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 to 6-14-3 NMSA 1978]; and F. be sold or issued at public sale, negotiated sale or private sale to the New Mexico finance authority. History: Laws 1997, ch. 193, § 7.