0001| HOUSE BILL 189
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0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003| INTRODUCED BY
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0004| JAMES G. TAYLOR
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0005|
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0006|
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0007|
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0008|
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0009|
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0010| AN ACT
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0011| RELATING TO STATE LOTTERY REVENUES; CHANGING THE DISPOSITION OF
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0012| STATE LOTTERY REVENUES TO EARMARK FIFTY PERCENT FOR
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0013| DISTRIBUTION TO PUBLIC SCHOOLS FOR EDUCATIONAL TECHNOLOGY
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0014| PURSUANT TO THE TECHNOLOGY FOR EDUCATION ACT AND TEN PERCENT
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0015| FOR DEPOSIT IN THE LOTTERY TUITION TRUST FUND; CREATING THE
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0016| LOTTERY TUITION TRUST FUND; AMENDING AND ENACTING SECTIONS OF
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0017| THE NMSA 1978; REPEALING A SECTION OF LAWS 1995; MAKING AN
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0018| APPROPRIATION.
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0019|
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0020| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0021| Section 1. A new section of the New Mexico Lottery Act is
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0022| enacted to read:
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0023| "[NEW MATERIAL] LOTTERY TUITION TRUST FUND CREATED--
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0024| PURPOSE.--
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0025| A. The "lottery tuition trust fund" is created in
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0001| the state treasury. The fund shall be administered by the
|
0002| commission on higher education as a permanent trust fund.
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0003| Earnings from investment of the fund shall accrue to the credit
|
0004| of the fund. Any balance in the fund at the end of any fiscal
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0005| year shall remain in the fund and shall not be appropriated for
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0006| any purpose except as provided in this section.
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0007| B. Beginning in fiscal year 2003, an amount not to
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0008| exceed five percent of the balance in the lottery tuition trust
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0009| fund on June 30 of the prior fiscal year may be appropriated
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0010| annually by the legislature to the commission on higher
|
0011| education for distribution to New Mexico's public post-
|
0012| secondary educational institutions to provide tuition
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0013| assistance for New Mexico resident undergraduates as provided
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0014| by law."
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0015| Section 2. Section 6-24-23 NMSA 1978 (being Laws 1995,
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0016| Chapter 155, Section 2) is amended to read:
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0017| "6-24-23. LOTTERY TUITION FUND CREATED--PURPOSE.--
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0018| A. The "lottery tuition fund" is created in the
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0019| state treasury. The fund shall be administered by the
|
0020| commission on higher education. Earnings from investment of
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0021| the fund shall accrue to the credit of the fund. Any balance
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0022| in the fund at the end of any fiscal year shall remain in the
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0023| fund for appropriation by the legislature as provided in this
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0024| section.
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0025| B. Money in the lottery tuition fund [shall be
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available for appropriation by the legislature] is
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0002| appropriated to the commission on higher education for
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0003| distribution to New Mexico's public post-secondary educational
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0004| institutions to provide tuition assistance for New Mexico
|
0005| resident undergraduates as provided by law."
|
0006| Section 3. Section 6-24-24 NMSA 1978 (being Laws 1995,
|
0007| Chapter 155, Section 24) is amended to read:
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0008| "6-24-24. DISPOSITION OF REVENUE.--
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0009| A. As nearly as practical, an amount equal to at
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0010| least fifty percent of the gross annual revenues from the sale
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0011| of lottery tickets shall be returned to the public in the form
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0012| of lottery prizes.
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0013| B. The authority shall transmit all net revenues to
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0014| the state treasurer, who shall deposit [sixty] fifty
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0015| percent of the revenues in the [public school capital outlay]
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0016| educational technology fund for expenditure pursuant to the
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0017| provisions of the [Public School Capital Outlay] Technology
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0018| for Education Act, [and] forty percent in the lottery
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0019| tuition fund and ten percent in the lottery tuition trust
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0020| fund. Estimated net revenues shall be transmitted monthly to
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0021| the state treasurer for deposit in the funds, provided the
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0022| total amount of annual net revenues for the fiscal year shall
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0023| be transmitted no later than August 1 [each] of the
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0024| following fiscal year.
