Statutes > New Mexico Statutes > Chapter 22 - Public Schools. > Article 26A - Public School Lease Purchase Act, 22-26A-1 through 22-26A-20. > Section 22-26A-4 - Notice of proposed lease purchase arrangement; approval of department.

Section 22-26A-4 - Notice of proposed lease purchase arrangement; approval of department.

22-26A-4. Notice of proposed lease purchase arrangement; approval of department.

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

B.     A local school board shall not enter into a lease purchase arrangement without the approval of the department.