The bill amends Section 22-24-5 of the New Mexico Statutes to decrease the millage rate required for school districts with insufficient bonding capacity from ten dollars ($10.00) to eight dollars ($8.00) on each one thousand dollars ($1,000) of taxable value. This change aims to provide greater financial flexibility for school districts that struggle to meet local funding requirements for public school capital outlay projects. The bill also outlines the criteria for grant assistance from the fund, ensuring that all school districts, regardless of their indebtedness, are eligible to apply for funding.

Additionally, the bill establishes a framework for prioritizing funding based on statewide adequacy standards and allows for adjustments to local share requirements if a school district demonstrates a good-faith effort to utilize its local resources. The council is tasked with regularly reviewing and updating these standards, and it is required to report on its activities annually. Overall, the legislation seeks to enhance the ability of school districts to secure funding for necessary capital projects while addressing the unique challenges faced by those with limited financial resources.

Statutes affected:
introduced version: 22-24-5