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0025| C. In determining net revenues, operating expenses
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0001| of the lottery include all costs incurred in the operation and
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0002| administration of the lottery and all costs resulting from any
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0003| contracts entered into for the purchase or lease of goods or
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0004| services required by the lottery, including [but not limited
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to] the costs of supplies, materials, tickets, independent
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0006| audit services, independent studies, data transmission,
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0007| advertising, promotion, incentives, public relations,
|
0008| communications, commissions paid to lottery retailers,
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0009| printing, distribution of tickets, purchases of annuities or
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0010| investments to be used to pay future installments of winning
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0011| lottery tickets, debt service and payment of any revenue bonds
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0012| issued, contingency reserves, transfers to the reserve fund and
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0013| any other necessary costs incurred in carrying out the
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0014| provisions of the New Mexico Lottery Act.
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0015| D. An amount up to two percent of the gross annual
|
0016| revenues shall be set aside as a reserve fund to cover bonuses
|
0017| and incentive plans for lottery retailers, special promotions
|
0018| for retailers, purchasing special promotional giveaways,
|
0019| sponsoring special promotional events, compulsive gambling
|
0020| rehabilitation and such other purposes as the board deems
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0021| necessary to maintain the integrity and meet the revenue goals
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0022| of the lottery. The board shall report annually to the
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0023| governor and each regular session of the legislature on the use
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0024| of the money in the reserve fund. Any balance in excess of
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0025| fifty thousand dollars ($50,000) at the end of any fiscal year
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0001| shall be transferred to the lottery tuition fund."
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0002| Section 4. Section 6-24-27 NMSA 1978 (being Laws 1995,
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0003| Chapter 155, Section 27) is amended to read:
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0004| "6-24-27. REVENUE AND BUDGET REPORTS--RECORDS--
|
0005| INDEPENDENT AUDITS.--
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0006| A. The board shall:
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0007| (1) submit quarterly and annual reports to the
|
0008| governor, legislative finance committee and lottery oversight
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0009| committee disclosing the total lottery revenue, prizes,
|
0010| commissions, ticket costs, operating expenses and net revenues
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0011| of the authority during the reporting period and, in the annual
|
0012| report, describe the organizational structure of the authority
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0013| and summarize the functions performed by each organizational
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0014| division within the authority;
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0015| (2) maintain weekly or more frequent records
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0016| of lottery transactions, including the distribution of lottery
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0017| tickets to retailers, revenue received, claims for prizes,
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0018| prizes paid, prizes forfeited and other financial transactions
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0019| of the authority; and
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0020| (3) use the state government fiscal year.
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0021| B. The board shall provide, for informational
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0022| purposes, to the department of finance and administration and
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0023| the legislative finance committee, by December 1 of each year,
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0024| a copy of the annual proposed operating budget for the
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0025| authority for the succeeding fiscal year. This budget proposal
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0001| shall also be accompanied by an estimate of the net revenues to
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0002| be deposited in the [public school capital outlay]
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0003| educational technology fund, [and] the lottery tuition fund
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0004| and the lottery tuition trust fund for the current and
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0005| succeeding fiscal years.
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0006| C. The board shall contract with an independent
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0007| certified public accountant or firm for an annual financial
|
0008| audit of the authority. The certified public accountant or
|
0009| firm shall have no financial interest in any lottery
|
0010| contractor. The certified public accountant or firm shall
|
0011| present an audit report no later than March 1 for the prior
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0012| fiscal year. The certified public accountant or firm shall
|
0013| evaluate the internal auditing controls in effect during the
|
0014| audit period. The cost of this financial audit shall be an
|
0015| operating expense of the authority. The legislative finance
|
0016| committee may, at any time, order an audit of any phase of the
|
0017| operations of the authority, at the expense of the authority,
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0018| and shall receive a copy of the annual independent financial
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0019| audit. A copy of any audit performed by the certified public
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0020| accountant or ordered by the legislative finance committee
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0021| shall be transmitted to the governor, the speaker of the house
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0022| of representatives, the president pro tempore of the senate,
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0023| the legislative finance committee and the lottery oversight
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0024| committee."
