0001|                        SENATE BILL 691
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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|                        MANNY M. ARAGON
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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|     RELATING TO REVENUES; DISTRIBUTING A PORTION OF THE COMPENSATING
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0013|     TAX TO THE PUBLIC PROJECT REVOLVING FUND FOR THE PURPOSE OF
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0014|     ISSUING NEW MEXICO FINANCE AUTHORITY BONDS FOR STATE AND LOCAL
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0015|     CAPITAL PROJECTS.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|       Section 1.  A new section of the Tax Administration Act is
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0019|     enacted to read:
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0020|       "[<u>NEW MATERIAL</u>]  DISTRIBUTION--COMPENSATING TAX--PUBLIC
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0021|     PROJECT REVOLVING FUND.--
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0022|            A.  A distribution pursuant to Section 7-1-6.1 NMSA
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0023|     1978 shall be made to the public project revolving fund in an
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0024|     amount equal to eighty percent of the net receipts attributable
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0025|     to the compensating tax.   
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0001|            B.  The state pledges to and agrees with the holders
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0002|     of any bonds or notes issued by the New Mexico finance authority
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0003|     and payable from the net receipts attributable to the
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0004|     compensating tax distributed to the New Mexico finance authority
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0005|     pursuant to this section that the state will not limit, reduce
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0006|     or alter the distribution of the net receipts attributable to
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0007|     the compensating tax to the New Mexico finance authority or
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0008|     limit, reduce or alter the rate of imposition of the
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0009|     compensating tax until the bonds or notes together with the
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0010|     interest on the bonds are fully met and discharged.  The New
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0011|     Mexico finance authority is authorized to include this pledge
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0012|     and agreement of the state in any agreement with the holders of
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0013|     the bonds or notes."
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0014|       Section 3.  EFFECTIVE DATE.--The effective date of the
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0015|     provisions of this act is July 1, 1996.
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0016|                                    
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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|                                              JANUARY 31, 1996
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0023|   
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0024|   Mr. President:
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0025|   
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0001|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0002|   
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0003|                           SENATE BILL 691
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0004|   
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0005|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0006|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the WAYS AND
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0007|   MEANS COMMITTEE.
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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|                              __________________________________
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0015|                              SENATOR MANNY M. ARAGON, Chairman 
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0016|   
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0017|   
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0018|   
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0019|   Adopted_______________________ Not Adopted_______________________
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0020|             (Chief Clerk)                        (Chief Clerk)
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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|   
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0002|   S0691CC1
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