New Mexico § 22-26A-8 Authorization for local school board to submit question

New Mexico Statutes

§ 22-26A-8 — Authorization for local school board to submit question

New Mexico § 22-26A-8

Ch. 22Public Schools

Art. 26APublic School Lease Purchase Act

This text of New Mexico § 22-26A-8 (Authorization for local school board to submit question) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 22-26A-8 (2026).

Text

of lease purchase tax. 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: 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; B. specify the date an election will be held to submit the question of imposition of the tax to t

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of lease purchase tax. 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: 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; 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 C. limit the imposition of the proposed tax to no more than thirty property tax years.