1. A. Except for sales, trades or leases approved pursuant to Section 13-6-3 NMSA 1978, any sale, trade or lease of real property belonging to a state agency, local public body or school district for more than five years or for a consideration of more than one hundred fifty thousand dollars ($150,000) shall be approved by the state board of finance prior to its effective date.

2. B. The provisions of this section shall not be applicable to:

   1. (1) those institutions specifically enumerated in Article 12, Section 11 of the constitution of New Mexico;
   2. (2) the state land office;
   3. (3) the state transportation commission;
   4. (4) the economic development department when disposing of property acquired pursuant to the Statewide Economic Development Finance Act [Chapter 6, Article 25 NMSA 1978]; or
   5. (5) a school district when leasing facilities to a locally chartered or state-chartered charter school.

History: 1978 Comp., § 13-6-2.1, enacted by Laws 1989, ch. 380, § 1; 2001, ch. 122, § 1; 2003, ch. 142, § 3; 2003, ch. 349, § 22; 2011, ch. 69, § 1; 2025, ch. 76, § 3.

ANNOTATIONS

The 2025 amendment, effective July 1, 2025, increased the property valuation threshold for state board of finance approval for a transaction from twenty-five thousand dollars to one hundred fifty thousand dollars ($150,000); in Subsection A, after "Except" deleted "as provided in" and added "for sales, trades or leases approved pursuant to", after "or lease of" added "real property belonging to a state agency, local public body or school district", after "more than five years" deleted "of real property belonging to a state agency, local public body or school district or any sale, trade or lease of such real property" and added "or", after "consideration of more than" deleted "twenty-five thousand dollars ($25,000) shall not be valid unless it is" and added "one hundred fifty thousand dollars ($150,000) shall be", after "approved" added "by the state board of finance" and after "effective date" deleted "by the state board of finance".

The 2011 amendment, effective July 1, 2011, exempted school districts that lease facilities to locally chartered or state-chartered charter schools.

The 2003 amendment, effective June 20, 2003, in Subsection B, updated the reference to the state transportation commission and added "or the economic development department when disposing of property acquired pursuant to the Statewide Economic Development Finance Act".

The 2001 amendment, effective June 15, 2001, inserted "Sales, trades or" in the section heading; in Subsection A, inserted "Except as provided in Section 13-6-3 NMSA 1978, for state agencies", deleted "but less than twenty-five years in duration" following "five years", deleted "or state educational institution" following "school district", and deleted "but less than one hundred thousand dollars" preceding "shall not be valid".