45th legislature - STATE OF NEW MEXICO - second session, 2002

REQUESTING FILM PRODUCERS RECEIVING STATE INVESTMENTS TO USE NEW MEXICO ORGANIZATIONS FOR FINANCIAL MANAGEMENT, ACCOUNTING AND TECHNICAL FILM PRODUCTION SERVICES.

WHEREAS, the legislature enacted legislation providing for investment of one-half of one percent of the market value of the severance tax permanent fund in New Mexico film private equity funds; and

WHEREAS, the incentives for film production in New Mexico were supported for their economic development potential; and

WHEREAS, while large, well-established film production companies may be experienced in budgeting, time management and costing their production efforts, New Mexico small businesses, accountants and management professionals can provide valuable services to film production companies, and such services are eligible expenses under the terms of the state's investment policy; and

WHEREAS, the probability of loan repayment and project completion would be significantly enhanced by consultation services, performed by New Mexico businesses in the early stages of project finance and development;

NOW, THEREFORE, BE IT RESOLVED BY THE SENATE OF THE STATE OF NEW MEXICO that film production companies that receive New Mexico state investments from the severance tax permanent fund be encouraged to use New Mexico-based financial management, accounting and technical services; and

BE IT FURTHER RESOLVED that copies of this memorial be transmitted to the New Mexico film division of the economic development department and to the state investment officer for distribution to film production companies in which the state makes an investment.