SENATE BILL 25

49th legislature - STATE OF NEW MEXICO - first special session, 2009

INTRODUCED BY

Vernon D. Asbill

AN ACT

RELATING TO FLEXIBILITY FOR ALLOWING, UNDER CERTAIN CONDITIONS, TEMPORARY CASH TRANSFERS TO SCHOOL DISTRICT OPERATIONAL ACCOUNTS OF REVENUE RECEIVED FROM TAXES IMPOSED PURSUANT TO THE PUBLIC SCHOOL CAPITAL IMPROVEMENTS ACT; REQUIRING SCHEDULES FOR REPAYMENTS; DECLARING AN EMERGENCY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. TEMPORARY PROVISION--TEMPORARY CASH TRANSFERS TO OPERATIONAL ACCOUNTS--REPAYMENT SCHEDULE.--Notwithstanding any provision of the Public School Finance Act or the Public School Capital Improvements Act, during fiscal years 2010 and 2011, a school district may make temporary cash transfers to its operational account of unexpended revenue from a tax imposed pursuant to the Public School Capital Improvements Act, provided that:

          A. none of the money transferred shall be used for the salary expenses of school district employees;

          B. at the time of each transfer, the school district shall submit a schedule to the public education department for repaying the amount transferred no later than the end of fiscal year 2016;

          C. the school district shall adhere to the schedule submitted to the public education department; and

          D. all amounts repaid shall be expended pursuant to the provisions of the Public School Capital Improvements Act and the authorizing resolution for the tax.

     Section 2. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.

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