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 entered into and approved pursuant to the Public School Lease Purchase Act shall be considered to be a public property.
History: 1978 Comp., § 22-26A-5.1, as enacted by Laws 2009, ch. 132, § 5.
Effective dates. — Laws 2009, ch. 132 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 19, 2009, 90 days after the adjournment of the legislature.
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.