On or after July 1, 2015, a school district that assumes a debt through a lease-purchase arrangement under the provisions of the Education Technology Equipment Act shall provide, to each eligible charter school in the school district, education technology equipment equal in value to an amount based upon the net proceeds from the debt after payment of the cost of issuing the debt through a lease-purchase arrangement prorated by the number of students enrolled in the school district and in eligible charter schools as reported on the first reporting date of the prior school year; provided that, in the case of an approved eligible charter school that had not commenced classroom instruction in the prior school year, the estimated full-time-equivalent enrollment in the first year of instruction, as shown in the approved charter school application, shall be used to determine the amount, subject to adjustment after the first reporting date.
History: Laws 2015, ch. 68, § 3.
Effective dates. — Laws 2015, ch. 68, § 5 made Laws 2015, ch. 68, § 3 effective July 1, 2015.
Structure 2021 New Mexico Statutes
Article 15A - Education Technology Equipment
Section 6-15A-1 - Short title.
Section 6-15A-3 - Definitions.
Section 6-15A-4 - Notice of proposed lease-purchase arrangements.
Section 6-15A-6 - Tax levy for payment of lease-purchase agreement.
Section 6-15A-7 - Lease-purchase arrangements; terms.
Section 6-15A-9 - Publication of notice; validation; limitation of action.
Section 6-15A-10 - Refunding or refinancing lease-purchase arrangements.
Section 6-15A-11 - Agreement of the state.
Section 6-15A-12 - Legal investments for public officers and fiduciaries.
Section 6-15A-13 - Tax exemption.
Section 6-15A-14 - Cumulative and complete authority.
Section 6-15A-15 - Liberal interpretation.
Section 6-15A-16 - Severability.
Section 6-15A-17 - Charter schools; receipt of education technology equipment.