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 [Chapter 22, Article 25 NMSA 1978] or the Public School Buildings Act [Chapter 22, Article 26 NMSA 1978];

D. loans, grants or lease payments received from the public school capital outlay council pursuant to the Public School Capital Outlay Act [Chapter 22, Article 24 NMSA 1978];

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.

History: Laws 2007, ch. 173, § 7; 2009, ch. 132, § 7; 2015, ch. 106, § 5.

Cross references. — For PL 874 funds, see 20 USCS § 7701 et seq.

The 2015 amendment, effective July 1, 2015, amended the Public School Lease Purchase Act to authorize charter schools to apply any legally available funds to acquire or improve buildings or other real property subject to a lease purchase arrangement; in the introductory sentence of the section, after "A school district", added "or charter school"; in Subsection A, after "school district's", added "or charter school's"; in Subsection E, after "school district", added "or charter school".

The 2009 amendment, effective June 19, 2009, in the introductory sentence, after "funds to", deleted "the payments due on or any prepayment premium payable in connection with lease purchase arrangements as they become due" and added the remainder of the sentence; in Subsection C, after "proceeds from taxes imposed", deleted "to pay school district general obligation bonds or" and after "Building Act;", deleted "or the Educational Technology Equipment Act"; deleted Subsection D, which included revenue from bonds or notes pursuant to the School Revenue Bond Act or the School District Anticipation Notes Act; and added Subsection J.