SENATE CORPORATIONS AND TRANSPORTATION COMMITTEE SUBSTITUTE FOR

SENATE BILL 19

49th legislature - STATE OF NEW MEXICO - first session, 2009

AN ACT

RELATING TO PUBLIC FINANCE; AUTHORIZING THE ISSUANCE OF BONDS SECURED BY A STATE GROSS RECEIPTS TAX INCREMENT FOR THE CITY OF LAS CRUCES MAIN STREET DOWNTOWN TAX INCREMENT DEVELOPMENT PROJECT; SUBJECTING THE AUTHORIZATION TO CERTAIN CONDITIONS; DECLARING AN EMERGENCY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. AUTHORIZATION OF ISSUANCE OF BONDS.--The legislature authorizes the issuance of bonds not to exceed eight million dollars ($8,000,000) in net proceeds, secured by a gross receipts tax increment attributed to the imposition of the state gross receipts tax for the city of Las Cruces main street downtown tax increment development project, subject to:

          A. the review by the New Mexico finance authority prior to issuance of any bonds of the master indenture applicable to bonds issued for the city of Las Cruces main street tax increment development project;

          B. the review by the New Mexico finance authority of any amendments to the master indenture prior to the issuance of the bonds after any amendments; and

          C. the determination by the New Mexico finance authority that the master indenture and any amendments to the master indenture contain covenants and other provisions that ensure that the proceeds of the bonds will be used as described in the development plan for the city of Las Cruces main street tax increment development project.

     Section 2. DURATION OF AUTHORIZATION.--The duration of the authorization for issuance of bonds in this act is unlimited except as this act is amended or repealed by the legislature.

     Section 3. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.

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