0001| SENATE BILL 985 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| MARY JANE M. GARCIA | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO THE NEW MEXICO FINANCE AUTHORITY; AMENDING A | 0012| SECTION OF THE NMSA 1978 TO ALLOW THE STATE INVESTMENT OFFICER | 0013| TO INVEST FINANCE AUTHORITY FUNDS. | 0014| | 0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0016| Section 1. Section 6-21-4 NMSA 1978 (being Laws 1992, | 0017| Chapter 61, Section 4) is amended to read: | 0018| "6-21-4. NEW MEXICO FINANCE AUTHORITY CREATED-- | 0019| MEMBERSHIP--QUALIFICATIONS--QUORUM--MEETINGS--COMPENSATION-- | 0020| BOND.-- | 0021| A. There is created a public body politic and | 0022| corporate constituting a governmental instrumentality to be | 0023| known as the "New Mexico finance authority" for the performance | 0024| of essential public functions. | 0025| B. The authority shall be composed of twelve | 0001| members. The state investment officer, the secretary of | 0002| finance and administration, the secretary of economic | 0003| development, the secretary of energy, minerals and natural | 0004| resources, the secretary of environment, the executive director | 0005| of the New Mexico municipal league and the executive director | 0006| of the New Mexico association of counties or their designees | 0007| shall be ex-officio members of the authority with voting | 0008| privileges. The governor, with the advice and consent of the | 0009| senate, shall appoint to the authority the chief financial | 0010| officer of a state higher educational institution and four | 0011| members who are residents of the state. The appointed members | 0012| shall serve at the pleasure of the governor. | 0013| C. The appointed members of the authority shall be | 0014| appointed to four-year terms. The initial members shall be | 0015| appointed to staggered terms of four years or less, so that the | 0016| term of at least one member expires on January 1 of each year. | 0017| Vacancies shall be filled by appointment by the governor for | 0018| the remainder of the unexpired term. Any member of the | 0019| authority shall be eligible for reappointment. | 0020| D. Each appointed member before entering upon his | 0021| duty shall take an oath of office to administer the duties of | 0022| his office faithfully and impartially. A record of the oath | 0023| shall be filed in the office of the secretary of state. | 0024| E. The governor shall designate an appointed member | 0025| of the authority to serve as chairman. The authority shall | 0001| elect annually one of its members to serve as vice chairman. | 0002| The authority shall appoint and prescribe the duties of such | 0003| other officers, who need not be members, as the authority deems | 0004| necessary or advisable, including an executive director and a | 0005| secretary, who may be the same person. The authority may | 0006| delegate to one or more of its members, officers, employees or | 0007| agents such powers and duties as it may deem proper and | 0008| consistent with the New Mexico Finance Authority Act. | 0009| F. The executive director of the authority shall | 0010| direct the affairs and business of the authority, subject to | 0011| the policies, control and direction of the authority. The | 0012| secretary of the authority shall keep a record of the | 0013| proceedings of the authority and shall be custodian of all | 0014| books, documents and papers filed with the authority, the | 0015| minute book or journal of the authority and its official seal. | 0016| The secretary shall make copies of all minutes and other | 0017| records and documents of the authority and give certificates | 0018| under the official seal of the authority to the effect that the | 0019| copies are true copies, and all persons dealing with the | 0020| authority may rely upon the certificates. | 0021| G. Meetings of the authority shall be held at the | 0022| call of the chairman or whenever three members shall so request | 0023| in writing. A majority of members then serving constitutes a | 0024| quorum for the transaction of any business. The affirmative | 0025| vote of at least a majority of a quorum present shall be | 0001| necessary for any action to be taken by the authority. An ex- | 0002| officio member may designate in writing another person to | 0003| attend meetings of the authority and to the same extent and | 0004| with