New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 70 - CAPITAL EXPENDITURES
Part 4 - POLICY ON CAPITAL EXPENDITURES BY STATE EDUCATIONAL INSTITUTIONS
Section 2.70.4.9 - INFORMATION REQUIRED FOR SUBMISSION FOR PURCHASE OF REAL PROPERTY

Universal Citation: 2 NM Admin Code 2.70.4.9

Current through Register Vol. 35, No. 18, September 24, 2024

A. To ensure that the state board of finance will have sufficient information to review capital outlay expenditures at New Mexico's educational institutions, the following information will be required to be submitted to the board after the higher education department has approved the request:

(1) legal description of the property;

(2) a copy of the appraisal and concurrence therewith, if performed by an independent appraiser, by the property tax division of the taxation and revenue department;

(3) a site improvement survey to verify the legal description and to uncover the existence of recorded and unrecorded easements and encroachments;

(4) a description of the use to which the property will be placed;

(5) the source of funds for the purchase to include citation of the relevant section of the law when source of funds is legislative appropriation and in the case of bond funding, representation that bond proceeds are available;

(6) current title binder evidencing clear title with no non-standard exceptions, and agreement by the title company that it will delete general exceptions 1 through 6 and the first two-thirds of 7;

(7) merchantable fee simple title by warranty deed, except if the seller is a public entity;

(8) phase I of an environmental assessment to verify prior use of the land with regard to possible environmental hazards;

(9) a copy of the purchase agreement, which should contain a provision making the acquisition subject to the approval of higher education department and the state board of finance; and

(10) evidence of approval of acquisition by applicable board of regents and higher education department.

B. Waivers of certain provisions may be granted at the discretion of the board of finance, on a case by case basis, until patterns develop that can be worked into the policy. Additionally, requirements affecting bond approvals are set forth in 2.61.5 NMAC.

Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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