Section 22-26A-12 - Imposition of tax; limitations. - New Mexico Statutes

22-26A-12. Imposition of tax; limitations.

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 [7-35-1 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.