This bill amends the New Mexico Finance Authority Act to broaden the definition of "qualified entity" to encompass organizations affiliated with charter schools, including nonprofit foundations and support organizations. It empowers the New Mexico Finance Authority to issue loans from the newly established Charter School Facility Revolving Fund to these entities for purposes such as purchasing, constructing, or renovating facilities. The bill also mandates that grants from the Public School Capital Outlay Fund for lease assistance to charter schools be maximized and limits the local share of public school capital outlay projects for charter schools to ten percent. Additionally, it allows charter schools to apply directly for grants if their school district does not, ensuring they have access to necessary funding.

Furthermore, the bill amends the Public School Capital Outlay Act to improve the funding and management of public school capital outlay projects. It permits the council to enter agreements with school districts for the complete funding of demolishing abandoned facilities under specific conditions. The legislation introduces a pre-kindergarten classroom facilities initiative project funded from the public school capital outlay fund for fiscal years 2020 through 2024, while excluding pre-kindergarten classroom space from project prioritization calculations. Key amendments include new criteria for grant assistance, such as a minimum state share of six percent for approved projects, and adjustments to local share requirements for constitutional special schools and charter schools. The bill also requires the council to regularly review statewide adequacy standards for school facilities and submit an annual report on its activities and funding, along with transferring $20 million from the public school capital outlay fund to the charter school facility revolving fund upon enactment.

Statutes affected:
introduced version: 6-21-3, 6-21-6.16, 22-24-4