New Mexico Statutes 21-14A-5.1. Title to property acquired
Current as of: 2024 | Check for updates
|
Other versions
All property acquired using the proceeds of a bond issue and all property acquired by gift, devolution or bequest shall be taken in the name of the local school board in the district in which the property is situate. All property held by the local school board pursuant to this section shall be used solely for the purpose of carrying out the provisions of the Off-Campus Instruction Act until such time as the off-campus instruction program ceases to exist. At such time, the property so held by the local school board may be used for other purposes within the scope of authority of the local school board. No real property may be acquired pursuant to this section after July 1, 1998.
Terms Used In New Mexico Statutes 21-14A-5.1
- Bequest: Property gifted by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.