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2008 New Mexico Attorney General Reports and Opinions 1 (2008)

handle is hein.sag/sagnm0007 and id is 1 raw text is: Attorney General of New Mexico
GARY K. KING                                                  ALBERT i AMA
Attorney General                                         Chie Deput AtIne G
February 15, 2008
OPINION
OF
GARY K. KING
Attorney General                                                 Opinion No. 08-01
BY:   Elizabeth A. Glenn
Assistant Attorney General
TO:   William C. Sisneros, Chief Executive Officer
New Mexico Finance Authority
207 Shelby Street
Santa Fe, NM 87501
QUESTION:
Does the Education Technology Equipment Act, NMSA 1978, §§ 6-15A-1 to -16 (1997, as
amended through 2001) (ETE Act)., properly define a lease-purchase arrangement that a
school district can enter into without voter approval under Article IX, Section 11(C) of the New
Mexico Constitution?
CONCLUSION:
The ETE Act's definition of lease-purchase arrangement is invalid to the extent it includes
debt incurred for the acquisition of educational technology equipment that is not a lease-purchase
arrangement contemplated under Article IX, Section 11(C).
ANALYSIS:
Article IX, Section 11(A) of the state constitution generally restricts the purposes for which a
school district may borrow money and requires the prior approval of the district's voters on the
proposition to create the debt. Subsection (C) provides an exception from those restrictions:

Santa Fe, New Mexico 87504   (505) 827 6000 Fax (50S) \' 87 52

P'..Drawer 1508

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