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0025| Section 5. Section 22-15A-9 NMSA 1978 (being Laws 1994,
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0001| Chapter 96, Section 9) is amended to read:
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0002| "22-15A-9. EDUCATIONAL TECHNOLOGY FUND--DISTRIBUTION.--
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0003| A. Upon annual review and approval of a school
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0004| district's educational technology plan, the bureau shall
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0005| determine a separate distribution from the educational
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0006| technology fund for each school district.
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0007| B. On or before July 31 of each year, the bureau
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0008| shall distribute money in the educational technology fund
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0009| directly to each school district in an amount equal to ninety
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0010| percent of the district's estimated entitlement as determined
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0011| by the projected membership for the school year. A school
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0012| district's entitlement is that portion of the total amount of
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0013| the annual appropriation that the projected membership bears to
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0014| the projected membership of the state. Kindergarten membership
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0015| shall be calculated on a one-half full-time equivalent basis.
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0016| C. On or before January 30 of each year, the bureau
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0017| shall recompute each entitlement using the final funded
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0018| membership for that year and shall allocate the balance of the
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0019| annual appropriation adjusting for any over- or under-
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0020| projection of membership.
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0021| D. Any school district receiving funding pursuant
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0022| to the Technology for Education Act is responsible for the
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0023| purchase, distribution, use and maintenance of educational
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0024| technology.
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0025| E. As used in this section:
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0001| (1) "annual appropriation" means for any
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0002| fiscal year the sum of appropriations to the educational
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0003| technology fund for the fiscal year and all state lottery
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0004| revenues distributed to the fund in the prior fiscal year; and
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0005| (2) "membership" means the total enrollment
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0006| of qualified students, as defined in the Public School Finance
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0007| Act, on the current roll of class or school on a specified day.
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0008| The current roll is established by the addition of original
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0009| entries and re-entries minus withdrawals. Withdrawal of
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0010| students, in addition to students formally withdrawn from the
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0011| public school, includes students absent from the public school
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0012| for as many as ten consecutive school days."
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0013| Section 6. REPEAL.--Laws 1995, Chapter 155, Section 38 is
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0014| repealed.
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0015| Section 7. EFFECTIVE DATE.--The effective date of the
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0016| provisions of this act is July 1, 1997.
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0017| - 8 -
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0018|
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0019|
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0020| State of New Mexico
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0021| House of Representatives
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0022|
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0023| FORTY-THIRD LEGISLATURE
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0024| FIRST SESSION, 1997
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0025|
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0001|
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0002| March 12, 1997
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0003|
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0004|
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0005| Mr. Speaker:
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0006|
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0007| Your EDUCATION COMMITTEE, to whom have
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0008| been referred
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0009|
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0010| HOUSE BILLS 189, 8, 18, 333 and 1025
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0011|
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0012| have had them under consideration and reports same with
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0013| recommendation that they DO NOT PASS, but that
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0014|
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0015| HOUSE EDUCATION COMMITTEE SUBSTITUTE FOR
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0016| HOUSE BILLS 189, 8, 18, 333 and 1025
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0017|
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0018| DO PASS, and thence referred to TAXATION AND REVENUE
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0019| COMMITTEE.
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0020|
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0021| Respectfully submitted,
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0022|
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0023|
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0024|
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0025|
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0001|
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0002| Samuel F. Vigil, Chairman
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0003|
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0004|
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0005| Adopted Not Adopted
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0006|
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0007| (Chief Clerk) (Chief Clerk)
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0008|
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0009| Date
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0010|
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0011| The roll call vote was 7 For 1 Against
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0012| Yes: 7
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0013| No: Wright
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0014| Excused: Mallory, Miera, Nicely, Weeks, Gonzales
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0015| Absent: None
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0016|
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0017| G:\BILLTEXT\BILLW_97\H0189 HOUSE EDUCATION COMMITTEE SUBSTITUTE FOR
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0018| HOUSE BILLS 189, 8, 18, 333 & 1025
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0019| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
|
0020|
|
0021|
|
0022|
|
0023|
|
0024|
|
0025|
|
0001|
|
0002| AN ACT
|
0003| RELATING TO STATE LOTTERY REVENUES; CHANGING THE DISPOSITION OF
|
0004| NET REVENUES FOR PUBLIC SCHOOL PURPOSES; CREATING THE LOTTERY
|
0005| PUBLIC SCHOOL CAPITAL FUND; CREATING THE LOTTERY TUITION TRUST
|
0006| FUND; AMENDING AND ENACTING SECTIONS OF THE NMSA 1978;
|
0007| REPEALING A SECTION OF LAWS 1995; MAKING APPROPRIATIONS.
