0001| SENATE BILL 326
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0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003| INTRODUCED BY
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0004| BEN D. ALTAMIRANO
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0005|
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0006|
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0007|
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0008| FOR THE LEGISLATIVE FINANCE COMMITTEE
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0009|
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0010| AN ACT
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0011| RELATING TO TRANSPORTATION; ABOLISHING THE STATE TRANSPORTATION
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0012| AUTHORITY; REPEALING THE RESOURCE TRANSPORTATION AND PASSENGER
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0013| TRANSPORTATION DEVELOPMENT ACT; PROVIDING FOR THE ISSUANCE OF
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0014| TRANSPORTATION BONDS IF SPECIFICALLY AUTHORIZED BY THE
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0015| LEGISLATURE; AUTHORIZING THE STATE HIGHWAY COMMISSION TO ISSUE
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0016| REFUNDING BONDS; PROVIDING THE STATE HIGHWAY COMMISSION WITH
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0017| THE POWER OF EMINENT DOMAIN FOR CERTAIN TRANSPORTATION
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0018| PURPOSES; REPEALING AND ENACTING SECTIONS OF THE NMSA 1978.
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0019|
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0020| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0021| Section 1. A new section of Chapter 67, Article 3 NMSA
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0022| 1978 is enacted to read:
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0023| "[NEW MATERIAL] STATE HIGHWAY COMMISSION--POWER TO
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0024| ACQUIRE PROPERTY FOR TRANSPORTATION SYSTEMS--POWER OF EMINENT
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0025| DOMAIN.--If specifically authorized by the legislature to
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0001| construct and operate a transportation system, the state
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0002| highway commission may:
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0003| A. acquire property by purchase, lease, donation,
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0004| gift, bequest, devise or eminent domain for the purpose of
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0005| construction and operation of the transportation system; and
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0006| B. negotiate for the acquisition of property from
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0007| any person, governmental entity, Indian tribe or Indian pueblo
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0008| for the construction and operation of the transportation
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0009| system."
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0010| Section 2. A new section of Chapter 67, Article 3 NMSA
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0011| 1978 is enacted to read:
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0012| "[NEW MATERIAL] TRANSPORTATION BONDS.--
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0013| A. If specifically authorized by an act of the
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0014| legislature, the state highway commission may determine that
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0015| interest or necessity demands the issuance of revenue bonds to
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0016| finance the development and construction of transportation
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0017| systems and may by resolution make and issue revenue bonds that
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0018| shall be known as "transportation bonds". The bonds shall be
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0019| payable solely out of the net income to be derived from the
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0020| operation of the project, and the commission shall pledge
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0021| irrevocably such income to the payment of those bonds. The
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0022| bonds shall not become a general obligation of the state or any
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0023| political subdivision of the state.
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0024| B. The proceeds from the sale of transportation
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0025| bonds shall be used solely for the purpose specified in the
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0001| legislative authorization and for the purpose for which the
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0002| bonds were issued.
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0003| C. Transportation bonds shall not be issued
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0004| pursuant to this section unless the state board of finance
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0005| approves the issuance of the bonds, the principal amount of the
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0006| bonds and the maximum net effective interest rate on the
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0007| bonds."
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0008| Section 3. A new section of Chapter 67, Article 3 NMSA
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0009| 1978 is enacted to read:
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0010| "[NEW MATERIAL] TRANSPORTATION BONDS--TERMS.--
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0011| Transportation bonds issued by the state highway commission:
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0012| A. shall be payable at such times as the commission
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0013| may provide;
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0014| B. may be subject to prior redemption at the
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0015| commission's option at such time and upon such terms and
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0016| conditions, with or without payment of premiums, as may be
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0017| provided in the resolution of the commission;
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0018| C. may mature at any time not exceeding fifty years
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0019| after the date of issuance;
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0020| D. may be serial in form and maturity and may
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0021| consist of one bond payable at one time or in installments or
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0022| may be in such other form as may be determined by the
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0023| commission;
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0024| E. shall be sold for cash at, above or below par
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0025| and at the effective interest rate approved by the state board
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0001| of finance; and
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0002| F. may be sold at a public or private sale."
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0003| Section 4. A new section of Chapter 67, Article 3 NMSA
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0004| 1978 is enacted to read:
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0005| "[NEW MATERIAL] REFUNDING BONDS.--
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0006| A. Transportation bonds issued pursuant to the
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0007| provisions of Section 2 of this act that are outstanding may be
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0008| refunded at any time by the state highway commission upon:
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0009| (1) the adoption of a resolution providing for
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0010| the issuance of refunding bonds; and
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0011| (2) the issuance of the refunding bonds in an
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0012| amount the commission determines is necessary to refund:
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0013| (a) the principal of the transportation
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0014| bonds;
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0015| (b) all unpaid accrued and unaccrued
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0016| interest on transportation bonds to the normal maturity date or
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0017| to selected prior redemption dates of the bonds;
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0018| (c) any redemption premiums; and
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0019| (d) all estimated costs, including any
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0020| commission cost, incidental to the issuance of the refunding
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0021| bonds, as may be determined by the commission.
