Learn About The Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2024 | Updated by Findlaw Staff
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:
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 or the Public School Buildings Act;
D. loans, grants or lease payments received from the public school capital outlay council pursuant to the Public School Capital Outlay Act;
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.
Cite this article: FindLaw.com - New Mexico Statutes Chapter 22. Public Schools § 22-26A-7. Payments under lease purchase arrangements - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-22-public-schools/nm-st-sect-22-26a-7/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)