|
0008|
|
0009| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
|
0010| Section 1. A new section of the New Mexico Lottery Act is
|
0011| enacted to read:
|
0012| "[NEW MATERIAL] LOTTERY PUBLIC SCHOOL CAPITAL FUND
|
0013| CREATED--PURPOSES.--
|
0014| A. The "lottery public school capital fund" is
|
0015| created in the state treasury. The fund shall be administered
|
0016| by the state department of public education. Earnings from
|
0017| investment of the fund shall accrue to the credit of the fund.
|
0018| Any balance in the fund at the end of any fiscal year shall
|
0019| remain in the fund for use solely for the purposes of the fund.
|
0020| B. Money in the lottery public school capital fund
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0021| shall be used only to carry out the provisions of the Public
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0022| School Capital Improvements Act, the Public School Capital
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0023| Outlay Act and the Technology for Education Act and is
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0024| appropriated for those purposes. Annually the state department
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0025| of public education shall determine the amount needed for
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0001| distribution to school districts pursuant to the Public School
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0002| Capital Improvements Act and shall determine the balance in the
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0003| lottery public school capital fund on August 1. Upon the
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0004| determination of the amount to be distributed and the fund
|
0005| balance as of August 1, the department shall transfer that
|
0006| amount from that balance to the public school capital
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0007| improvements fund for distribution to school districts pursuant
|
0008| to the Public School Capital Improvements Act. From any
|
0009| portion of the August 1 balance remaining in the lottery public
|
0010| school capital fund after the annual distribution to the public
|
0011| school capital improvements fund, half shall be transferred to
|
0012| the educational technology fund for expenditure in accordance
|
0013| with the provisions of the Technology for Education Act and
|
0014| half to the public school capital outlay fund for expenditure
|
0015| in accordance with the Public School Capital Outlay Act."
|
0016| Section 2. A new section of the New Mexico Lottery Act is
|
0017| enacted to read:
|
0018| "[NEW MATERIAL] LOTTERY TUITION TRUST FUND CREATED--
|
0019| PURPOSE.--
|
0020| A. The "lottery tuition trust fund" is created in the
|
0021| state treasury. The fund shall be administered by the commission
|
0022| on higher education as a permanent trust fund. Earnings from
|
0023| investment of the fund shall accrue to the credit of the fund.
|
0024| Any balance in the fund at the end of any fiscal year shall remain
|
0025| in the fund and shall not be appropriated for any purpose except
|
0001| as provided in this section.
|
0002| B. Beginning in fiscal year 2003, an amount not to
|
0003| exceed five percent of the balance in the lottery tuition trust
|
0004| fund on June 30 of the prior fiscal year may be appropriated
|
0005| annually by the legislature to the commission on higher education
|
0006| for distribution to New Mexico's public post-secondary educational
|
0007| institutions to provide tuition assistance for New Mexico resident
|
0008| undergraduates as provided by law."
|
0009| Section 3. Section 6-24-23 NMSA 1978 (being Laws 1995,
|
0010| Chapter 155, Section 2) is amended to read:
|
0011| "6-24-23. LOTTERY TUITION FUND CREATED--PURPOSE.--
|
0012| A. The "lottery tuition fund" is created in the state
|
0013| treasury. The fund shall be administered by the commission on
|
0014| higher education. Earnings from investment of the fund shall
|
0015| accrue to the credit of the fund. Any balance in the fund at the
|
0016| end of any fiscal year shall remain in the fund for appropriation
|
0017| by the legislature as provided in this section.
|
0018| B. Money in the lottery tuition fund [shall be
|
available for appropriation by the legislature] is appropriated
|
0020| to the commission on higher education for distribution to New
|
0021| Mexico's public post-secondary educational institutions to provide
|
0022| tuition assistance for New Mexico resident undergraduates as
|
0023| provided by law."
