Bill > SB78

This bill: 1. Requires the New Mexico Finance Authority to adopt policies for the public project revolving fund to provide loans to charter schools for the purchase, construction, expansion, or renovation of facilities or to pay off lease-purchase agreements. The policies must include evidence that the lease-purchase agreements comply with the Public School Lease Purchase Act, that the charter school's charter has been renewed at least once, and a review of the school's last two audits. 2. Amends the New Mexico Charter Schools Act to require school districts with available land or facilities not currently used for other educational purposes to notify charter schools of their availability by May 1 each year. School districts may develop facility prioritization plans to determine which charter schools may lease, lease-purchase, or purchase the available facilities. 3. Creates the "charter facility fund" as a nonreverting fund in the state treasury to be used by the Public School Capital Outlay Council to provide loans to charter schools for facility renovations, construction, purchases, or expansions, as well as to pay off charter school lease-purchase agreements. 4. Requires school districts that have charter schools within their boundaries to collaborate with those charter schools to establish a process for the charter schools to submit information on their capital improvement projects for inclusion in the school district's resolution to impose a property tax for capital improvements. 5. Appropriates $10 million from the public school capital outlay fund to the public project revolving fund for loans to charter schools for facilities or to pay off lease-purchase agreements.

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=78&year=22