Transfer or assignment of lease purchase arrangement; designation as public property.

  1. Law
  2. New Mexico Statutes
  3. Public Schools
  4. Public School Lease Purchase Act
  5. Transfer or assignment of lease purchase arrangement; designation as public property.

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A. A holder of a lease purchase arrangement, including any public entity holding a lease purchase arrangement, may secure financing by issuing certificates of participation or otherwise assigning or transferring all or a portion of the lease purchase arrangement.

B. A building or other real property subject to a lease purchase arrangement that has been entered into and approved pursuant to the Public School Lease Purchase Act shall be considered to be a public property.

History: 1978 Comp., § 22-26A-5.1, as enacted by Laws 2009, ch. 132, § 5.

ANNOTATIONS

Effective dates. — Laws 2009, ch. 132 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 19, 2009, 90 days after the adjournment of the legislature.


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