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Section 22-26A-19 – Repealed.
History: Laws 2007, ch. 173, § 19; 2009, ch. 132, § 14; repealed by Laws 2015, ch. 106, § 11.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 — Laws 2015, ch. 106, § 11 repealed 22-26A-19 NMSA 1978, as enacted by Laws 2007, ch. 173, § 19, relating to lease purchase arrangements for charter schools, effective July 1, 2015.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 B. The resolution required to be published as notice of the election under Section 1-22-11 NMSA 1978 [repealed] shall include as the […]
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 […]
Section 22-26A-6 – Authorizing lease purchase arrangements; resolution.
A. If a governing body proposes to acquire a building or other real property through a lease purchase arrangement, it shall comply with the requirements of this section and the provisions of the Open Meetings Act [Chapter 10, Article 15 NMSA 1978]. B. At a regular meeting or at a special meeting called for the […]