the same effect act in his stead. No vacancy in the | 0005| membership of the authority shall impair the right of a quorum | 0006| to exercise all rights and perform all duties of the authority. | 0007| H. Each member of the authority shall give bond as | 0008| provided in the Surety Bond Act. All costs of the surety bonds | 0009| shall be borne by the authority. | 0010| I. The authority is not created or organized, and | 0011| its operations shall not be conducted, for the purpose of | 0012| making a profit. No part of the revenues or assets of the | 0013| authority shall benefit or be distributable to its members, | 0014| officers or other private persons. The members of the | 0015| authority shall receive no compensation for their services, but | 0016| shall be reimbursed for actual and necessary expenses at the | 0017| same rate and on the same basis as provided for public officers | 0018| in the Per Diem and Mileage Act. | 0019| J. The authority shall not be subject to the | 0020| supervision or control of any other board, bureau, department | 0021| or agency of the state except as specifically provided in the | 0022| New Mexico Finance Authority Act. No use of the terms "state | 0023| agency" or "instrumentality" in any other law of the state | 0024| shall be deemed to refer to the authority unless the authority | 0025| is specifically referred to in the law. | 0001| K. The authority is a governmental instrumentality | 0002| for purposes of the Tort Claims Act and for purposes of the | 0003| investment of public money pursuant to Chapter 6, Article 8 | 0004| NMSA 1978." | 0005| - 5 - | 0006| | 0007| FORTY-THIRD LEGISLATURE | 0008| FIRST SESSION, 1997 | 0009| | 0010| | 0011| February 26, 1997 | 0012| | 0013| Mr. President: | 0014| | 0015| Your CORPORATIONS & TRANSPORTATION COMMITTEE, to | 0016| whom has been referred | 0017| | 0018| SENATE BILL 985 | 0019| | 0020| has had it under consideration and reports same with | 0021| recommendation that it DO PASS, and thence referred to the | 0022| FINANCE COMMITTEE. | 0023| | 0024| Respectfully submitted, | 0025| | 0001| | 0002| | 0003| | 0004| __________________________________ | 0005| Roman M. Maes, III, Chairman | 0006| | 0007| | 0008| | 0009| Adopted_______________________ Not | 0010| Adopted_______________________ | 0011| (Chief Clerk) (Chief Clerk) | 0012| | 0013| | 0014| Date ________________________ | 0015| | 0016| | 0017| The roll call vote was 6 For 0 Against | 0018| Yes: 6 | 0019| No: 0 | 0020| Excused: Fidel, McKibben, Robinson, Maes | 0021| Absent: None | 0022| | 0023| | 0024| S0985CT1 | 0025| | 0001| | 0002| | 0003| FORTY-THIRD LEGISLATURE | 0004| FIRST SESSION, 1997 | 0005| | 0006| | 0007| March 4, 1997 | 0008| | 0009| Mr. President: | 0010| | 0011| Your FINANCE COMMITTEE, to whom has been referred | 0012| | 0013| SENATE BILL 985 | 0014| | 0015| has had it under consideration and reports same with | 0016| recommendation that it DO PASS. | 0017| | 0018| Respectfully submitted, | 0019| | 0020| | 0021| | 0022| | 0023| __________________________________ | 0024| Ben D. Altamirano, Chairman | 0025| | 0001| | 0002| | 0003| Adopted_______________________ Not | 0004| Adopted_______________________ | 0005| (Chief Clerk) (Chief Clerk) | 0006| | 0007| | 0008| | 0009| Date ________________________ | 0010| | 0011| | 0012| The roll call vote was 6 For 0 Against | 0013| Yes: 6 | 0014| No: None | 0015| Excused: Aragon, Altamirano, Campos, Lyons, Romero | 0016| Absent: None | 0017| | 0018| | 0019| | 0020| 0S0985FC1 | 0021| State of New Mexico | 0022| House of Representatives | 0023| | 0024| FORTY-THIRD LEGISLATURE | 0025| FIRST SESSION, 1997 | 0001| | 0002| | 0003| March 17, 1997 | 0004| | 0005| | 0006| Mr. Speaker: | 0007| | 0008| Your TAXATION AND REVENUE COMMITTEE, to whom has | 0009| been referred | 0010| | 0011| SENATE BILL 985 | 0012| | 0013| has had it under consideration and reports same with | 0014| recommendation that it DO PASS, and thence referred to the | 0015| APPROPRIATIONS AND FINANCE COMMITTEE. | 0016| | 0017| Respectfully submitted, | 0018| | 0019| | 0020| | 0021| | 0022| Jerry W. Sandel, Chairman | 0023| | 0024| | 0025| Adopted Not Adopted | 0001| | 0002| (Chief Clerk) (Chief Clerk) | 0003| | 0004| Date | 0005| | 0006| The roll call vote was 11 For 0 Against | 0007| Yes: 11 | 0008| Excused: Lujan, Sandoval | 0009| Absent: None | 0010| | 0011| | 0012| G:\BILLTEXT\BILLW_97\S0985 |