A school district or charter school may apply any legally available funds to acquire or improve buildings or other real property subject to a lease purchase arrangement or to the payments due under a lease purchase arrangement, including any combination of:

Terms Used In New Mexico Statutes 22-26A-7

  • 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
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

A. money from the school district’s or charter school’s general fund; B. investment income actually received from investments;

C. proceeds from taxes imposed pursuant to the Public School Capital Improvements Act [N.M. Stat. Ann. Chapter 22, Article 25] or the Public School Buildings Act [N.M. Stat. Ann. Chapter 22, Article 26];

D. loans, grants or lease payments received from the public school capital outlay council pursuant to the Public School Capital Outlay Act [N.M. Stat. Ann. Chapter 22, Article 24];

E. state distributions to the school district or charter school pursuant to the Public School Capital Improvements Act;

F. fees or assessments received by the school district;

G. proceeds from the sale of real property and rental income received from the rental or leasing of school district or charter school property;

H. grants from the federal government as assistance to those areas affected by federal activity authorized in accordance with Title 20 of the United States Code, commonly known as “PL 874 funds” or “impact aid”;

I. revenues from the tax authorized pursuant to Sections 22-26A-8 through 22-26A- 12 NMSA 1978, if proposed by the local school board and approved by the voters; and

J. legislative appropriations.

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