Section 22-26A-7 - Payments under lease purchase arrangementsA school district or charter school may apply any legally available funds to acquire or improve buildings or other real property subject to a lease purchase arrangement or to the payments due under a lease purchase arrangement, including any combination of:
A. money from the school district's or charter school's general fund;B. investment income actually received from investments;C. proceeds from taxes imposed pursuant to the Public School Capital Improvements Act [Chapter 22, Article 25 NMSA 1978] or the Public School Buildings Act [Chapter 22, Article 26 NMSA 1978];D. loans, grants or lease payments received from the public school capital outlay council pursuant to the Public School Capital Outlay Act [Chapter 22, Article 24 NMSA 1978];E. state distributions to the school district or charter school pursuant to the Public School Capital Improvements Act;F. fees or assessments received by the school district;G. proceeds from the sale of real property and rental income received from the rental or leasing of school district or charter school property;H. grants from the federal government as assistance to those areas affected by federal activity authorized in accordance with Title 20 of the United States Code, commonly known as " PL 874 funds" or "impact aid";I. revenues from the tax authorized pursuant to Sections 22-26A-8 through 22-26A-12 NMSA 1978, if proposed by the local school board and approved by the voters; andJ. legislative appropriations. Laws 2007, ch. 173, § 7; 2009, ch. 132, § 7; 2015, ch. 106, § 5.Amended by 2015, c. 106,s. 5, eff. 7/1/2015.