Section 6-15A-7 - Lease-purchase arrangements; terms. - New Mexico Statutes

6-15A-7. Lease-purchase arrangements; terms.

Lease purchase arrangements may:   

A.     have interest, appreciated principal value, or any part thereof, payable at intervals or at maturity as may be determined by the local school board;   

B.     be subject to prior redemption or prepayment at the option of the local school board as [at] such time or times and upon such terms and conditions with or without the payment of such premium or premiums as may be determined by the local school board;   

C.     have a final payment date or mature at any time or times not exceeding five years after the date of issuance;   

D.     be payable at one time or in installments or may be in such other form as may be determined by the local school board;   

E.     be priced at, above or below par and at a price that results in a net effective interest rate that does not exceed the maximum permitted by the Public Securities Act [6-14-1 NMSA 1978]; and   

F.     be sold or issued at public sale, negotiated sale or private sale to the New Mexico finance authority.