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 interests in lease purchase arrangements and the interest income from the lease purchase arrangements, certificates of participation and other partial interests shall at all times be free from taxation by the state, except for estate or gift taxes and taxes on transfers.
History: Laws 2007, ch. 173, § 17; 2009, ch. 132, § 13; 2015, ch. 106, § 9.
The 2015 amendment, effective July 1, 2015, amended the Public School Lease Purchase Act to include charter schools in the state's covenant that lease purchase arrangements will be free from taxation by the state, except for estate or gift taxes and taxes on transfers; after "arrangements entered into by", deleted "local school boards" and added "governing bodies".
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.