0001|                         HOUSE BILL 626
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                        VINCENT GALLEGOS
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0006|     
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0007|                                
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0008|     
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0009|     FOR THE NEW MEXICO FINANCE AUTHORITY OVERSIGHT COMMITTEE
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0010|     
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0011|                             AN ACT
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0012|     RELATING TO PUBLIC FINANCE; AUTHORIZING THE NEW MEXICO FINANCE
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0013|     AUTHORITY TO ISSUE BONDS; MAKING APPROPRIATIONS TO CERTAIN
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0014|     FUNDS.                     
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|       Section 1.  Section 6-21-6.1 NMSA 1978 (being Laws 1994,
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0018|     Chapter 145, Section 2, as amended) is amended to read:
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0019|       "6-21-6.1.  PUBLIC PROJECT REVOLVING FUND--APPROPRIATIONS
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0020|     TO OTHER FUNDS.--
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0021|            A.  The authority and the department of environment
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0022|     may enter into a joint powers agreement pursuant to the Joint
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0023|     Powers Agreements Act for the purpose of describing and
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0024|     allocating duties and responsibilities with respect to creation
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0025|     of an integrated loan and grant program to be financed through
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0001|     issuance of bonds payable from the public project revolving
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0002|     fund. <s>[and the use of proceeds of such bonds]</s> <u>The bonds may
</u>    |
<u></u>0003| <u>    be issued in installments or at one time by the authority in
</u>    |
<u></u>0004| <u>    amounts authorized by law.  The net proceeds may be used</u> for
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0005|     purposes of the Wastewater Facility Construction Loan Act, the
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0006|     Rural Infrastructure Act or the Solid Waste Act. <s>[The authority
</s>    |
<s></s>0007| <s>    is authorized to issue bonds for the following purposes:
</s>    |
<s></s>0008| <s>                (1)  in an amount not to exceed two million
</s>    |
<s></s>0009| <s>    dollars ($2,000,000), the net proceeds of which are appropriated
</s>    |
<s></s>0010| <s>    to the wastewater facility construction loan fund;
</s>    |
<s></s>0011| <s>                (2)  in an amount not to exceed two million
</s>    |
<s></s>0012| <s>    dollars ($2,000,000), the net proceeds of which are appropriated
</s>    |
<s></s>0013| <s>    to the rural infrastructure revolving loan fund; and
</s>    |
<s></s>0014| <s>                (3)  in an amount not to exceed ten million
</s>    |
<s></s>0015| <s>    dollars ($10,000,000), the net proceeds of which are
</s>    |
<s></s>0016| <s>    appropriated to the solid waste facility grant fund.]
</s>    |
<s></s>0017| <s>           B.  Public projects funded pursuant <u>to</u> the
</s>    |
<s></s>0018| <s>    Wastewater Facility Construction Loan Act, the Rural
</s>    |
<s></s>0019| <s>    Infrastructure Act or the Solid Waste Act shall not require
</s>    |
<s></s>0020| <s>    specific authorization by law as required in Sections 6-21-6 and
</s>    |
<s></s>0021| <s>    6-21-8 NMSA 1978.
</s>    |
<s></s>0022| <s>           C.  At the end of each fiscal year, after all debt
</s>    |
<s></s>0023| <s>    service charges, replenishment of reserves and administrative
</s>    |
<s></s>0024| <s>    costs on all outstanding bonds, notes or other obligations
</s>    |
<s></s>0025| <s>    payable from the public project revolving fund are satisfied, an
</s>    |
<s></s>0001| <s>    aggregate amount not to exceed thirty-five percent of the
</s>    |
<s></s>0002| <s>    governmental gross receipts tax proceeds distributed to the
</s>    |
<s></s>0003| <s>    public project revolving fund in the preceding fiscal year less
</s>    |
<s></s>0004| <s>    all debt service charges and administrative costs of the
</s>    |
<s></s>0005| <s>    authority paid in the preceding fiscal year on bonds issued
</s>    |
<s></s>0006| <s>    pursuant to this section may be appropriated by the legislature
</s>    |
<s></s>0007| <s>    from the public project revolving fund to the following funds
</s>    |
<s></s>0008| <s>    for local infrastructure financing:
</s>    |
<s></s>0009| <s>                (1)  the wastewater facility construction loan
</s>    |
<s></s>0010| <s>    fund for purposes of the Wastewater Facility Construction Loan
</s>    |
<s></s>0011| <s>    Act;
</s>    |
<s></s>0012| <s>                (2)  the rural infrastructure revolving loan
</s>    |
<s></s>0013| <s>    fund for purposes of the Rural Infrastructure Act; or
</s>    |
<s></s>0014| <s>                (3)  the solid waste facility grant fund for
</s>    |
<s></s>0015| <s>    purposes of the Solid Waste Act.
