Section 22-26A-3 - Definitions. - New Mexico Statutes

22-26A-3. Definitions.

As used in the Public School Lease Purchase Act:  

A.     "financing agreement" or "lease purchase arrangement" means an agreement for the leasing of a building or other real property with an option to purchase for a price that is reduced according to the payments made, which periodic lease payments composed of principal and interest components are to be paid to the holder of the agreement and pursuant to which the owner of the building or other real property may retain title to or a security interest in the building or other real property and may agree to release the security interest or transfer title to the building or other real property to the school district for nominal consideration after payment of the final periodic lease payment;  

B.     except as limited by Section 19 [22-26A-19 NMSA 1978] of the Public School Lease Purchase Act, "local school board" includes the governing body of a locally chartered or state-chartered charter school; and  

C.     except as limited by Section 19 of the Public School Lease Purchase Act, "school district" includes a locally chartered or state-chartered charter school.