEMENTS TO PUBLIC SCHOOLS; AMENDING
    |
0004| A SECTION OF THE PUBLIC SCHOOL BUILDINGS ACT.
    |
0005| 
    |
0006| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0007|      Section 1.  Section 22-26-7 NMSA 1978 (being Laws 1983, Chapter
    |
0008| 163, Section 7, as amended) is amended to read:
    |
0009|      "22-26-7.  IMPOSITION OF TAX--LIMITATIONS.--If as a result of an
    |
0010| election held in accordance with the Public School Buildings Act a
    |
0011| majority of the qualified electors voting on the question votes in favor
    |
0012| of the imposition of the tax, the tax rate shall be certified, unless
    |
0013| the local school board directs that the tax levy not be made for the
    |
0014| year, by the department of finance and administration at the rate
    |
0015| specified in the authorizing resolution or at any lower rate required by
    |
0016| operation of the rate limitation provisions of Section 7-37-7.1 NMSA
    |
0017| 1978 upon the rate specified in the authorizing resolution or at any
    |
0018| rate lower than the rate required by operation of the rate limitation
    |
0019| provisions of Section 7-37-7.1 NMSA 1978 if directed by the local school
    |
0020| board pursuant to Section 22-26-8 NMSA 1978, and the tax shall be
    |
0021| imposed at the rate certified in accordance with the provisions of the
    |
0022| Property Tax Code.  If in any tax year the authorized tax rate under the
    |
0023| Public School Buildings Act, when added to the tax rates for servicing
    |
0024| debt of the school district and for capital improvements pursuant to the
    |
0025| Public School Capital Improvements Act, exceeds fifteen dollars
    |
0001| ($15.00), or a lower amount that would be required by applying the rate
    |
0002| limitation provisions of Section 7-37-7.1 NMSA 1978 to the amount of
    |
0003| fifteen dollars ($15.00), on each one thousand dollars ($1,000) of net
    |
0004| taxable value of property allocated to the school district under the
    |
0005| Property Tax Code, the tax rate under the Public School Buildings Act
    |
0006| shall be reduced to an amount that, when added to such additional rates,
    |
0007| will equal fifteen dollars ($15.00), or the lower amount that would be
    |
0008| required by applying the rate limitation provisions of Section 7-37-7.1
    |
0009| NMSA 1978 to the amount of fifteen dollars ($15.00), on each one
    |
0010| thousand dollars ($1,000) of net taxable value of property so allocated
    |
0011| to the school district.  The revenue produced by the tax and any state
    |
0012| distribution resulting to the district under the Public School Buildings
    |
0013| Act shall be expended only for capital improvements."              
    |
0014| 
    |
0015|                                                              HB
    |
0016| 45
    |
0017|                                                              Page 
    |