N.M. Stat. § 15-10-2 (2026)

purchase agreements.
    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:
       (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

       (2)   pursuant to criteria adopted by the commission, the commission selects
the lease-purchase agreement for review.

   B. A review conducted pursuant to this section shall include findings by the
commission as to whether:

        (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;

       (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;

       (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

       (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.

   C. After a review pursuant to this section, the commission shall submit its findings
and recommendations to the legislature.

   D. As used in this section:

       (1)    "commission" means the capitol buildings planning commission;

        (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;

        (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;

      (4)  "leasehold property" means facilities that are subject to a lease-purchase
agreement;

      (5)   "lease revenues" means the amounts payable pursuant to a lease-
purchase agreement; and

      (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:

          (a) the state armory board;

          (b) the commissioner of public lands;

          (c) state institutions under the jurisdiction of the higher education department;

           (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];

          (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

          (f) a state-chartered charter school.

History: 1978 Comp., §15-10-2, as enacted by Laws 2009, ch. 19, § 2.

                                    ANNOTATIONS

Effective dates. — Laws 2009, ch. 19, § 3 provided that Laws 2009, ch. 19, § 2 was
effective July 1, 2009.