Section 22-26A-7 - Payments under lease purchase arrangements.
22-26A-7. Payments under lease purchase arrangements.
A school district 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 general fund;
B. investment income actually received from investments;
C. proceeds from taxes imposed pursuant to the Public School Capital Improvements Act [22-25-1 NMSA 1978] or the Public School Buildings Act;
D. loans, grants or lease payments received from the public school capital outlay council pursuant to the Public School Capital Outlay Act [22-24-1 NMSA 1978];
E. state distributions to the school district pursuant to the Public School 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 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.