0001|                         A JOINT RESOLUTION
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0002| PROPOSING AN AMENDMENT TO ARTICLE 9, SECTION 11 OF THE CONSTITUTION
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0003| OF NEW MEXICO TO ENHANCE EDUCATION BY AUTHORIZING SCHOOL
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0004| DISTRICTS TO INCUR DEBT WITHOUT AN ELECTION FOR THE LIMITED PURPOSE
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0005| OF ACQUIRING EDUCATION TECHNOLOGY EQUIPMENT THROUGH LEASE-PURCHASE ARRANGEMENTS.
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0006| 
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0007| BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0008|      Section 1.  It is proposed to amend Article 9, Section 11 of the constitution of New
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0009| Mexico to read:
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0010|           "A.  Except as provided in Subsection C of this section, no school district shall
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0011| borrow money except for the purpose of erecting, remodeling, making additions to and
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0012| furnishing school buildings or purchasing or improving school grounds or any combination of
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0013| these purposes, and in such cases only when the proposition to create the debt has been
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0014| submitted to a vote of such qualified electors of the district as are owners of real estate within
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0015| the school district and a majority of those voting on the question has voted in favor of creating
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0016| such debt.
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0017|           B.  No school district shall ever become indebted in an amount exceeding six
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0018| percent on the assessed valuation of the taxable property within the school district as shown by
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0019| the preceding general assessment.
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0020|           C.  A school district may create a debt by entering into a lease-purchase
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0021| arrangement to acquire education technology equipment without submitting the proposition to a
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0022| vote of the qualified electors of the district, but any debt created is subject to the limitation of
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0023| Subsection B of this section."
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0024|      Section 2.  The amendment proposed by this resolution shall be submitted to the
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0025|                                                               people for their approval or rejection at the next general election or at any special election
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0001|                                                               prior to that date which may be called for that purpose.                                                       
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0002|                                                               
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