New Mexico Statutes 6-15A-7. Lease-purchase arrangements; terms
Lease-purchase arrangements may:
Terms Used In New Mexico Statutes 6-15A-7
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
A. have interest, appreciated principal value, or any part thereof, payable at intervals or at maturity as may be determined by the local school board;
B. be subject to prior redemption or prepayment at the option of the local school board as [at] such time or times and upon such terms and conditions with or without the payment of such premium or premiums as may be determined by the local school board;
C. have a final payment date or mature at any time or times not exceeding five years after the date of issuance;
D. be payable at one time or in installments or may be in such other form as may be determined by the local school board;
E. be priced at, above or below par and at a price that results in a net effective interest rate that does not exceed the maximum permitted by the Public Securities Act N.M. Stat. Ann. § 6-14-1 to 6-14-3; and
F. be sold or issued at public sale, negotiated sale or private sale to the New Mexico finance authority.