New Mexico Statutes 15-3-35. Lease-purchase agreements; approval of legislature
A. A financing agreement under which a state agency is to occupy a building or other real property and that contains an option to purchase for a price that is reduced according to the lease payments made is subject to the following criteria:
Terms Used In New Mexico Statutes 15-3-35
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(1) the agreement shall not become effective until it has been ratified and approved by the legislature; and
(2) if the state agency is subject to the jurisdiction of the facilities management division of the general services department pursuant to the Property Control Act [N.M. Stat. Ann. Chapter 15, Article 3B], the agreement shall provide that, if the real property is purchased, title to the real property shall be issued in the name of the facilities management division.
B. Legislative ratification and approval of an agreement pursuant to Subsection A of this section shall not create a legal obligation for the state agency to continue the lease from year to year or to purchase the real property.
C. As used in this section, “state agency” means the state or any of its branches, agencies, departments, boards, instrumentalities or institutions, but “state agency” does not include state educational institutions or state-chartered charter schools.