Bill > SB318

This bill makes several changes to support charter schools in New Mexico: 1. It requires school districts to notify charter schools of available facilities and land that could be leased, leased-purchased, or purchased by the charter schools. School districts can also develop facility prioritization plans to determine which charter schools may access available facilities. 2. It creates a "Charter Facility Fund" to be used by the New Mexico Finance Authority to provide loans to charter schools for purchasing, constructing, expanding, or renovating facilities, or to pay off lease-purchase agreements. 3. It requires the Public Project Revolving Fund to adopt policies for providing loans to charter schools, including evidence of a renewed charter and review of recent audits. 4. It modifies the terms for grants from the Public School Capital Outlay Fund to cover leased facilities used by charter schools. 5. It requires charter schools to provide information on their proposed capital improvement projects to school districts by June 1 each year so the district can include that in a resolution to impose a property tax for school capital improvements. The bill also appropriates $1 million from the general fund to the Public Project Revolving Fund to provide loans to charter schools for facility needs.

Budget and Finance, Education

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=318&year=21