0001|                        SENATE BILL 650
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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|                        TOM R. BENAVIDES
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0006|     
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0007|                                
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0008|     
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0009|     
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0010|     
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0011|                             AN ACT
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0012|     AUTHORIZING THE ISSUANCE OF NEW MEXICO FINANCE AUTHORITY REVENUE
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0013|     BONDS FOR ACQUISITION OF THE CHAMA LAND AND CATTLE COMPANY RANCH
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0014|     IN RIO ARRIBA COUNTY; AMENDING THE NEW MEXICO FINANCE AUTHORITY
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0015|     ACT; ENACTING SECTIONS OF THE NMSA 1978; MAKING AN
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0016|     APPROPRIATION; DECLARING AN EMERGENCY
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|       Section 1.  Section 6-21-5 NMSA 1978 (being Laws 1992,
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0020|     Chapter 61, Section 5) is amended to read:
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0021|       "6-21-5.  POWERS OF THE AUTHORITY.--The authority is
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0022|     granted all powers necessary and appropriate to carry out and
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0023|     effectuate its public and corporate purposes, including but not
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0024|     limited to the following powers:
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0025|            A.  to sue or be sued;
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0001|            B.  to adopt and alter an official seal;
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0002|            C.  to make and alter bylaws for its organization and
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0003|     internal management and to adopt subject to the review and
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0004|     approval of the New Mexico finance authority oversight committee
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0005|     such regulations as are necessary and appropriate to implement
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0006|     the provisions of the New Mexico Finance Authority Act;
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0007|            D.  to appoint officers, agents and employees,
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0008|     prescribe their duties and qualifications and fix their
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0009|     compensation;
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0010|            E.  to make, enter into and enforce all contracts,
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0011|     agreements and other instruments necessary, convenient or
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0012|     desirable in the exercise of the authority's powers and
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0013|     functions and for the purposes of the New Mexico Finance
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0014|     Authority Act;
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0015|            F.  to acquire, construct, hold, improve, mortgage,
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0016|     sell, lease, convey or dispose of real and personal property for
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0017|     its public purposes;
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0018|            <u>G.  to make, enter into and enforce contracts with
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<u></u>0019| <u>    and acquire, construct, hold, improve, mortgage, sell, lease,
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<u></u>0020| <u>    convey or dispose of real and personal property for land grant
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<u></u>0021| <u>    corporations and acequia associations</u>;
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0022|            <s>[G.]</s> <u>H.</u>  to make loans and purchase securities
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0023|     and contract to make loans and purchase securities;
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0024|            <s>[H.]</s> <u>I.</u>  to make grants to qualified entities to
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0025|     finance public projects;
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0001|            <s>[I.]</s> <u>J.</u>  to procure insurance to secure payment
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0002|     on any loan, lease or purchase payments owed to the authority by
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0003|     a qualified entity in such amounts and from such insurers,
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0004|     including the federal government, as it may deem necessary or
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0005|     desirable and to pay any premiums for such insurance;
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0006|            <s>[J.]</s> <u>K.</u>  to fix, revise from time to time, charge
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0007|     and collect fees and other charges in connection with the making
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0008|     of loans and any other services rendered by the authority;
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0009|            <s>[K.]</s> <u>L.</u>  to accept, administer, hold and use all
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0010|     funds made available to the authority from any sources;
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0011|            <s>[L.]</s> <u>M.</u>  to borrow money and to issue bonds and
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0012|     provide for the rights of the holders of the bonds;
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0013|            <s>[M.]</s> <u>N.</u>  to establish and maintain reserve and
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0014|     sinking fund accounts to insure against and have funds available
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0015|     for maintenance of other debt service accounts;
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0016|            <s>[N.]</s> <u>O.</u>  to invest and reinvest its funds and to
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0017|     take and hold property as security for the investment of such
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0018|     funds as provided in the New Mexico Finance Authority Act;
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0019|            <s>[O.]</s> <u>P.</u>  to employ attorneys, accountants,
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0020|     underwriters, financial advisers, trustees, paying agents,
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0021|     architects, engineers, contractors and such other <s>[advisors]</s>
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0022|     <u>advisers</u>, consultants and agents as may be necessary and to
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0023|     fix and pay their compensation;
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0024|            <s>[P.]</s> <u>Q.</u>  to apply for and accept gifts or grants
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0025|     of property, funds, services or aid in any form from the United
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0001|     States, any unit of government or any person and to comply,
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0002|     subject to the provisions of the New Mexico Finance Authority
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0003|     Act, with the terms and conditions of the gifts or grants;
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0004|            <s>[Q.]</s> <u>R.</u>  to maintain an office at any place in
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0005|     the state it may determine;
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0006|            <s>[R.]</s> <u>S.</u>  subject to any agreement with
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0007|     bondholders, to:
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0008|                 (1)  renegotiate any loan or agreement;
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0009|                 (2)  consent to any modification of the terms of
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0010|     any loan or agreement; and
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0011|                 (3)  purchase bonds, which may upon purchase be
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0012|     canceled; and
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0013|            <s>[S.]</s> <u>T.</u>  to do any and all things necessary or
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0014|     convenient to carry out its purposes and exercise the powers
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0015|     given and granted in the New Mexico Finance Authority Act."
