A local school board may adopt a resolution to submit to the qualified electors of the school district the question of whether a property tax at a rate not to exceed the rate specified in the resolution should be imposed upon the net taxable value of property allocated to the school district under the Property Tax Code [Chapter 7, Articles 35 to 38 NMSA 1978] for the purpose of making payments under lease purchase arrangements. The resolution shall:

1. A. specify the maximum rate of the proposed tax, which shall not exceed ten dollars ($10.00) on each one thousand dollars ($1,000) of net taxable value of property allocated to the school district under the Property Tax Code;
2. B. specify the date an election will be held to submit the question of imposition of the tax to the qualified electors of the district; and
3. C. limit the imposition of the proposed tax to no more than thirty property tax years.

History: Laws 2007, ch. 173, § 8; 2009, ch. 132, § 8.

ANNOTATIONS

The 2009 amendment, effective June 19, 2009, in Subsection A after "specify the", added "maximum" and in Subsection C, changed "twenty" to "thirty".