|
0024| Section 4. Section 6-24-24 NMSA 1978 (being Laws 1995,
|
0025| Chapter 155, Section 24) is amended to read:
|
0001| "6-24-24. DISPOSITION OF REVENUE.--
|
0002| A. As nearly as practical, an amount equal to at least
|
0003| fifty percent of the gross annual revenues from the sale of
|
0004| lottery tickets shall be returned to the public in the form of
|
0005| lottery prizes.
|
0006| B. The authority shall transmit all net revenues to
|
0007| the state treasurer, who shall deposit sixty percent of the
|
0008| revenues in the lottery public school capital [outlay] fund
|
0009| for expenditure pursuant to the provisions of the Public School
|
0010| Capital Improvements Act, the Public School Capital Outlay Act
|
0011| and [forty] the Technology for Education Act, thirty-two
|
0012| percent in the lottery tuition fund and eight percent in the
|
0013| lottery tuition trust fund. Estimated net revenues shall be
|
0014| transmitted monthly to the state treasurer for deposit in the
|
0015| funds, provided the total amount of annual net revenues for the
|
0016| fiscal year shall be transmitted no later than August 1 [each]
|
0017| of the following fiscal year.
|
0018| C. In determining net revenues, operating expenses of
|
0019| the lottery include all costs incurred in the operation and
|
0020| administration of the lottery and all costs resulting from any
|
0021| contracts entered into for the purchase or lease of goods or
|
0022| services required by the lottery, including [but not limited to]
|
0023| the costs of supplies, materials, tickets, independent audit
|
0024| services, independent studies, data transmission, advertising,
|
0025| promotion, incentives, public relations, communications,
|
0001| commissions paid to lottery retailers, printing, distribution of
|
0002| tickets, purchases of annuities or investments to be used to pay
|
0003| future installments of winning lottery tickets, debt service and
|
0004| payment of any revenue bonds issued, contingency reserves,
|
0005| transfers to the reserve fund and any other necessary costs
|
0006| incurred in carrying out the provisions of the New Mexico Lottery
|
0007| Act.
|
0008| D. An amount up to two percent of the gross annual
|
0009| revenues shall be set aside as a reserve fund to cover bonuses and
|
0010| incentive plans for lottery retailers, special promotions for
|
0011| retailers, purchasing special promotional giveaways, sponsoring
|
0012| special promotional events, compulsive gambling rehabilitation and
|
0013| such other purposes as the board deems necessary to maintain the
|
0014| integrity and meet the revenue goals of the lottery. The board
|
0015| shall report annually to the governor and each regular session of
|
0016| the legislature on the use of the money in the reserve fund. Any
|
0017| balance in excess of fifty thousand dollars ($50,000) at the end
|
0018| of any fiscal year shall be transferred to the lottery tuition
|
0019| fund."
|
0020| Section 5. Section 6-24-27 NMSA 1978 (being Laws 1995,
|
0021| Chapter 155, Section 27) is amended to read:
|
0022| "6-24-27. REVENUE AND BUDGET REPORTS--RECORDS--INDEPENDENT
|
0023| AUDITS.--
|
0024| A. The board shall:
|
0025| (1) submit quarterly and annual reports to the
|
0001| governor, legislative finance committee and lottery oversight
|
0002| committee disclosing the total lottery revenue, prizes,
|
0003| commissions, ticket costs, operating expenses and net revenues of
|
0004| the authority during the reporting period and, in the annual
|
0005| report, describe the organizational structure of the authority and
|
0006| summarize the functions performed by each organizational division
|
0007| within the authority;
|
0008| (2) maintain weekly or more frequent records of
|
0009| lottery transactions, including the distribution of lottery
|
0010| tickets to retailers, revenue received, claims for prizes, prizes
|
0011| paid, prizes forfeited and other financial transactions of the
|
0012| authority; and
|
0013| (3) use the state government fiscal year.
