A. When a college district contemplates entering into a lease-purchase arrangement payable in whole or in part from ad valorem taxes, the board, before initiating any proceedings for approval of such lease-purchase arrangement, shall forward to the higher education department a written notice of the proposed lease-purchase arrangement.

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B. The higher education department, upon the receipt of the notice provided for in Subsection A of this section, shall furnish all necessary information with reference to the valuation, present outstanding bonded indebtedness, present outstanding lease- purchase arrangements and limitations as to tax rates and debt contracting power and other information useful to the board in the consideration of a proposed lease-purchase arrangement. Upon entering into a lease-purchase arrangement, the board shall prepare two true and complete transcripts of proceedings relating to the lease-purchase arrangement, one to be immediately filed with the higher education department and one to be kept by the board.

C. At a regular or special meeting called for the purpose of considering a lease- purchase arrangement, a board shall:

(1)     make a determination of the necessity for lease-purchasing the educational technology equipment;

(2)     determine the estimated cost of the equipment needed;

(3)     review a summary of the terms of the proposed lease-purchase arrangement;

(4)     identify the source of funds for the payment of debt;

(5)     if all or part of the funds needed require or anticipate the imposition of an ad valorem tax, determine the estimated rate of the ad valorem tax and what, if any, the percentage increase in ad valorem taxes for all taxable property in the college district would be;

(6)     set a date for a meeting to consider a resolution granting final approval to the lease-purchase arrangement; and

(7)     direct that notice of the meeting provided for in Paragraph (6) of this subsection be published once each week for the two weeks immediately preceding the meeting in a newspaper having general circulation in the college district and that the notice include the information required in Paragraphs (1) through (5) of this subsection.

D. At a regular or special meeting called for the purpose of considering a lease- purchase arrangement as set forth in Subsection C of this section, a board may adopt an authorizing instrument in compliance with the requirements of Section 6-14-10.2 N.M. Stat. Ann.. The requirements of Paragraphs (6) and (7) of Subsection C of this section shall not apply if the board adopts such an authorizing instrument.

E. At a meeting scheduled pursuant to Paragraph (6) of Subsection C of this section, the board may adopt a final resolution approving the lease-purchase arrangement only by an affirmative vote of a majority of all members of the board.

F. After the adoption by the board of a final resolution approving the lease-purchase arrangement or after the final approval of a lease-purchase arrangement by delegation as provided for in Subsection D of this section, the board shall publish notice of the adoption of the resolution or the approval of the lease-purchase arrangement once in a newspaper having general circulation in the college district. After the passage of thirty days from the publication required by this subsection, any action attacking the validity of the proceedings taken by the board preliminary to, in the authorization of and entering into the lease-purchase arrangement described in the notice is perpetually barred.