State Codes and Statutes
Statutes > New-mexico > Chapter-22 > Article-26a > Section-22-26a-422-26A-4. Notice of proposed lease purchase arrangement; approval of department.
A. When a local school board 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, the board shall forward to the department a copy of the proposed lease purchase arrangement and the source of funds that the local school board has identified to make payments due under the lease purchase arrangement.
B. A local school board shall not enter into a lease purchase arrangement without the approval of the department.
