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New Mexico Statutes Chapter 15. Administration of Government § 15-3-35. Lease-purchase agreements; approval of legislature

Current as of January 01, 2024 | Updated by Findlaw Staff

A. A financing agreement under which a state agency is to occupy a building or other real property and that contains an option to purchase for a price that is reduced according to the lease payments made is subject to the following criteria:

(1) the agreement shall not become effective until it has been ratified and approved by the legislature; and

(2) if the state agency is subject to the jurisdiction of the facilities management division of the general services department pursuant to the Property Control Act, the agreement shall provide that, if the real property is purchased, title to the real property shall be issued in the name of the facilities management division.

B. Legislative ratification and approval of an agreement pursuant to Subsection A of this section shall not create a legal obligation for the state agency to continue the lease from year to year or to purchase the real property.

C. As used in this section, “state agency” means the state or any of its branches, agencies, departments, boards, instrumentalities or institutions, but “state agency” does not include state educational institutions or state-chartered charter schools.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 15. Administration of Government § 15-3-35. Lease-purchase agreements; approval of legislature - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-15-administration-of-government/nm-st-sect-15-3-35/

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