Section 22-26A-20 – Liberal interpretation.
The Public School Lease Purchase Act, being necessary for the welfare of the state and its inhabitants, shall be liberally construed to effect its purposes. History: Laws 2007, ch. 173, § 20. ANNOTATIONS Effective dates. — Laws 2007, ch. 173 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was […]
Section 22-26A-12 – Imposition of tax; limitations.
If as a result of an election held in accordance with Sections 22-26A-8 through 22-26A-11 NMSA 1978 a majority of the qualified electors voting on the question votes in favor of the imposition of the tax, the tax rate shall be certified, unless the local school board directs that the tax levy not be made […]
Section 22-26A-13 – Publication of notice; validation.
A. After adoption of a resolution approving a lease purchase arrangement, the governing body shall publish notice of the adoption of the resolution once in a newspaper of general circulation in the school district in which the governing body’s school is located. B. After the passage of thirty days from the publication required by Subsection […]
Section 22-26A-14 – Refunding or refinancing lease purchase arrangements.
School districts and charter schools may enter into lease purchase arrangements for the purpose of refunding or refinancing any lease purchase arrangements then outstanding, including the payment of any prepayment premiums thereon and any interest accrued or to accrue to the date of prepayment maturity of the outstanding lease purchase arrangements. Until the proceeds of […]
Section 22-26A-15 – Agreement of the state.
The state does hereby pledge to and agree with the holders of any lease purchase arrangement, certificates of participation or other partial interest in a lease purchase arrangement entered into under the Public School Lease Purchase Act that the state will not limit or alter the rights vested in school districts or charter schools to […]
Section 22-26A-16 – Legal investments for public officers and fiduciaries.
Lease purchase arrangements entered into under the authority of the Public School Lease Purchase Act, including certificates of participation and other partial interests in such lease purchase arrangements, shall be legal investments in which all insurance companies, banks and savings and loan associations organized under the laws of the state, public officers and public bodies […]
Section 22-26A-17 – Tax exemption.
The state covenants with the original holder and all subsequent holders and transferees of lease purchase arrangements entered into by governing bodies, in consideration of the acceptance of and payment for the lease purchase arrangements entered into pursuant to the Public School Lease Purchase Act, that lease purchase arrangements, certificates of participation and other partial […]
Section 22-26A-18 – Cumulative and complete authority.
The Public School Lease Purchase Act shall be deemed to provide an additional and alternative method for acquiring buildings and other real property authorized thereby and shall be regarded as supplemental and additional to powers conferred by other laws and shall not be regarded as a derogation of any powers now existing. The Public School […]
Section 22-26A-19 – Repealed.
History: Laws 2007, ch. 173, § 19; 2009, ch. 132, § 14; repealed by Laws 2015, ch. 106, § 11. ANNOTATIONS Repeals. — Laws 2015, ch. 106, § 11 repealed 22-26A-19 NMSA 1978, as enacted by Laws 2007, ch. 173, § 19, relating to lease purchase arrangements for charter schools, effective July 1, 2015. For […]
Section 22-26A-10 – Conduct of election; notice; ballot.
A. An election on the question of imposing a tax under Sections 22-26A-8 through 22-26A-12 NMSA 1978 shall be held as prescribed in the Local Election Act [Chapter 1, Article 22 NMSA 1978]. B. The resolution required to be published as notice of the election under Section 1-22-11 NMSA 1978 [repealed] shall include as the […]