Section 22-26A-8 - Authorization for local school board to submit question of lease purchase tax. - New Mexico Statutes

22-26A-8. Authorization for local school board to submit question 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 [7-35-1 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.