New Mexico Statutes 6-23-7. Public school utility conservation fund created; use
A. The “public school utility conservation fund” is created as a special fund in the state treasury. The fund shall consist of money transferred to the fund, from year to year, from the distribution of the permanent fund and land income of which the common schools are the beneficiary. No other money from any school district or state source shall be deposited or paid into the public school utility conservation fund.
Terms Used In New Mexico Statutes 6-23-7
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
B. Annually, after the calculation of the state equalization guarantee distribution has been made, the secretary of public education shall determine the sum of the deductions made in the state equalization guarantee distribution of school districts pursuant to Section 22-8-25 N.M. Stat. Ann. and shall certify that amount to the secretary of finance and administration. Distributions from the permanent fund and land income of which the common schools are the beneficiary equal to that amount shall be transferred from the common school current fund to the public school utility conservation fund.
C. Money in the public school utility conservation fund is appropriated to the public education department solely for the purpose of disbursing money to school districts to make payments pursuant to any guaranteed utility savings contract between the school district and a qualified provider or any installment contract or lease-purchase agreement for the purchase and installation of energy or water conservation measures pursuant to that guaranteed utility savings contract.
D. Disbursements from the public school utility conservation fund shall be made only to school districts and only upon certification by the secretary of public education that the disbursement is for a payment authorized by the Public Facility Energy Efficiency and Water Conservation Act.
E. The secretary of public education shall submit to the legislative finance committee and the legislative education study committee prior to each regular legislative session a list of school districts proposing to enter into approved guaranteed utility savings contracts in the succeeding fiscal year. The list shall include information on the amount of the school district’s proposed annual payments and specific amounts that utility and operational budget items are guaranteed to be reduced to achieve the savings to make the payments.
F. Any unexpended or unencumbered balance remaining in the public school utility conservation fund at the end of any fiscal year shall be transferred to the public school fund.