{"data":{"id":"us-nm/15-10-2","jurisdiction":"us-nm","citation":"15-10-2","heading":"Capitol buildings planning commission; review of lease-purchase agreements.","body":"A. Before submitting a proposed lease-purchase agreement to the legislature for ratification and approval pursuant to Section 15-3-35 NMSA 1978, the proposed lessee shall notify the commission. The commission shall review a proposed lease-purchase agreement if:\n(1) the total lease revenues to be generated during the term of the lease-purchase agreement, including any possible extensions or renewals, exceed five million dollars ($5,000,000); or\n(2) pursuant to criteria adopted by the commission, the commission selects the lease-purchase agreement for review.\nB. A review conducted pursuant to this section shall include findings by the commission as to whether:\n(1) the leasehold property and the term of the lease-purchase agreement are sufficient to meet the identified needs of the state agency that will occupy the leasehold property;\n(2) the payment of all lease revenues due pursuant to a lease-purchase agreement will be sufficient, at the end of the term of the lease-purchase agreement, to acquire ownership of the leasehold property;\n(3) the lease-purchase agreement provides that there is no legal obligation for the state or state agency to continue the lease-purchase agreement from year to year or to purchase the leasehold property, and that the lease-purchase agreement shall be terminated if sufficient appropriations are not available to meet the current lease payments; and\n(4) the lease-purchase agreement is the most cost-effective alternative for acquiring the leasehold property, taking into account currently available alternative lease arrangements, lease-purchase agreements or other financing arrangements permitted by law.\nC. After a review pursuant to this section, the commission shall submit its findings and recommendations to the legislature.\nD. As used in this section:\n(1) \"commission\" means the capitol buildings planning commission;\n(2) \"facilities\" means buildings and the appurtenances and improvements associated therewith, including the real estate upon which a building is constructed; suitable parking for use of the building; utilities, access roads and other infrastructure; and related real estate. \"Facilities\" can also mean undeveloped or developed real estate that is transferred or leased with the intent that a new building or improvement be constructed thereon;\n(3) \"lease-purchase agreement\" means a financing agreement for the leasing of facilities by the state or a state agency from a public or private entity with an option to purchase the leasehold property for a price that is reduced according to the payments made pursuant to the financing agreement;\n(4) \"leasehold property\" means facilities that are subject to a lease-purchase agreement;\n(5) \"lease revenues\" means the amounts payable pursuant to a lease-purchase agreement; and\n(6) \"state agency\" means any department, branch, institution, board, officer, bureau, instrumentality, commission, district or committee of government of the state of New Mexico except:\n(a) the state armory board;\n(b) the commissioner of public lands;\n(c) state institutions under the jurisdiction of the higher education department;\n(d) the economic development department when the department is acquiring property pursuant to the Statewide Economic Development Finance Act [Chapter 6, Article 25 NMSA 1978];\n(e) the public school facilities authority when the authority is acquiring property pursuant to the Public School Capital Outlay Act [Chapter 22, Article 24 NMSA 1978]; and\n(f) a state-chartered charter school.","path":["Chapter 15 - Administration of Government","ARTICLE 10 Capitol Buildings Planning Commission"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18515/index.do","current_through":"2026-07-01","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"2d56bf6aac7704114b932dfa05a167d7a87b266088f2cf8a2de80e537ec208af","source_id":"us-nm","stale":false,"prev":"us-nm/15-10-1","next":"us-nm/15-11-1"},"notice":"GroundRules: Original legal text. Not legal advice."}