|
0014| B. The board shall provide, for informational
|
0015| purposes, to the department of finance and administration and the
|
0016| legislative finance committee, by December 1 of each year, a copy
|
0017| of the annual proposed operating budget for the authority for the
|
0018| succeeding fiscal year. This budget proposal shall also be
|
0019| accompanied by an estimate of the net revenues to be deposited in
|
0020| the [public school capital outlay fund, and] lottery public
|
0021| school capital fund, the lottery tuition fund and the lottery
|
0022| tuition trust fund for the current and succeeding fiscal years.
|
0023| C. The board shall contract with an independent
|
0024| certified public accountant or firm for an annual financial audit
|
0025| of the authority. The certified public accountant or firm shall
|
0001| have no financial interest in any lottery contractor. The
|
0002| certified public accountant or firm shall present an audit report
|
0003| no later than March 1 for the prior fiscal year. The certified
|
0004| public accountant or firm shall evaluate the internal auditing
|
0005| controls in effect during the audit period. The cost of this
|
0006| financial audit shall be an operating expense of the authority.
|
0007| The legislative finance committee may, at any time, order an audit
|
0008| of any phase of the operations of the authority, at the expense of
|
0009| the authority, and shall receive a copy of the annual independent
|
0010| financial audit. A copy of any audit performed by the certified
|
0011| public accountant or ordered by the legislative finance committee
|
0012| shall be transmitted to the governor, the speaker of the house of
|
0013| representatives, the president pro tempore of the senate, the
|
0014| legislative finance committee and the lottery oversight
|
0015| committee."
|
0016| Section 6. Section 21-1-4.4 NMSA 1978 (being Laws 1996,
|
0017| Chapter 71, Section 4) is amended to read:
|
0018| "21-1-4.4. COMMISSION ON HIGHER EDUCATION--DETERMINATION OF
|
0019| TUITION SCHOLARSHIPS--USE OF LOTTERY TUITION FUND.--
|
0020| A. Prior to June 1 of each year, the commission on
|
0021| higher education shall determine the amount of money available for
|
0022| tuition scholarships at state public post-secondary educational
|
0023| institutions. Based on the amount [appropriated by the
|
legislature] available from the lottery tuition fund and on the
|
0025| projected enrollment at all public post-secondary educational
|
0001| institutions, the commission on higher education shall establish
|
0002| the percentage of tuition that shall be awarded for qualified
|
0003| resident students attending New Mexico public post-secondary
|
0004| educational institutions. The percentage of tuition awarded shall
|
0005| be the same for each institution, regardless of the actual cost of
|
0006| tuition at each institution.
|
0007| B. In preparing guidelines for the administration of
|
0008| the tuition scholarship program pursuant to Sections 21-1-4.3,
|
0009| 21-13-10, 21-16-10.1 and 21-17-6.1 NMSA 1978, the commission on
|
0010| higher education shall ensure that tuition scholarships from the
|
0011| lottery tuition fund are awarded to students so that they
|
0012| supplement and do not replace other tuition scholarships, awards
|
0013| or grants given to the students from public or nonprofit
|
0014| sources."
|
0015| Section 7. Section 22-15A-9 NMSA 1978 (being Laws 1994,
|
0016| Chapter 96, Section 9) is amended to read:
|
0017| "22-15A-9. EDUCATIONAL TECHNOLOGY FUND--DISTRIBUTION.--
|
0018| A. Upon annual review and approval of a school
|
0019| district's educational technology plan, the bureau shall determine
|
0020| a separate distribution from the educational technology fund for
|
0021| each school district.
|
0022| B. On or before July 31 of each year, the bureau shall
|
0023| distribute money in the educational technology fund directly to
|
0024| each school district in an amount equal to ninety percent of the
|
0025| district's estimated entitlement as determined by the projected
|
0001| membership for the school year. A school district's entitlement
|
0002| is that portion of the total amount of the annual appropriation
|
0003| that the projected membership bears to the projected membership of
|
0004| the state. Kindergarten membership shall be calculated on a one-
|
0005| half full-time equivalent basis.
|
0006| C. On or before January 30 of each year, the bureau
|
0007| shall recompute each entitlement using the final funded membership
|
0008| for that year and shall allocate the balance of the annual
|
0009| appropriation adjusting for any over- or under-projection of
|
0010| membership.
