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 access to funding for school districts that struggle to meet the financial requirements for public school capital outlay projects. The bill also outlines various criteria for grant assistance, including the eligibility of all school districts to apply for funding regardless of their indebtedness and the establishment of priorities based on statewide adequacy standards.

Additionally, the bill includes provisions for adjusting the local share required for funding if a school district demonstrates a good-faith effort to utilize its local resources. It specifies conditions under which the council may award grants, such as the need for the project to be included in the school district's five-year facilities plan and the requirement for the school district to maintain insurance for its buildings. The overall intent of the legislation is to enhance the ability of school districts to secure funding for necessary capital projects, thereby improving educational facilities across the state.

Statutes affected:
introduced version: 22-24-5