If as a result of an election held in accordance with Sections 22-26A-8 through 22-26A-11 NMSA 1978 a majority of the qualified electors voting on the question votes in favor of the imposition of the tax, the tax rate shall be certified, unless the local school board directs that the tax levy not be made for the year, by the department of finance and administration at the rate specified in the authorizing resolution or at a lower rate directed by the local school board and the tax shall be imposed at the rate certified in accordance with the provisions of the Property Tax Code [Chapter 7, Articles 35 to 38 NMSA 1978]. The revenue produced by the tax shall be expended only for payments due under lease purchase arrangements, as specified in the authorizing resolution.
History: Laws 2007, ch. 173, § 12; 2009, ch. 132, § 10.
The 2009 amendment, effective June 19, 2009, after "authorizing resolution", added "or at a lower rate directed by the local school board".
Structure New Mexico Statutes
Article 26A - Public School Lease Purchase Act
Section 22-26A-1 - Short title.
Section 22-26A-3 - Definitions.
Section 22-26A-4 - Notice of proposed lease purchase arrangement; approval of department.
Section 22-26A-5 - Lease purchase arrangements; terms.
Section 22-26A-6 - Authorizing lease purchase arrangements; resolution.
Section 22-26A-7 - Payments under lease purchase arrangements.
Section 22-26A-8 - Authorization for local school board to submit question of lease purchase tax.
Section 22-26A-9 - Authorizing resolution; time limitation.
Section 22-26A-10 - Conduct of election; notice; ballot.
Section 22-26A-11 - Election results; certification.
Section 22-26A-12 - Imposition of tax; limitations.
Section 22-26A-13 - Publication of notice; validation.
Section 22-26A-14 - Refunding or refinancing lease purchase arrangements.
Section 22-26A-15 - Agreement of the state.
Section 22-26A-16 - Legal investments for public officers and fiduciaries.
Section 22-26A-17 - Tax exemption.