No later than August 15 of each year, the state department of public education shall submit to the secretary of finance and administration the property tax rates for the succeeding tax year for each school district and the commission on higher education [higher education department] shall submit to the secretary of finance and administration the property tax rates for the succeeding tax year for each technical and vocational district, area vocational school district, junior college district and branch community college district. The rates required to be submitted pursuant to this section shall separately state by county and by school district the rate to be levied for operational purposes and the rate to be levied for payment of principal and interest on general obligation debt issued or entered into by the district.

History: 1978 Comp., § 7-37-8, enacted by Laws 1978, ch. 128, § 1; 1983, ch. 301, § 12; 1988, ch. 64, § 1; 1997, ch. 193, § 17.

Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Laws 2005, ch. 289, § 29 abolished the commission on higher education and provided that all references in law to the commission on higher education shall be construed to be references to the higher education department.

Cross references. — For the Education Technology Equipment Act, see Chapter 6, Article 15A NMSA 1978.

The 1997 amendment, effective April 10, 1997, substituted "payment of principal and interest on general obligation debt issued or entered into by the district" for "principal and interest on general obligation bonds issued by the district" at the end of the section.