0001| SENATE BILL 1113
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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| JOSEPH A. FIDEL
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0005|
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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| AN ACT
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0011| RELATING TO WASTEWATER FACILITIES; AMENDING THE WASTEWATER
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0012| FACILITY CONSTRUCTION LOAN ACT; TRANSFERRING THE ADMINISTRATION
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0013| OF THE WASTEWATER FACILITY CONSTRUCTION LOAN ACT AND FUND TO
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0014| THE NEW MEXICO FINANCE AUTHORITY; AMENDING CERTAIN SECTIONS OF
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0015| THE NMSA 1978.
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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. Section 74-6A-3 NMSA 1978 (being Laws 1986,
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0019| Chapter 72, Section 3, as amended) is amended to read:
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0020| "74-6A-3. DEFINITIONS.--As used in the Wastewater
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0021| Facility Construction Loan Act:
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0022| A. "authority" means the New Mexico finance
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0023| authority;
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0024| [A.] B. "commission" means the water quality
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0025| control commission;
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0001| [B. "division" means the environmental improvement
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division of the health and environment department;]
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0003| C. "department" means the department of
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0004| environment;
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0005| [C.] D. "financial assistance" means loans, the
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0006| purchase or refinancing of existing local political subdivision
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0007| obligations, loan guarantees, credit enhancement techniques to
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0008| reduce interest on loans and bonds, bond insurance and bond
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0009| guarantees or any combination of these purposes;
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0010| [D.] E. "fund" means the wastewater facility
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0011| construction loan fund;
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0012| [E.] F. "local authority" means any
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0013| municipality, county, incorporated county, sanitation district,
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0014| water and sanitation district or any similar district,
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0015| recognized Indian tribe or other issuing agency created
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0016| pursuant to a joint powers agreement acting on behalf of any
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0017| entity listed in this subsection;
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0018| [F.] G. "operate and maintain" means to perform
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0019| all necessary activities, including replacement of equipment or
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0020| appurtenances, to assure the dependable and economical function
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0021| of a wastewater facility in accordance with its intended
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0022| purpose;
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0023| [G.] H. "wastewater facility" means a publicly
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0024| owned system for treating or disposing of sewage or wastes
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0025| either by surface or underground methods, including any
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0001| equipment, plant, treatment works, structure, machinery,
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0002| apparatus or land, in any combination, that is acquired, used,
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0003| constructed or operated for the storage, collection, reduction,
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0004| recycling, reclamation, disposal, separation or treatment of
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0005| water or wastes or for the final disposal of residues resulting
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0006| from the treatment of water or wastes, such as pumping and
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0007| ventilating stations, facilities, plants and works, outfall
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0008| sewers, interceptor sewers and collector sewers and other real
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0009| or personal property and appurtenances incident to their use or
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0010| operation. "Wastewater facility" also includes a nonpoint
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0011| source water pollution control project as eligible under the
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0012| [federal] Clean Water Act [of 1977];
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0013| [H.] I. "account" means the wastewater suspense
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0014| account;
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0015| [I. "board" means the state board of finance;]
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0016| J. "bonds" means wastewater bonds or other
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0017| obligations [authorized by the commission to be] issued by
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0018| the [board] authority pursuant to the Wastewater Facility
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0019| Construction Loan Act;
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0020| K. "Clean Water Act" means the federal Clean Water
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0021| Act of 1977 and its subsequent amendments or successor
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0022| provisions; and
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0023| [L. "federal securities" means direct obligations
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of the United States, or obligations the principal and interest
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of which are unconditionally guaranteed by the United States,
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or an ownership interest in either of the foregoing;]
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0002| [M.] L. "force account construction" means
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0003| construction performed by the employees of a local authority
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0004| rather than through a contractor.
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0005| [N. "holders" means persons who are owners of
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bonds, whether registered or not, issued pursuant to the
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Wastewater Facility Construction Loan Act;
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O. "issuing resolution" means a formal statement
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adopted by the board to issue bonds pursuant to the Wastewater
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Facility Construction Loan Act, including any trust agreement,
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trust indenture or similar instrument providing terms and
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conditions for the bonds to be issued; and
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P. "recommending resolution" means a formal
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statement adopted by the commission recommending to the board
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that bonds be issued pursuant to the Wastewater Facility
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Construction Loan Act, including any trust agreement, trust
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indenture or similar instrument providing the terms and
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conditions for the bonds that are issued.]"
