New Mexico Statutes 22-26A-4. Notice of proposed lease purchase arrangement;
Current as of: 2023 | Check for updates
|
Other versions
approval of department.
Terms Used In New Mexico Statutes 22-26A-4
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
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 the governing body has identified to make payments due under the lease purchase arrangement.
B. A governing body shall not enter into a lease purchase arrangement without the approval of the department.