</s>    |
<s></s>0016| <s>           D.  The authority and the department of environment
</s>    |
<s></s>0017| <s>    in coordination with the New Mexico finance authority oversight
</s>    |
<s></s>0018| <s>    committee may recommend annually to each regular session of the
</s>    |
<s></s>0019| <s>    legislature amounts to be appropriated to the funds listed in
</s>    |
<s></s>0020| <s>    Subsection C of this section for local infrastructure
</s>    |
<s></s>0021| <s>    financing."
</s>    |
<s></s>0022| <s>      Section 2.  AUTHORIZATION TO ISSUE BONDS--PUBLIC PROJECT
</s>    |
<s></s>0023| <s>    REVOLVING FUND--APPROPRIATIONS.--Pursuant to Section 
</s>    |
<s></s>0024| <s>    6-21-6.1 NMSA 1978, the New Mexico finance authority is
</s>    |
<s></s>0025| <s>    authorized to issue bonds:
</s>    |
<s></s>0001| <s>           A.  in an amount not to exceed two million dollars
</s>    |
<s></s>0002| <s>    ($2,000,000), the net proceeds of which are appropriated to the
</s>    |
<s></s>0003| <s>    wastewater facility construction loan fund;
</s>    |
<s></s>0004| <s>           B.  in an amount not to exceed two million dollars
</s>    |
<s></s>0005| <s>    ($2,000,000), the net proceeds of which are appropriated to the
</s>    |
<s></s>0006| <s>    rural infrastructure revolving loan fund; and
</s>    |
<s></s>0007| <s>           C.  in an amount not to exceed seventeen million five
</s>    |
<s></s>0008| <s>    hundred thousand dollars ($17,500,000), the net proceeds of
</s>    |
<s></s>0009| <s>    which are appropriated to the solid waste facility grant fund.
</s>    |
<s></s>0010| <s>                                                      State of New Mexico
</s>    |
<s></s>0011| <s>                   House of Representatives
</s>    |
<s></s>0012| <s>  
</s>    |
<s></s>0013| <s>                   FORTY-SECOND LEGISLATURE
</s>    |
<s></s>0014| <s>                     SECOND SESSION, 1996
</s>    |
<s></s>0015| <s>  
</s>    |
<s></s>0016| <s>  
</s>    |
<s></s>0017| <s>                                             February 7, 1996
</s>    |
<s></s>0018| <s>  
</s>    |
<s></s>0019| <s>  
</s>    |
<s></s>0020| <s>  Mr. Speaker:
</s>    |
<s></s>0021| <s>  
</s>    |
<s></s>0022| <s>      Your TAXATION AND REVENUE COMMITTEE, to whom has
</s>    |
<s></s>0023| <s>  been referred
</s>    |
<s></s>0024| <s>  
</s>    |
<s></s>0025| <s>                        HOUSE BILL 626
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<s></s>0001| <s>                                
</s>    |
<s></s>0002| <s>  has had it under consideration and reports same with
</s>    |
<s></s>0003| <s>  recommendation that it DO PASS, amended as follows:
</s>    |
<s></s>0004| <s>  
</s>    |
<s></s>0005| <s>      1.  On page 1, line 12, after the semicolon insert "ADDING
</s>    |
<s></s>0006| <s>  THE STATE TREASURER TO THE NEW MEXICO FINANCE AUTHORITY;".
</s>    |
<s></s>0007| <s>  
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<s></s>0008| <s>      2.  On page 1, between lines 15 and 16, insert the following
</s>    |
<s></s>0009| <s>  new section:
</s>    |
<s></s>0010| <s>  
</s>    |
<s></s>0011| <s>      "Section 1.  Section 6-21-4 NMSA 1978 (being Laws 1992,
</s>    |
<s></s>0012| <s>  Chapter 61, Section 4) is amended to read:
</s>    |
<s></s>0013| <s>  
</s>    |
<s></s>0014| <s>      "6-21-4.  NEW MEXICO FINANCE AUTHORITY CREATED--MEMBERSHIP--
</s>    |
<s></s>0015| <s>  QUALIFICATIONS--QUORUM--MEETINGS--COMPENSATION--BOND.--
</s>    |
<s></s>0016| <s>  
</s>    |
<s></s>0017| <s>           A.  There is created a public body politic and
</s>    |
<s></s>0018| <s>  corporate constituting a governmental instrumentality to be known
</s>    |
<s></s>0019| <s>  as the "New Mexico finance authority" for the performance of
</s>    |
<s></s>0020| <s>  essential public functions.