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0019| Section 2. Section 74-6A-4 NMSA 1978 (being Laws 1991,
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0020| Chapter 172, Section 4) is amended to read:
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0021| "74-6A-4. FUND CREATED--ADMINISTRATION.--
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0022| A. There is created in the [state treasury]
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0023| authority a revolving loan fund to be known as the
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0024| "wastewater facility construction loan fund", which shall be
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0025| administered by the [division as agent for the commission]
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0001| authority and operated as a separate account. The
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0002| [commission] authority is authorized to establish
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0003| procedures [and adopt regulations as] required to administer
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0004| the fund in accordance with the Clean Water Act and state law.
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0005| [Any regulations relating to the issuance of bonds and the
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expenditure of proceeds of bond issues shall be approved by the
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board.] The [commission] authority shall, whenever
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0008| possible, coordinate application procedures and funding cycles
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0009| with the New Mexico Community Assistance Act.
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0010| B. The following shall be deposited directly in the
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0011| fund:
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0012| (1) grants from the federal government or its
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0013| agencies allotted to the state for capitalization of the fund;
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0014| (2) funds as appropriated by the legislature
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0015| to implement the provisions of the Wastewater Facility
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0016| Construction Loan Act or to provide state matching funds that
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0017| are required by the terms of any federal grant under the Clean
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0018| Water Act;
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0019| (3) loan principal, interest and penalty
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0020| payments if required by the terms of any federal grant under
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0021| the Clean Water Act;
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0022| (4) money transferred from the account as
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0023| needed to fulfill requirements of the Clean Water Act; and
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0024| (5) any other public or private money
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0025| dedicated to the fund.
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0001| C. Money in the fund is appropriated for
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0002| expenditure by the [commission] authority in a manner
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0003| consistent with the terms and conditions of the federal
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0004| capitalization grants and the Clean Water Act and may be used:
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0005| (1) to provide loans for the construction or
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0006| rehabilitation of wastewater facilities;
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0007| (2) to purchase, refund or refinance
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0008| obligations incurred by local authorities in the state for
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0009| wastewater facilities where the obligations were incurred and
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0010| construction commenced after March 7, 1985;
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0011| (3) to guarantee, or purchase insurance for,
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0012| obligations of local authorities to improve credit market
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0013| access or reduce interest rates;
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0014| (4) to provide a source of revenue or security
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0015| for the payments of principal and interest on bonds
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0016| [recommended by the commission and] issued by the [board]
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0017| authority if the proceeds of the bonds are deposited in the
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0018| fund or if the proceeds of the bonds are used to make loans to
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0019| local authorities to the extent provided in the terms of the
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0020| federal grant;
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0021| (5) to provide loan guarantees for similar
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0022| revolving funds established by local authorities;
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0023| (6) to fund the administrative expenses of the
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0024| [board, the commission and the division] authority
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0025| necessary to implement the provisions of the Wastewater
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0001| Facility Construction Loan Act, including but not limited to
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0002| costs of servicing loans and issuing bonds, fund start-up
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0003| costs, financial management and legal consulting fees and
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0004| reimbursement costs for support services from other state
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0005| agencies; and
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0006| (7) to fund other programs for which the
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0007| federal government authorizes use of wastewater grants or to
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0008| provide for any other expenditure consistent with the Clean
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0009| Water Act grant program and state law.
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0010| D. Pursuant to [regulations adopted by] its
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0011| procedures the [commission, the division] authority may
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0012| impose and collect a fee from each local authority that
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0013| receives financial assistance from the fund, which fee shall be
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0014| used solely for the costs of administering the fund.
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0015| E. Money not currently needed for the operation of
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0016| the fund or otherwise dedicated may be invested according to
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0017| the provisions of [Chapter 6, Article 10 NMSA 1978] the New
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0018| Mexico Finance Authority Act and all interest earned on such
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0019| investments shall be credited to the fund. Money remaining in
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0020| the fund at the end of any fiscal year shall not revert to the
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0021| general fund but shall accrue to the credit of the fund.
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0022| F. [Acting as agent for the commission, the
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division] The authority shall maintain full authority for
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0024| the operation of the fund in accordance with applicable federal
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0025| and state law, including but not limited to [preparing the
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annual intended use plan and] ensuring that loan recipients
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0002| are on the state priority list or otherwise satisfy Clean Water
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0003| Act requirements.
