N.M. Admin. Code § 2.70.4.9

Current through Register Vol. 36, No. 1, January 14, 2025

Section 2.70.4.9 - INFORMATION REQUIRED FOR SUBMISSION FOR PURCHASE OF REAL PROPERTY

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

(1) legal description of the property;

(2) a copy of a current appraisal report completed by a general certified appraiser for commercial property or a general certified appraiser or a residential certified appraiser for residential property and report of review from the property tax division of the taxation and revenue department if the appraisal was not done by the property tax division; the educational institution seeking property tax division review must submit necessary information to the property tax division within the time frame specified by the property tax division; when the seller is another governmental entity, neither an appraisal nor property tax division review is required;

(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 in the form required by 13.14.5 NMAC evidencing clear title, including all required statements. For any special exceptions listed in Schedule B, the public body shall provide an explanation of each exception and measures it is taking to mitigate any risks associated with the exception;

(7) the form of general warranty deed by which the educational institution will take title in fee simple absolute containing a legal description of the property and warranty covenants; when the seller is another governmental entity, transfer of title shall be by quitclaim deed;

(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 containing a provision making the purchase subject to the approval of higher education department and the state board of finance; and

(10) evidence of approval of the purchase by the applicable state educational institution's governing board and the 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,

C. Requirements affecting bond approvals are set forth in 2.61.5 NMAC.

N.M. Admin. Code § 2.70.4.9

2.70.4.9 NMAC - Rn, Directive 89-4 & A, 2/1/07; A, 10/15/08, Adopted by New Mexico Register, Volume XXXV, Issue 24, December 23, 2024, eff. 12/23/2024