</s>    |
<s></s>0021| <s>  
</s>    |
<s></s>0022| <s>           B.  The authority shall be composed of [twelve]</s>
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0023|   <u>thirteen</u> members.  The state investment officer, <u>the state
</u>    |
<u></u>0024| <u>  treasurer</u>, the secretary of finance and administration, the
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0025|   secretary of economic development, the secretary of energy,
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0001|   minerals and natural resources, the secretary of environment, the
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0002|   executive director of the New Mexico municipal league and the
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0003|   executive director of the New Mexico association of counties or
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0004|   their designees shall be ex-officio members of the authority with
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0005|   voting privileges.  The governor, with the advice and consent of
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0006|   the senate, shall appoint to the authority the chief financial
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0007|   officer of a state higher educational institution and four members
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0008|   who are residents of the state.  The appointed members shall serve
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0009|   at the pleasure of the governor.
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0010|   
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0011|            C.  The appointed members of the authority shall be
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0012|   appointed to four-year terms.  The initial members shall be
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0013|   appointed to staggered terms of four years or less, so that the
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0014|   term of at least one member expires on January 1 of each year. 
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0015|   Vacancies shall be filled by appointment by the governor for the
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0016|   remainder of the unexpired term.  Any member of the authority
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0017|   shall be eligible for reappointment.
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0018|   
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0019|            D.  Each appointed member before entering upon his duty
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0020|   shall take an oath of office to administer the duties of his
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0021|   office faithfully and impartially.  A record of the oath shall be
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0022|   filed in the office of the secretary of state.
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0023|   
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0024|            E.  The governor shall designate an appointed member of
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0025|   the authority to serve as chairman.  The authority shall elect
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0001|   annually one of its members to serve as vice chairman.  The
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0002|   authority shall appoint and prescribe the duties of such other
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0003|   officers, who need not be members, as the authority deems
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0004|   necessary or advisable, including an executive director and a
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0005|   secretary, who may be the same person.  The authority may delegate
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0006|   to one or more of its members, officers, employees or agents such
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0007|   powers and duties as it may deem proper and consistent with the
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0008|   New Mexico Finance Authority Act.
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0009|   
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0010|            F.  The executive director of the authority shall
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0011|   direct the affairs and business of the authority, subject to the
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0012|   policies, control and direction of the authority.  The secretary
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0013|   of the authority shall keep a record of the proceedings of the
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0014|   authority and shall be custodian of all books, documents and
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0015|   papers filed with the authority, the minute book or journal of the
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0016|   authority and its official seal.  The secretary shall make copies
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0017|   of all minutes and other records and documents of the authority
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0018|   and give certificates under the official seal of the authority to
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0019|   the effect that the copies are true copies, and all persons
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0020|   dealing with the authority may rely upon the certificates.
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0021|   
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0022|            G.  Meetings of the authority shall be held at the call
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0023|   of the chairman or whenever three members shall so request in
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0024|   writing.  A majority of members then serving constitutes a quorum
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0025|   for the transaction of any business.  The affirmative vote of at
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0001|   least a majority of a quorum present shall be necessary for any
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0002|   action to be taken by the authority.  An ex-officio member may
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0003|   designate in writing another person to attend meetings of the
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0004|   authority and to the same extent and with the same effect act in
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0005|   his stead.  No vacancy in the membership of the authority shall
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0006|   impair the right of a quorum to exercise all rights and perform
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0007|   all duties of the authority.
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0008|   
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0009|            H.  Each member of the authority shall give bond as
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0010|   provided in the Surety Bond Act.  All costs of the surety bonds
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0011|   shall be borne by the authority.
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0012|   
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0013|            I.  The authority is not created or organized, and its
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0014|   operations shall not be conducted, for the purpose of making a
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0015|   profit.  No part of the revenues or assets of the authority shall
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0016|   benefit or be distributable to its members, officers or other
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0017|   private persons.  The members of the authority shall receive no
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0018|   compensation for their services, but shall be reimbursed for
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0019|   actual and necessary expenses at the same rate and on the same
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0020|   basis as provided for public officers in the Per Diem and Mileage
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0021|   Act.
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0022|   
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0023|            J.  The authority shall not be subject to the
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0024|   supervision or control of any other board, bureau, department or
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0025|   agency of the state except as specifically provided in the New
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0001|   Mexico Finance Authority Act.  No use of the terms "state agency"
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0002|   or "instrumentality" in any other law of the state shall be deemed
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0003|   to refer to the authority unless the authority is specifically
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0004|   referred to in the law.
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0005|   
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0006|            K.  The authority is a governmental instrumentality for
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0007|   purposes of the Tort Claims Act."".
