Notice of proposed lease purchase arrangement;

approval of department. A. When a governing body determines, pursuant to Subsection B of Section 22- 26A-6 NMSA 1978, that a lease purchase arrangement is in the best interest of the school district or the charter school, the governing body shall forward to the department a copy of the proposed lease purchase arrangement and the source of funds that the governing body has identified to make payments due under the lease purchase arrangement. B. A governing body shall not enter into a lease purchase arrangement without the approval of the department. History: Laws 2007, ch. 173, § 4; 2009, ch. 132, § 3; 2015, ch. 106, § 2.