Section 22-26A-19 – Repealed.
History: Laws 2007, ch. 173, § 19; 2009, ch. 132, § 14; repealed by Laws 2015, ch. 106, § 11.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 — Laws 2015, ch. 106, § 11 repealed 22-26A-19 NMSA 1978, as enacted by Laws 2007, ch. 173, § 19, relating to lease purchase arrangements for charter schools, effective July 1, 2015.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-7 – Payments under lease purchase arrangements.
A school district or charter school may apply any legally available funds to acquire or improve buildings or other real property subject to a lease purchase arrangement or to the payments due under a lease purchase arrangement, including any combination of: A. money from the school district’s or charter school’s general fund; B. investment income […]
Section 22-26A-8 – Authorization for local school board to submit question of lease purchase tax.
A local school board may adopt a resolution to submit to the qualified electors of the school district the question of whether a property tax at a rate not to exceed the rate specified in the resolution should be imposed upon the net taxable value of property allocated to the school district under the Property […]
Section 22-26A-9 – Authorizing resolution; time limitation.
The resolution authorized under Section 8 [22-26A-8 NMSA 1978] of the Public School Lease Purchase Act shall be adopted no later than May 15 in the year in which the tax is proposed to be imposed. History: Laws 2007, ch. 173, § 9. ANNOTATIONS Effective dates. — Laws 2007, ch. 173 contained no effective date […]
Section 22-26A-1 – Short title.
Chapter 22, Article 26A NMSA 1978 may be cited as the “Public School Lease Purchase Act”. History: Laws 2007, ch. 173, § 1; 2009, ch. 132, § 2. ANNOTATIONS The 2009 amendment, effective June 19, 2009, changed the reference to the act to the article and chapter of NMSA 1978.
Section 22-26A-2 – Purpose.
The purpose of the Public School Lease Purchase Act is to implement the provision of Article 9, Section 11 of the constitution of New Mexico, as approved by the voters of the state of New Mexico at the general election held in November 2006, which declares that a financing agreement entered into by a school […]
Section 22-26A-3 – Definitions.
As used in the Public School Lease Purchase Act: A. “financing agreement” or “lease purchase arrangement” means an agreement for the leasing of a building or other real property with an option to purchase for a price that is reduced according to the payments made, which periodic lease payments composed of principal and interest components […]
Section 22-26A-4 – Notice of proposed lease purchase arrangement; approval of department.
A. When a governing body determines, pursuant to Subsection B of Section 22-26A-6 NMSA 1978, that a lease purchase arrangement is in the best interest of the school district or the charter school, the governing body shall forward to the department a copy of the proposed lease purchase arrangement and the source of funds that […]
Section 22-26A-5 – Lease purchase arrangements; terms.
Lease purchase arrangements: A. may have payments payable annually or more frequently as determined by the governing body; B. may be subject to prepayment at the option of the governing body at such time or times and upon such terms and conditions with or without the payment of such premium or premiums as determined by […]
Section 22-26A-5.1 – Transfer or assignment of lease purchase arrangement; designation as public property.
A. A holder of a lease purchase arrangement, including any public entity holding a lease purchase arrangement, may secure financing by issuing certificates of participation or otherwise assigning or transferring all or a portion of the lease purchase arrangement. B. A building or other real property subject to a lease purchase arrangement that has been […]