N.M. Admin. Code § 1.5.23.6
This rule provides general guidance regarding the financial and legal requirements for state board of finance approval of certain real property transactions as required by state statute. This rule is not applicable to the acquisition of real estate by Article XII, Section 11 educational institutions, whose expenditures regarding acquisitions are governed by a separate board rule. The rule is intended to benefit the state and its agencies and political subdivisions in their real property dealings by describing which transactions require state board of finance approval and listing materials that must be submitted to the state board of finance for approval. State board of finance approval is based solely on information provided by the public body. The state board of finance has no duty to independently investigate, and does not independently investigate, the merits and risks involved in the real property transaction.
N.M. Admin. Code § 1.5.23.6