- A. If a local school board proposes to lease-purchase education technology equipment, it shall comply with the requirements of this section.
B. At a regular meeting or at a special meeting called for the purpose of considering the lease-purchase of education technology equipment, a local school board shall:
- (1) make a determination of the necessity for lease-purchasing the education technology equipment;
- (2) determine the estimated cost of the equipment needed;
- (3) review a summary of the terms of the proposed lease-purchase agreement;
- (4) identify the source of funds for the lease-purchase payments;
- (5) if all or part of the funds needed requires or anticipates the imposition of a property tax, determine the estimated rate of the tax and what, if any, the percentage increase in property taxes for real property owners in the school district;
- (6) set a date not more than four weeks and not less than three weeks in the future for a special meeting to consider a resolution granting final approval to the lease-purchase of education technology equipment; and
- (7) direct that notice of the special meeting be published once each week for the two weeks immediately preceding the meeting in a newspaper having general circulation in the school district and that the notice include the information required in Paragraphs (1) through (5) of this subsection.
- C. At the special meeting scheduled pursuant to Subsection B of this section, the local school board may adopt a final resolution approving the lease-purchase of education technology equipment only by an affirmative vote of majority of all members of the board.
- D. The local school board shall not adopt a resolution for or approve a lease-purchase agreement that exceeds five years.
History: 1978 Comp., § 6-15A-8, enacted by Laws 2001, ch. 203, § 1.
ANNOTATIONS
Repeals and reenactments. — Laws 2001, ch. 203, § 1 repealed 6-15A-8 NMSA 1978, as enacted by Laws 1997, ch. 193, § 8, and enacted a new section, effective April 3, 2001.