0001| SENATE BILL 270 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| BEN D. ALTAMIRANO | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO EDUCATIONAL ASSISTANCE REVENUE BONDS; EXTENDING THE | 0013| TERM FOR WHICH BONDS MAY BE ISSUED TO THIRTY YEARS; DECLARING AN | 0014| EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. Section 21-21A-8 NMSA 1978 (being Laws 1981, | 0018| Chapter 319, Section 8, as amended) is amended to read: | 0019| "21-21A-8. ISSUANCE OF REVENUE BONDS.--The foundation may | 0020| from time to time issue negotiable revenue bonds. The proceeds | 0021| of the sale of the bonds issued pursuant to the Educational | 0022| Assistance Act may be used to fund reserves for the bonds, to | 0023| pay interest on the bonds and to pay the necessary expenses of | 0024| issuing the bonds, including but not limited to ~~[its]~~ bond | 0025| counsel and fiscal advisory fees and other legal, consulting and | 0001| printing fees and costs. All bonds may be issued in one or more | 0002| series. The bonds of each issue shall be dated and bear | 0003| interest, payable as prescribed by the foundation. The bonds | 0004| shall mature serially or otherwise not later than ~~[fifteen]~~ | 0005| thirty years from their date and may be redeemable before | 0006| maturity, at the option of the foundation, at prices and under | 0007| terms and conditions fixed by the foundation in its resolution | 0008| or trust agreement providing for issuance of the bonds. The | 0009| resolution or trust agreement shall also determine the form of | 0010| the bonds, including the form of any interest coupons to be | 0011| attached to the bonds, and shall fix the denominations of the | 0012| bonds and the place of the payment of the principal and interest | 0013| of the bonds. The bonds shall be executed on behalf of the | 0014| foundation as special obligations of the foundation payable only | 0015| from the funds specified in the Educational Assistance Act and | 0016| shall not be a debt of the state, any eligible post-secondary | 0017| institution or any municipality, and neither the state nor any | 0018| eligible post-secondary institution or municipality shall be | 0019| liable for the bonds. The resolution or trust agreement may | 0020| provide for registration of the bonds as to ownership and for | 0021| successive conversion and reconversion from registered to bearer | 0022| bonds and vice versa. The bonds may be registered in the office | 0023| of the foundation. After the registration and delivery to the | 0024| purchasers, the bonds are incontestable and constitute special | 0025| obligations of the foundation, and the bonds and coupons are | 0001| negotiable instruments under the laws of the state. The bonds | 0002| may be sold at public or private sale by the foundation at | 0003| prices and in accordance with procedures and terms it determines | 0004| to be advantageous and reasonably obtainable. The foundation | 0005| may provide for replacement of any bond which is mutilated or | 0006| destroyed. No bond proceeds may be expended for the making or | 0007| purchase of any educational loan, unless such loan is an insured | 0008| educational loan." | 0009| Section 2. EMERGENCY.--It is necessary for the public | 0010| peace, health and safety that this act take effect immediately. | 0011| | 0012| | 0013| FORTY-SECOND LEGISLATURE | 0014| SECOND SESSION, 1996 | 0015| | 0016| | 0017| JANUARY 25, 1996 | 0018| | 0019| Mr. President: | 0020| | 0021| Your COMMITTEES' COMMITTEE, to whom has been referred | 0022| | 0023| SENATE BILL 270 | 0024| | 0025| has had it under consideration and finds same to be GERMANE, PURSUANT | 0001| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0002| COMMITTEE. | 0003| | 0004| Respectfully submitted, | 0005| | 0006| | 0007| | 0008| | 0009| __________________________________ | 0010| SENATOR MANNY M. ARAGON, Chairman | 0011| | 0012| | 0013| | 0014| Adopted_______________________ Not Adopted_______________________ | 0015| (Chief Clerk) (Chief Clerk) | 0016| | 0017| | 0018| Date ________________________ | 0019| | 0020| | 0021| | 0022| S0270CC1 | 0023| | 0024| FORTY-SECOND LEGISLATURE | 0025| SECOND SESSION, 1996 | 0001| | 0002| | 0003| February 3, 1996 | 0004| | 0005| Mr. President: | 0006| | 0007| Your FINANCE COMMITTEE, to whom has been referred | 0008| | 0009| SENATE BILL 270 | 0010| | 0011| has had it under consideration and reports same with recommendation that | 0012| it DO PASS. | 0013| | 0014| Respectfully submitted, | 0015| | 0016| | 0017| | 0018| __________________________________ | 0019| Ben D. Altamirano, Chairman | 0020| | 0021| | 0022| | 0023| Adopted_______________________ Not Adopted_______________________ | 0024| (Chief Clerk) (Chief Clerk) | 0025| | 0001| | 0002| | 0003| Date ________________________ | 0004| | 0005| | 0006| The roll call vote was 9 For 0 Against | 0007| Yes: 9 | 0008| No: 0 | 0009| Excused: Donisthorpe, Ingle, Kidd, Kysar | 0010| Absent: None | 0011| | 0012| | 0013| S0270FC1 | 0014| State of New Mexico | 0015| House of Representatives | 0016| | 0017| FORTY-SECOND LEGISLATURE | 0018| SECOND SESSION, 1996 | 0019| | 0020| | 0021| February 12, 1996 | 0022| | 0023| | 0024| Mr. Speaker: | 0025| | 0001| Your TAXATION AND REVENUE COMMITTEE, to whom has been | 0002| referred | 0003| | 0004| SENATE BILL 270 | 0005| | 0006| has had it under consideration and reports same with | 0007| recommendation that it DO PASS. | 0008| | 0009| Respectfully submitted, | 0010| | 0011| | 0012| | 0013| | 0014| Jerry W. Sandel, Chairman | 0015| | 0016| | 0017| Adopted Not Adopted | 0018| (Chief Clerk) (Chief Clerk) | 0019| | 0020| Date | 0021| | 0022| The roll call vote was 9 For 0 Against | 0023| Yes: 9 | 0024| Excused: Gallegos, Lujan, Parsons | 0025| Absent: Ryan | 0001| | 0002| | 0003| | 0004| S0270TR1 |