|
0011| D. Any school district receiving funding pursuant to
|
0012| the Technology for Education Act is responsible for the purchase,
|
0013| distribution, use and maintenance of educational technology.
|
0014| E. As used in this section:
|
0015| (1) "annual appropriation" means for any fiscal
|
0016| year the sum of appropriations to the educational technology fund
|
0017| for the fiscal year and all state lottery revenues distributed to
|
0018| the fund and available for distribution in that fiscal year; and
|
0019| (2) "membership" means the total enrollment of
|
0020| qualified students, as defined in the Public School Finance Act,
|
0021| on the current roll of class or school on a specified day. The
|
0022| current roll is established by the addition of original entries
|
0023| and re-entries minus withdrawals. Withdrawal of students, in
|
0024| addition to students formally withdrawn from the public school,
|
0025| includes students absent from the public school for as many as ten
|
0001| consecutive school days."
|
0002| Section 8. Section 22-25-9 NMSA 1978 (being Laws 1975
|
0003| (S.S.), Chapter 5, Section 9, as amended by Laws 1988, Chapter 64,
|
0004| Section 44 and also by Laws 1988, Chapter 66, Section 2) is
|
0005| amended to read:
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0006| "22-25-9. STATE DISTRIBUTION TO DISTRICT IMPOSING TAX UNDER
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0007| CERTAIN CIRCUMSTANCES.--
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0008| A. The [director] state superintendent shall
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0009| distribute to any school district that has imposed a tax under the
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0010| Public School Capital Improvements Act an amount from the public
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0011| school capital improvements fund that is equal to the amount by
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0012| which the revenue estimated to be received from the imposed tax,
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0013| at the rate certified by the department of finance and
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0014| administration in accordance with Section 22-25-7 NMSA 1978,
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0015| assuming a one hundred percent collection rate, is less than an
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0016| amount calculated by multiplying the district's first forty-days'
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0017| total program units times thirty-five dollars ($35.00) and further
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0018| multiplying the product obtained by the tax rate approved by the
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0019| qualified electors in the most recent election on the question of
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0020| imposing a tax under the Public School Capital Improvements Act.
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0021| The distribution shall be made each year that the tax is imposed
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0022| in accordance with Section 22-25-7 NMSA 1978; provided that no
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0023| state distribution from the public school capital improvements
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0024| fund may be used for capital improvements to any administration
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0025| building of a school district. In the event that sufficient funds
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0001| are not available in the public school capital improvements fund
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0002| to make the state distribution provided for in this [section]
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0003| subsection, the dollar per program unit figure shall be reduced
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0004| as necessary.
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0005| B. After calculating the amounts to be distributed to
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0006| school districts in Subsection A of this section, the state
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0007| superintendent shall make the same calculation for the same school
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0008| districts using forty-five dollars ($45.00) as the dollar per
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0009| program unit multiplier. Based on that calculation, the state
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0010| superintendent shall make a distribution from the lottery public
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0011| school capital fund to any school district that qualifies for a
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0012| distribution in an amount that is equal to the amount of the
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0013| difference between using thirty-five dollars ($35.00) and forty-
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0014| five dollars ($45.00) as the multiplier in the calculation in
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0015| Subsection A of this section. This amount shall be distributed to
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0016| the school district at the same time as and subject to the
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0017| provisions of the distributions in Subsection A of this section.
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0018| In the event that sufficient funds are not available from the
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0019| balance on August 1 in the lottery public school capital fund to
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0020| make the distributions provided for in this subsection, the dollar
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0021| per program unit multiplier shall be reduced as necessary. In the
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0022| event that sufficient funds are available from the balance on
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0023| August 1 in the lottery public school capital fund to make the
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0024| distributions provided for in this subsection, any excess amount
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0025| remaining shall be distributed equally between the public school
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0001| capital outlay fund and the educational technology fund."
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0002| Section 9. REPEAL.--Laws 1995, Chapter 155, Section 38 is
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0003| repealed.
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0004| Section 10. EFFECTIVE DATE.--The effective date of the
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0005| provisions of this act is July 1, 1997.
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0006|
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