A. When a governing body 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 or the charter school, the governing body shall forward to the department a copy of the proposed lease purchase arrangement and the source of funds that the governing body has identified to make payments due under the lease purchase arrangement.

B. A governing body shall not enter into a lease purchase arrangement without the approval of the department.

History: Laws 2007, ch. 173, § 4; 2009, ch. 132, § 3; 2015, ch. 106, § 2.

The 2015 amendment, effective July 1, 2015, amended the Public School Lease Purchase Act to require a governing body of a charter school or school district to give the public education department notice of a lease purchase agreement when the governing body determines that a lease purchase arrangement is in the best interest of the school district or charter school and requires the governing body to obtain approval from the public education department prior to entering into a lease purchase arrangement; in Subsection A, after "When a", deleted "local school board" and added "governing body", after "best interest of the school district", added "or the charter school", after the third occurrence of "the", deleted "board" and added "governing body", and after "source of funds that the", deleted "local school board" and added "governing body"; and in Subsection B, after "A", deleted "local school board" and added "governing body".

The 2009 amendment, effective June 19, 2009, in Subsection A, at the beginning of the sentence, deleted former language, which provided that when a school district contemplates entering into a lease purchase arrangement for a building or other real property payable from ad valorem taxes, the local school board was required to give a copy of the proposed lease to the department; and added the new language.