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0016|       Section 2. [<u>NEW MATERIAL</u>] NEW MEXICO FINANCE AUTHORITY
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0017|     REVENUE BONDS--ACQUISITION OF CHAMA LAND AND CATTLE COMPANY
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0018|     RANCH--APPROPRIATION.--
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0019|            A.  The New Mexico finance authority may issue and
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0020|     sell revenue bonds in compliance with the New Mexico Finance
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0021|     Authority Act in an amount not to exceed twenty million dollars
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0022|     ($20,000,000) for the purpose of acquiring the Chama land and
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0023|     cattle company ranch in Rio Arriba county.  
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0024|            B.  The New Mexico finance authority is authorized to
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0025|     request that the United States bankruptcy court for the northern
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0001|     district of Texas, Dallas division, set aside the sale of the
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0002|     Chama land and cattle company ranch to the Jicarilla Apache
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0003|     tribe and make an offer to purchase the Chama land and cattle
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0004|     company ranch from the Chapter 11 bankruptcy trustee, appointed
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0005|     by the United States bankruptcy court.
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0006|            C.  The Chama land and cattle company ranch shall be
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0007|     purchased in the name of the Tierra Amarilla land grant
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0008|     corporation, and the purchase shall be approved by the state
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0009|     board of finance.  The use of the land and facilities shall be
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0010|     established by the land grant board in compliance with the laws
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0011|     of the state of New Mexico.
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0012|            D.  The revenues distributed to the New Mexico
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0013|     finance authority from the subsequent injury fund pursuant to
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0014|     Subsection A of Section 52-2-5.1 NMSA 1978 and any other
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0015|     revenues that may be transferred or distributed to the authority
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0016|     for the purpose of acquiring the Chama land and cattle company
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0017|     ranch are appropriated to the authority to be pledged
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0018|     irrevocably for the payment of the principal, interest and any
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0019|     premium and expenses related to the issuance and sale of the
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0020|     revenue bonds authorized pursuant to this section.
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0021|            E.  The revenues distributed to the New Mexico
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0022|     finance authority pursuant to Section 52-2-5.1 NMSA 1978 or from
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0023|     any other source for the purpose of acquiring the Chama land and
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0024|     cattle company ranch shall be deposited in a special bond fund
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0025|     or account of the authority.  At the end of each fiscal year,
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0001|     any money remaining in the special bond fund or account, after
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0002|     all obligations for the bonds and any sinking fund for such
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0003|     fiscal year are fully met, shall be transferred by the authority
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0004|     to the subsequent injury fund.  Upon payment of all principal
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0005|     and interest and any other expenses or obligations related to
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0006|     the issuance of the bonds, the New Mexico finance authority
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0007|     shall certify to the superintendent of insurance and state
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0008|     treasurer that all obligations for the bonds issued pursuant to
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0009|     this section have been fully discharged and shall direct the
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0010|     superintendent of insurance and state treasurer to cease
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0011|     payments from the subsequent injury fund to the authority.  
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0012|            F.  The legislature shall not enact, repeal, amend or
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0013|     otherwise modify any law that affects or impairs any revenue
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0014|     bonds of the New Mexico finance authority secured by a pledge of
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0015|     revenues distributed from the subsequent injury fund pursuant to
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0016|     Section 52-2-5.1 NMSA 1978 or other revenue source and, for so
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0017|     long as any revenue bonds of the authority secured by a pledge
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0018|     of the distribution from the subsequent injury fund pursuant to
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0019|     Section 52-2-5.1 NMSA 1978 or other revenue source remain
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0020|     outstanding, shall not enact, repeal, amend or otherwise modify
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0021|     any law that affects or impairs any payments or assessments to
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0022|     be made to the subsequent injury fund and the earnings thereon
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0023|     or any law that affects or impairs the distribution from the
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0024|     subsequent injury fund or other revenue source to the authority.
