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| SPONSOR: | Burpo | DATE TYPED: | 02/21/01 | HB | 404 | ||
| SHORT TITLE: | Board of Finance Approval on Sales & Trades | SB | |||||
| ANALYST: | Carrillo | ||||||
| Recurring
or Non-Rec |
Fund
Affected | ||||
| FY01 | FY02 | FY01 | FY02 | ||
| NFI | |||||
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
General Services Department (GSD)
Commission on Higher Education (CHE)
No Response
Office of the Attorney General
State Department of Education
SUMMARY
Synopsis of Bill
House Bill 404 would require State Board of Finance (BOF) approval for sale or trade of land or lease of land owned by public schools or local public bodies when the value is more than $100.0 or the ease is for a term over 25 years. Currently, BOF approval is required only when the sale, trade or lease of land belonging to a local public body or school has a value between $25.0 and $100.0 or the lease is for a period between 5 and 25 years.
Significant Issues
HB404 does not impact state agencies because Section 13-6-3 NMSA 1978 requires legislative approval for state agency transactions over $100.0 or 25 years.
According to GSD staff, the bill closes an inconsistency in oversight of sale, trade or lease of real property.
WC/sb:ar