The bill amends Section 22-24-5 NMSA 1978 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 match requirements for public school capital outlay projects. The bill also outlines various criteria for grant assistance, including considerations for school districts with low enrollment, high percentages of students eligible for free or reduced-fee lunch, and those experiencing enrollment growth.

Additionally, the bill maintains provisions 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 local resources. The council is tasked with regularly reviewing and updating these standards to ensure that all school districts can meet the necessary criteria for capital outlay projects. Overall, the bill seeks to enhance the ability of school districts to secure funding for essential infrastructure improvements while addressing the unique challenges faced by those with limited financial resources.

Statutes affected:
introduced version: 22-24-5