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0025|       Section 3.  A new section of the Subsequent Injury Act,
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0001|     Section 52-2-5.1 NMSA 1978, is enacted to read:
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0002|       "52-2-5.1  [<u>NEW MATERIAL</u>]  ADDITIONAL PAYMENTS FROM FUND--NEW MEXICO FINANCE AUTHORITY.--
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0003|            A.  Upon certification by the New Mexico finance
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0004|     authority that the plans for acquisition of the Chama land and
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0005|     cattle company ranch in Rio Arriba county are sufficiently
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0006|     developed to warrant the issuance of revenue bonds by the
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0007|     authority, the superintendent of insurance shall direct the
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0008|     state treasurer to distribute to the authority all money
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0009|     collected after that date by the superintendent of insurance
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0010|     pursuant to the Subsequent Injury Act for deposit in the
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0011|     subsequent injury fund and the accrued interest thereon.  Upon
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0012|     certification by the authority, the superintendent of insurance
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0013|     shall direct the state treasurer to cease the distributions to
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0014|     the authority.  
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0015|            B.  Upon certification by the superintendent of
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0016|     insurance that the balance in the subsequent injury fund in
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0017|     excess of outstanding actual or actuarially determined claims
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0018|     against the subsequent injury fund is equal to or greater than
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0019|     the amount of bonds issued by the New Mexico finance authority
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0020|     for the acquisition of the Chama land and cattle company ranch
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0021|     in Rio Arriba county, the balance shall be transferred by the
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0022|     state treasurer to the authority for retirement of the
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0023|     outstanding bonds or deposit to the public project revolving
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0024|     fund within the authority."  
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0025|       Section 4.  APPROPRIATION.--Seven million five hundred
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0001|     thousand dollars ($7,500,000) is appropriated from the
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0002|     subsequent injury fund to the New Mexico finance authority for
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0003|     expenditure in fiscal year 1996 for the purpose of acquiring the
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0004|     Chama land and cattle company ranch in Rio Arriba county for the
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0005|     Tierra Amarilla land grant corporation.  Any balance remaining
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0006|     from this appropriation at the end of fiscal year 1996 shall
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0007|     remain in the public project revolving fund for use in the

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0008|     financing or acquisition of public projects pursuant to the
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0009|     provisions of the New Mexico Finance Authority Act.
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0010|       Section 5.  EMERGENCY.--It is necessary for the public
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0011|     peace, health and safety that this act take effect immediately.
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0012|                              
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0013|           
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0014|   
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0015|                    FORTY-SECOND LEGISLATURE
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0016|                      SECOND SESSION, 1996
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0017|   
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0018|   
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0019|                                              JANUARY 31, 1996
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0020|   
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0021|   Mr. President:
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0022|   
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0023|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0024|   
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0025|                           SENATE BILL 650
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0001|   
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0002|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0003|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the
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0004|   CORPORATIONS AND TRANSPORTATION COMMITTEE.
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0005|   
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0006|                              Respectfully submitted,
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0007|   
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0008|   
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0009|   
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0010|   
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0011|                              __________________________________
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0012|                              SENATOR MANNY M. ARAGON, Chairman 
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0013|   
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0014|   
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0015|   
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0016|   Adopted_______________________ Not Adopted_______________________
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0017|             (Chief Clerk)                        (Chief Clerk)
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0018|   
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0019|   
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0020|                     Date ________________________
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0021|   
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0022|   
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0023|   
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0024|     S0650CC1
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0025|   
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0001|                      FORTY-SECOND LEGISLATURE
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0002|                        SECOND SESSION, 1996
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0003|   
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0004|   
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0005|                                                   February 9, 1996
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0006|   
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0007|   Mr. President:
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0008|   
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0009|     Your CORPORATIONS & TRANSPORTATION COMMITTEE, to whom
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0010|   has been referred
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0011|   
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0012|                           SENATE BILL 650
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0013|   
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0014|   has had it under consideration and reports same WITHOUT
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0015|   RECOMMENDATION, and thence referred to the FINANCE COMMITTEE.
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0016|   
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0017|                              Respectfully submitted,
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0018|   
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0019|   
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0020|   
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0021|                              __________________________________
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0022|                              Roman M. Maes, III, Chairman 
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0023|   
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0024|   
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0025|   Adopted_______________________ Not Adopted_______________________
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0001|             (Chief Clerk)                          (Chief Clerk)
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0002|   
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0003|   
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0004|                     Date ________________________
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0005|   
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0006|   
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0007|   The roll call vote was <u> 4 </u> For <u> 0 </u> Against
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0008|   Yes:  4
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0009|   No:        0
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0010|   Excused:   Maloof, McKibben, Rawson, Reagan, Robinson
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0011|   Absent:    None
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0012|   
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0013|   
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0014|   
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0015|   S0650CT1
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0016|   
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0017|   
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