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0008|   
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0009|       3.  Renumber the succeeding sections accordingly.
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0010|   
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0011|       4.  On page 3, lines 24 and 25, strike "two million dollars
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0012|   ($2,000,000)" and insert in lieu thereof "three million seven
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0013|   hundred fifty thousand dollars ($3,750,000)".
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0014|   
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0015|       5.  On page 4, lines 2 and 3, strike "two million dollars
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0016|   ($2,000,000)" and insert in lieu thereof "three million seven
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0017|   hundred fifty thousand dollars ($3,750,000)".,
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0018|   
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0019|   and thence referred to the APPROPRIATIONS AND FINANCE 
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0020|   COMMITTEE.
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0021|   
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0022|   The roll call vote on Amendments #1 through #3 was<u> 8 </u>For<u>
</u>    |
<u></u>0023| <u>  2</u> Against
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0024|   Yes:          8
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0025|   No:      Crook, Parsons
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0001|   Excused: Lovejoy, Sandoval, Sandel
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0002|   Absent:  None
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0003|                                Respectfully submitted,
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0004|   
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0005|   
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0006|   
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0007|                                <u>                                 
</u>    |
<u></u>0008| <u>  </u>                            Jerry W. Sandel, Chairman
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0009|   
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0010|   
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0011|   Adopted <u>                    </u>    Not Adopted <u>                     
</u>    |
<u></u>0012| <u>  </u>
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0013|            (Chief Clerk)                       (Chief Clerk)
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0014|   
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0015|                      Date <u>            </u>
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0016|   
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0017|   The roll call vote was<u> 9 </u> For<u> 0 </u> Against
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0018|   Yes:          9
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0019|   Excused: Hawkins, Lovejoy, Lujan, Ryan
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0020|   Absent:  None
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0021|   
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0022|   
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0023|                                                     .111734.1
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0024|                                                     .111703.3
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0025|     H0626TR1                     State of New Mexico
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0001|                    House of Representatives
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0002|   
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0003|                    FORTY-SECOND LEGISLATURE
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0004|                      SECOND SESSION, 1996
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0005|   
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0006|   
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0007|                                              February 9, 1996
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0008|   
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0009|   
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0010|   Mr. Speaker:
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0011|   
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0012|       Your APPROPRIATIONS AND FINANCE COMMITTEE, to
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0013|   whom has been referred
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0014|   
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0015|                  HOUSE BILL 626, as amended
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0016|                                
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0017|                                 has had it under consideration and reports same with
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0018|   recommendation that it DO PASS.
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0019|   
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0020|                                Respectfully submitted,
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0021|   
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0022|   
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0023|   
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0024|                                <u>                                 
</u>    |
<u></u>0025| <u>  </u>                            Max Coll, Chairman
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0001|   
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0002|   
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0003|   Adopted <u>                    </u>    Not Adopted <u>                     
</u>    |
<u></u>0004| <u>  </u>
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0005|            (Chief Clerk)                       (Chief Clerk)
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0006|   
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0007|                      Date <u>            </u>
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0008|   
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0009|   The roll call vote was<u> 11 </u> For<u> 0 </u> Against
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0010|   Yes:          11
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0011|   Excused: Bird, Casey, Coll, Gentry, Knowles, Martinez, Varela
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0012|   Absent:  none
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0013|   
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0014|   
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0015|                                                              
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0016|     H0626AF1
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0017|   
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0018|                    FORTY-SECOND LEGISLATURE
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0019|                      SECOND SESSION, 1996
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0020|   
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0021|   
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0022|                                             February 13, 1996
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0023|   
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0024|   Mr. President:
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0025|   
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0001|     Your WAYS AND MEANS COMMITTEE, to whom has been
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0002|   referred
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0003|   
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0004|                   HOUSE BILL 626, as amended
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0005|   
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0006|   has had it under consideration and reports same with
    |
0007|   recommendation that it DO PASS.
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0008|   
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0009|                              Respectfully submitted,
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0010|   
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0011|   
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0012|   
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0013|                              __________________________________
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0014|                              TITO D. CHAVEZ, Chairman 
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0015|   
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0016|   
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0017|   
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0018|   Adopted_______________________ Not Adopted_______________________
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0019|             (Chief Clerk)                          (Chief Clerk)
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0020|   
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0021|   
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0022|   
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0023|                     Date ________________________
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0024|   
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0025|   
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0001|   The roll call vote was <u> 5 </u> For <u> 0 </u> Against
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0002|   Yes:  5
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0003|   No:        0
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0004|   Excused:   Campos, Jennings, Rhodes
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0005|   Absent:    None
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0006|   
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0007|   
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0008|   S0626WM1
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0009|   
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