0001|                            SENATE BILL 26
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0002|     43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998
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0003|                            INTRODUCED BY
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0004|                             Cynthia Nava
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0005|     
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0006|                                   
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0007|     
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0008|            FOR THE LEGISLATIVE EDUCATION STUDY COMMITTEE
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO PUBLIC SCHOOLS; INCREASING THE AMOUNT AVAILABLE TO
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0012|     SCHOOL DISTRICTS FOR CAPITAL IMPROVEMENTS; MAKING AN
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0013|     APPROPRIATION.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  Section 22-25-9 NMSA 1978 (being Laws 1975
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0017|     (S.S.), Chapter 5, Section 9, as amended by Laws 1988, Chapter
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0018|     64, Section 44 and also by Laws 1988, Chapter 66, Section 2)
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0019|     is amended to read:
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0020|          "22-25-9.  STATE DISTRIBUTION TO DISTRICT IMPOSING TAX
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0021|     UNDER CERTAIN CIRCUMSTANCES.--The <s>[director]</s> <u>state
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<u></u>0022| <u>    superintendent</u> shall distribute to any school district that
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0023|     has imposed a tax under the Public School Capital Improvements
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0024|     Act an amount from the public school capital improvements fund
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0025|     that is equal to the amount by which the revenue estimated to
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0001|     be received from the imposed tax, at the rate certified by the
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0002|     department of finance and administration in accordance with
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0003|     Section 22-25-7 NMSA 1978, assuming a one hundred percent
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0004|     collection rate, is less than an amount calculated by
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0005|     multiplying the district's first forty-days' total program
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0006|     units times <s>[thirty-five dollars ($35.00)]</s> <u>forty-five
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<u></u>0007| <u>    dollars ($45.00)</u> and further multiplying the product obtained
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0008|     by the tax rate approved by the qualified electors in the most
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0009|     recent election on the question of imposing a tax under the
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0010|     Public School Capital Improvements Act.  The distribution
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0011|     shall be made each year that the tax is imposed in accordance
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0012|     with Section 22-25-7 NMSA 1978; provided that no state
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0013|     distribution from the public school capital improvements fund
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0014|     may be used for capital improvements to any administration
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0015|     building of a school district.  In the event that sufficient
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0016|     funds are not available in the public school capital
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0017|     improvements fund to make the state distribution provided for
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0018|     in this section, the dollar per program unit figure shall be
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0019|     reduced as necessary."
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0020|          Section 2.  APPROPRIATION.--Seven million five hundred
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0021|     thousand dollars ($7,500,000) is appropriated from the general
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0022|     fund to the public school capital improvements fund for
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0023|     expenditure in fiscal year 1999 and subsequent fiscal years
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0024|     for the purpose of making distributions to local school
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0025|     districts pursuant to the Public School Capital Improvements
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0001|     Act.  Any unexpended or unencumbered balance remaining at the
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0002|     end of any fiscal year shall not revert the general fund.
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0003|                              
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