HM 88 — CENTRAL CONSOLIDATED SCHOOL DISTRICT IMPACTS

HOUSE MEMORIAL 88 54TH LEGISLATURE- STATE OF NEW MEXICO - FIRST SESSIO, 2019 INTRODUCED BY Anthony Allison 6 8 10 A MEMORIAL REQUESTING THE PUBLIC EDUCATION DEPARTMENT TO CONVENE A TASK FORCE TO IDENTIFY POTENTIAL IMPACTS TO THE CENTRAL CONSOLIDATED SCHOOL DISTRICT.

156 WHEREAS, the central consolidated school district in San Juan county issued school bonds for its facilities;

and e t 17 WHEREAS, the central consolidated school district w l n d 18 currently is obligated to repay the bonds;

and = = 19 a l WHEREAS, a large percentage of the funds used by the i a e r 20 central consolidated school district to repay the outstanding a t m m 21 bonds comes from property tax paid by the owners of the San d r e 22 Juan generating station;

and c e s k 23 WHEREAS, the owners of ninety-five percent of the San Juan e a n b 24 generating station have indicated their intent not to continue u [ their participation in the San Juan generating station after .215010.1 mid-2022, and the public service company of New Mexico has indicated that it will file an application to abandon the San Juan generating station in 2022;

and WHEREAS, it is critical that the central consolidated HM 88 school district have a plan to obtain sufficient funds to Page 1 repay the bonds if property tax revenues are lost;

NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE STATE OF NEW MEXICO that the public education department be requested to convene, by August 1, 2019, a task force to study the potential changes to the central consolidated school district's property tax base and potential changes related to mill levies and bonding capacity e e 17 to determine if the school district will have a potential e e n d 18 deficit in funds to repay the bonds;

and = = l ] 19 BE IT FURTHER RESOLVED that the task force be composed of:

a l r i 20 A.

t e a t B.

the chair of the public school capital outlay m m 21 e d r e 22 council;

c e r c 23 C.

the director of the legislative finance e a n b 24 committee;

u [ D.

the director of the legislative education study .215010.1 - 2 - committee;

a resident residing in San Juan county HM 88 Page 2 appointed by the central consolidated school district board;

e e 17 A.

possible reductions in property tax funds e e n d 18 provided to the central consolidated school district due to the = = l ] 19 closure of the San Juan generating station and estimated new a l r i 20 property tax revenue from new resources anticipated to be built t e a t in the area;

m m 21 e d r e 22 B.

the availability of state funds provided to the c e r c 23 central consolidated school district to repay the bonds;

e a n b 24 C.

the estimated amount of additional funding u [ needed for the central consolidated school district to be able .215010.1 - 3 - to make the bond payments;

recommendations regarding options to provide the central consolidated school district with sufficient HM 88 Page 3 funds to be able to repay the bonds and maintain its facilities;

eHM e88 17Page - 4 -25 e e n d 18 = = l ] 19 a l r i 20 t e a t m m 21 e d r e 22 c e r c 23 e a n b 24 u [ .215010.1