0001|                               AN ACT
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0002| RELATING TO PUBLIC SCHOOLS; INCREASING TO FOUR YEARS THE AMOUNT OF TIME
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0003| A PROPERTY TAX MAY BE IMPOSED FOR CAPITAL IMPROVEMENTS IN A SCHOOL
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0004| DISTRICT; AMENDING SECTIONS OF THE PUBLIC SCHOOL CAPITAL IMPROVEMENTS
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0005| ACT.
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0006| 
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0007| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0008|      Section 1.  Section 22-25-3 NMSA 1978 (being Laws 1975 (S.S.),
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0009| Chapter 5, Section 3, as amended) is amended to read:
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0010|      "22-25-3.  AUTHORIZATION FOR LOCAL SCHOOL BOARD TO SUBMIT QUESTION
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0011| OF CAPITAL IMPROVEMENTS TAX IMPOSITION.--Any local school board may
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0012| adopt a resolution to submit to the qualified electors of the school
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0013| district the question of whether a property tax should be imposed upon
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0014| the net taxable value of property allocated to the school district under
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0015| the Property Tax Code at a rate not to exceed that specified in the
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0016| resolution for the purpose of capital improvements in the school
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0017| district.  The resolution shall:
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0018|           A.  identify the capital improvements for which the revenue
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0019| proposed to be produced will be used;
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0020|           B.  specify the rate of the proposed tax, which shall not
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0021| exceed two dollars ($2.00) on each one thousand dollars ($1,000) of net
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0022| taxable value of property allocated to the school district under the
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0023| Property Tax Code;
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0024|           C.  specify the date an election will be held to submit the
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0025| question of imposition of the tax to the qualified electors of the
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0001| district; and
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0002|           D.  limit the imposition of the proposed tax to no more than
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0003| four property tax years."
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0004|      Section 2.  Section 22-25-5 NMSA 1978 (being Laws 1975 (S.S.),
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0005| Chapter 5, Section 5, as amended) is amended to read:
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0006|      "22-25-5.  CONDUCT OF ELECTION--NOTICE--BALLOT.--
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0007|           A.  An election on the question of imposing a tax under the
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0008| Public School Capital Improvements Act may be held in conjunction with a
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0009| regular school district election or may be conducted as or held in
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0010| conjunction with a special school district election, but the election
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0011| shall be held prior to July 1 of the property tax year in which the tax
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0012| is proposed to be imposed.  Conduct of the election shall be as
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0013| prescribed in the School Election Law for regular and special school
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0014| district elections.
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0015|           B.  The resolution required to be published as notice of the
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0016| election under Section 1-22-4 or 1-22-5 NMSA 1978 shall include as the
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0017| question to be submitted to the voters whether a property tax at a rate
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0018| not to exceed the rate specified in the authorizing resolution should be
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0019| imposed for the specified number of property tax years not exceeding
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0020| four years upon the net taxable value of all property allocated to the
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0021| school district for the capital improvements specified in the
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0022| authorizing resolution.
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0023|           C.  The ballot shall include the information specified in
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0024| Subsection B of this section and shall present the voter the choice of
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0025| voting "for the public school capital improvements tax" or "against the
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0001| public school capital improvements tax"."
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0002|      Section 3. Section 22-25-8 NMSA 1978 (being Laws 1975 (S.S.),
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0003| Chapter 5, Section 8, as amended) is amended to read:
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0004|      "22-25-8.  TAX TO BE IMPOSED FOR A MAXIMUM OF FOUR 
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0005| YEARS.--A tax imposed in a school district as a result of an election
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0006| under the Public School Capital Improvements Act shall be imposed for
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0007| one, two, three or four years commencing with the property tax year in
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0008| which the election was held.  The local school board may discontinue, by
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0009| resolution, the Public School Capital Improvements Act tax levy at the
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0010| end of the first, second or third year of the levy.  The local school
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0011| board shall direct that the Public School Capital Improvements Act tax
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0012| levy be decreased by the amount required for any year in which the
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0013| decrease is required by operation of the rate limitation provisions of
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0014| Section 7-37-7.1 NMSA 1978."          
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0015| 
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0016|                                                              HB
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0017| 61
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0018|                                                              Page 
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