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 and all administrators, guardians, executors, trustees and other fiduciaries may properly and legally invest funds.
History: Laws 2007, ch. 173, § 16; 2009, ch. 132, § 12.
The 2009 amendment, effective June 19, 2009, after "Purchase Act", added "including certificates of participation and other partial interests in such lease purchase arrangements".
Structure New Mexico Statutes
Article 26A - Public School Lease Purchase Act
Section 22-26A-1 - Short title.
Section 22-26A-3 - Definitions.
Section 22-26A-4 - Notice of proposed lease purchase arrangement; approval of department.
Section 22-26A-5 - Lease purchase arrangements; terms.
Section 22-26A-6 - Authorizing lease purchase arrangements; resolution.
Section 22-26A-7 - Payments under lease purchase arrangements.
Section 22-26A-8 - Authorization for local school board to submit question of lease purchase tax.
Section 22-26A-9 - Authorizing resolution; time limitation.
Section 22-26A-10 - Conduct of election; notice; ballot.
Section 22-26A-11 - Election results; certification.
Section 22-26A-12 - Imposition of tax; limitations.
Section 22-26A-13 - Publication of notice; validation.
Section 22-26A-14 - Refunding or refinancing lease purchase arrangements.
Section 22-26A-15 - Agreement of the state.
Section 22-26A-16 - Legal investments for public officers and fiduciaries.
Section 22-26A-17 - Tax exemption.