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0022| B. The principal amount of the refunding bonds may
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0023| be equal to, less than or greater than the principal amount of
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0024| the bonds so refunded.
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0025| C. A refunding may be effected, whether the bonds
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0001| to be refunded have then matured or thereafter mature, either
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0002| by sale of the refunding bonds and the application of the
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0003| proceeds thereof for the payment of the bonds to be refunded or
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0004| by exchange of the refunding bonds for the bonds to be
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0005| refunded; provided that the bonds to be refunded shall not be
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0006| canceled without the consent of the holders to surrender their
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0007| bonds for payment or exchange prior to the date on which they
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0008| are payable or if they are called for redemption prior to the
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0009| date on which they are by their terms subject to redemption.
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0010| D. The refunding bonds issued pursuant to this
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0011| section shall be payable solely from the revenues out of which
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0012| transportation bonds may be payable or solely from those
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0013| amounts derived from an escrow as provided in this section,
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0014| including amounts derived from the investment of refunding bond
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0015| proceeds and other legally available amounts also provided in
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0016| this section or from any combination of those sources.
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0017| E. Proceeds of refunding bonds shall either be
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0018| applied immediately to the retirement of the bonds being
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0019| refunded or be placed in escrow in a commercial bank or trust
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0020| company that possesses and exercises trust powers. The
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0021| escrowed proceeds may be invested in short-term securities,
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0022| long-term securities or both."
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0023| Section 5. A new section of Chapter 67, Article 3 NMSA
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0024| 1978 is enacted to read:
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0025| "[NEW MATERIAL] TRANSPORTATION BONDS ELIGIBLE FOR
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0001| INVESTMENT.--Transportation bonds issued by the state highway
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0002| commission are securities in which public officers and public
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0003| bodies of this state and its political subdivisions and
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0004| insurance companies, trust companies, banking associations,
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0005| investment companies, executors, administrators, trustees and
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0006| other fiduciaries may properly and legally invest funds,
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0007| including capital in their control or belonging to them. Such
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0008| bonds are securities that may properly and legally be deposited
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0009| with and be received by a state or political subdivision
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0010| officer for which the deposit of bonds or obligations of the
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0011| state is authorized by law. No bonds shall be eligible for
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0012| investment or deposit by or with the state or any of its
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0013| political subdivisions unless they have been rated AA or higher
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0014| by an independent nationally recognized bond rating service
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0015| based solely on the security of the bonds as investments
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0016| without resort to any collateral guarantees."
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0017| Section 6. A new section of Chapter 67, Article 3 NMSA
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0018| 1978 is enacted to read:
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0019| "[NEW MATERIAL] TRANSPORTATION BONDS--EXEMPTION FROM
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0020| TAXATION.--The construction, operation and maintenance of a
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0021| transportation project by the state highway commission shall
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0022| constitute the performance of an essential governmental
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0023| function. As such, the income from the transportation bonds
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0024| issued pursuant to Chapter 67, Article 3 NMSA 1978 shall at all
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0025| times be free from taxation by the state and by its political
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0001| subdivisions."
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0002| Section 7. A new section of Chapter 67, Article 3 NMSA
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0003| 1978 is enacted to read:
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0004| "[NEW MATERIAL] DEFINITION.--As used in Chapter 67,
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0005| Article 3 NMSA 1978, "transportation system" means facilities
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0006| used for the transportation of natural resources or passengers
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0007| and includes communication and transportation structures and
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0008| other facilities necessary for the operation of the
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0009| transportation facilities."
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0010| Section 8. TEMPORARY PROVISION--TRANSFER OF PERSONNEL,
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0011| ASSETS AND OBLIGATIONS.--On July 1, 1997:
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0012| A. all personnel, appropriations, money, records,
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0013| property, equipment and supplies of the state transportation
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0014| authority shall be transferred to the state highway and
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0015| transportation department; and
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0016| B. all contracts, agreements and obligations of the
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0017| state transportation authority shall be binding and effective
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0018| on the state highway and transportation department.
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0019| Section 9. REPEAL.--Sections 73-23-1 through 73-23-13
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0020| NMSA 1978 (being Laws 1985 (1st. S.S.), Chapter 14, Sections 1
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0021| through 13, as amended) are repealed.
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0022| Section 10. EFFECTIVE DATE.--The effective date of the
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0023| provisions of this act is July 1, 1997.
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0024|
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0025|
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0001| FORTY-THIRD LEGISLATURE
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0002| FIRST SESSION, 1997
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0003|
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0004|
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0005| February 6, 1997
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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
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0010| whom has been referred
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0011|
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0012| SENATE BILL 326
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0013|
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0014| has had it under consideration and reports same with
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0015| recommendation that it DO PASS, and thence referred to the
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0016| FINANCE COMMITTEE.
