As used in the Public School Lease Purchase Act:
A. "financing agreement" or "lease purchase arrangement" means an agreement for the leasing of a building or other real property with an option to purchase for a price that is reduced according to the payments made, which periodic lease payments composed of principal and interest components are to be paid to the holder of the agreement and pursuant to which the owner of the building or other real property may retain title to or a security interest in the building or other real property and may agree to release the security interest or transfer title to the building or other real property to the school district for nominal consideration after payment of the final periodic lease payment; and
B. "governing body" means:
(1) the governing structure of a charter school, as set forth in its approved charter; or
(2) a local school board as the governing structure of a school district.
History: Laws 2007, ch. 173, § 3; 2015, ch. 106, § 1.
The 2015 amendment, effective July 1, 2015, clarified the definition of "governing body" in the Public School Lease Purchase Act to include the governing structure of a charter school and a local school board; in Subsection A, after the semicolon, added "and"; deleted former Subsections B and C, relating to the meaning of "local school board" and "school district"; and added new Subsection B.
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