Lease-purchase arrangements may:
A. have interest, appreciated principal value, or any part thereof, payable at intervals or at maturity as may be determined by the local school board;
B. be subject to prior redemption or prepayment at the option of the local school board as [at] such time or times and upon such terms and conditions with or without the payment of such premium or premiums as may be determined by the local school board;
C. have a final payment date or mature at any time or times not exceeding five years after the date of issuance;
D. be payable at one time or in installments or may be in such other form as may be determined by the local school board;
E. be priced at, above or below par and at a price that results in a net effective interest rate that does not exceed the maximum permitted by the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978]; and
F. be sold or issued at public sale, negotiated sale or private sale to the New Mexico finance authority.
History: Laws 1997, ch. 193, § 7.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Definition invalid. — Definition of "lease-purchase arrangement" is invalid to the extent it includes debt incurred for the acquisition of education technology equipment that is not a lease-purchase arrangement contemplated under N.M. Const., art. IX, § 11(C). 2008 Op. Att'y Gen. No. 08-01.
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