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0017|
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0018| Respectfully submitted,
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0019|
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0020|
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0021|
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0022|
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0023| __________________________________
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0024| Roman M. Maes, III, Chairman
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0025|
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0001|
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0002|
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0003| Adopted_______________________ Not
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0004| Adopted_______________________
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0005| (Chief Clerk) (Chief Clerk)
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0006|
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0007|
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0008| Date ________________________
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0009|
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0010|
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0011| The roll call vote was 6 For 0 Against
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0012| Yes: 6
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0013| No: None
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0014| Excused: Fidel, Robinson, Wilson, Maloof
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0015| Absent: None
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0016|
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0017|
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0018| S0326CT1
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0019|
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0020| FORTY-THIRD LEGISLATURE
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0021| FIRST SESSION
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0022|
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0023|
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0024| February 21, 1997
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0025|
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0001|
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0002| SENATE FLOOR AMENDMENT number _______ to SENATE BILL 326
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0003|
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0004| Amendment sponsored by Senator Ben D. Altamirano
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0005|
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0006|
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0007| 1. On page 1, line 14, after "BONDS" strike the remainder
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0008| of the line and strike line 15 up to the semicolon and insert in
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0009| lieu thereof "BY THE STATE HIGHWAY COMMISSION".
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0010|
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0011| 2. On page 1, line 16, strike "COMMISSION" and insert in
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0012| lieu thereof "AND TRANSPORTATION DEPARTMENT".
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0013|
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0014| 3. On page 1, line 23, strike "COMMISSION" and insert in
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0015| lieu thereof "AND TRANSPORTATION DEPARTMENT".
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0016|
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0017| 4. On page 1, strike line 25 and on page 2, strike line 1
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0018| through "the" and insert in lieu thereof "The".
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0019|
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0020| 5. On page 2, line 1, strike "commission" and insert in
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0021| lieu thereof "and transportation department".
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0022|
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0023| 6. On page 2, line 5, strike "the" and insert in lieu
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0024| thereof "a".
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0025|
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0001| 7. On page 2, line 8, strike the second occurrence of "the"
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0002| and insert in lieu thereof "a".
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0003|
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0004|
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0005| 8. On page 2, line 13, after "A." strike the remainder of
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0006| the line and strike line 14 through "the" and insert in lieu
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0007| thereof "The".
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0008|
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0009| 9. On page 2, line 25, after "for" strike the remainder of
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0010| the line and on page 3, strike line 1 through "for".
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0011|
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0012| 10. On page 7, line 5, after "resources" insert ",
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0013| manufactured products".
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0014|
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0015|
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0016|
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0017|
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0018| __________________________
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0019| Ben D. Altamirano
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0020|
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0021|
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0022|
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0023| Adopted ___________________ Not Adopted _______________________
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0024| (Chief Clerk) (Chief Clerk)
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0025|
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0001|
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0002| Date _________________
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0003| State of New Mexico
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0004| House of Representatives
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0005|
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0006| FORTY-THIRD LEGISLATURE
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0007| FIRST SESSION, 1997
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0008|
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0009|
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0010| March 13, 1997
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0011|
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0012|
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0013| Mr. Speaker:
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0014|
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0015| Your TRANSPORTATION COMMITTEE, to whom has been
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0016| referred
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0017|
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0018| SENATE BILL 326, as amended
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0019|
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0020| has had it under consideration and reports same with
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0021| recommendation that it DO PASS, and thence referred to the
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0022| APPROPRIATIONS AND FINANCE COMMITTEE.
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0023|
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0024| Respectfully submitted,
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0025|
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0001|
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0002|
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0003|
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0004| Daniel P. Silva, Chairman
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0005|
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0006|
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0007| Adopted Not Adopted
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0008|
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0009| (Chief Clerk)
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0010| (Chief Clerk)
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0011|
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0012| Date
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0013|
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0014| The roll call vote was 11 For 0 Against
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0015| Yes: 11
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0016| Excused: Russell
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0017| Absent: None
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0018|
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0019|
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0020| G:\BILLTEXT\BILLW_97\S0326 State of New Mexico
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0021| House of Representatives
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0022|
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0023| FORTY-THIRD LEGISLATURE
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0024| FIRST SESSION, 1997
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0025|
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0001|
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0002| March 19, 1997
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0003|
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0004|
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0005| Mr. Speaker:
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0006|
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0007| Your APPROPRIATIONS AND FINANCE COMMITTEE, to
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0008| whom has been referred
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0009|
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0010| SENATE BILL 326, as amended
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0011|
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0012| has had it under consideration and reports same with
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0013| recommendation that it DO PASS.
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0014|
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0015| Respectfully submitted,
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0016|
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0017|
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0018|
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0019|
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0020| Max Coll, Chairman
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0021|
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0022|
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0023| Adopted Not Adopted
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0024|
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0025| (Chief Clerk)
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0001| (Chief Clerk)
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0002|
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0003| Date
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0004|
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0005| The roll call vote was 10 For 4 Against
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0006| Yes: 10
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0007| No: Bird, Buffett, Knowles, Pearce
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0008| Excused: Marquardt, Picraux, Wallace
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0009| Absent: None
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0010|
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0011|
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0012| G:\BILLTEXT\BILLW_97\S0326
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