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0004| G. The [division] authority shall establish
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0005| fiscal controls and accounting procedures that are sufficient
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0006| to assure proper accounting for fund payments, disbursements
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0007| and balances and shall provide an annual report and an annual
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0008| independent audit on the fund to the governor and to the United
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0009| States environmental protection agency as required by the Clean
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0010| Water Act.
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0011| H. The balance of the fund shall be transferred
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0012| from the state treasurer to the authority upon the effective
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0013| date of this 1997 act.
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0014| I. All loans held by the division and the
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0015| department shall be transferred on the effective day of this
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0016| 1997 act to the authority."
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0017| Section 3. Section 74-6A-7 NMSA 1978 (being Laws 1991,
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0018| Chapter 172, Section 5) is amended to read:
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0019| "74-6A-7. LOAN PROGRAM--ADMINISTRATION.--
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0020| A. The [division] authority shall establish a
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0021| program to provide financial assistance to local authorities,
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0022| individually or jointly, for acquisition, construction or
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0023| modification of wastewater facilities. The [division as agent
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of the commission] authority is authorized to enter into
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0025| contracts and other agreements to carry out the provisions of
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0001| the Wastewater Facility Loan Construction Act, including [but
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not limited to] contracts, memoranda of understanding and
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0003| agreements with federal agencies, the department, the
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0004| commission, local authorities and other parties.
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0005| B. The commission shall adopt a system for the
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0006| ranking of wastewater facility construction projects for
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0007| financial assistance. The department shall prepare a priority
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0008| listing of projects using the commission's ranking system and
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0009| submit the list to the authority."
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0010| Section 4. Section 74-6A-8 NMSA 1978 (being Laws 1991,
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0011| Chapter 172, Section 6) is amended to read:
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0012| "74-6A-8. FINANCIAL ASSISTANCE--CRITERIA.--
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0013| A. Financial assistance shall be provided only to
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0014| local authorities that:
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0015| (1) meet the requirements for financial
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0016| capability set by the [division] authority to assure
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0017| sufficient revenues to operate and maintain the wastewater
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0018| facility for its useful life and to repay the financial
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0019| assistance;
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0020| (2) agree to operate and maintain the
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0021| wastewater facility so that the facility will function properly
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0022| over its structural and material design life;
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0023| (3) agree to maintain separate project
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0024| accounts, to maintain project accounts properly in accordance
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0025| with generally accepted governmental accounting standards and
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0001| to conduct an audit of the project's financial records;
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0002| (4) provide a written assurance, signed by an
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0003| attorney, that the local authority has or will acquire proper
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0004| title, easements and rights-of-way to the property upon or
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0005| through which the wastewater facility proposed for funding is
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0006| to be constructed or extended;
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0007| (5) require the contractor of the wastewater
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0008| facility construction project to post a performance and payment
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0009| bond in accordance with the requirements of Section 13-4-18
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0010| NMSA 1978 and its subsequent amendments and successor
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0011| provisions;
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0012| (6) provide a written notice of completion and
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0013| start of operation of the wastewater facility;
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0014| (7) appear on the priority list of the fund,
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0015| regardless of rank on such list; and
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0016| (8) provide such information to the
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0017| [division] authority as [required by the commission] it
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0018| requires in order to comply with the provisions of the Clean
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0019| Water Act and state law.
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0020| B. Loans shall be made only to local authorities
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0021| that establish one or more dedicated sources of revenue to
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0022| repay the money received from the [commission] authority
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0023| and to provide for operation, maintenance and equipment
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0024| replacement expenses. A local authority, any existing statute
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0025| to the contrary notwithstanding, may do any of the following:
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0001| (1) obligate itself to pay to the
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0002| [commission] authority at periodic intervals a sum
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0003| sufficient to provide all or any part of bond debt service with
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0004| respect to the bonds [recommended by the commission and]
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0005| issued by the [board] authority to fund the loan for the
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0006| wastewater facility project of the local authority and pay over
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0007| the debt service to the account of the wastewater facility
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0008| project for deposit to the fund;
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0009| (2) fulfill any obligation to pay the
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0010| [commission] authority by the issuance of bonds, notes or
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0011| other obligations in accordance with the laws authorizing
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0012| issuance of local authority obligations; provided however that,
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0013| notwithstanding the provisions of Sections 4-54-3 or 6-15-5
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0014| NMSA 1978 or other statute or law requiring the public sale of
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0015| local authority obligations, such obligations may be sold at
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0016| private sale to the [commission] authority at the price and
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0017| upon the terms and conditions the local authority shall
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0018| determine;
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0019| (3) levy, collect and pay over to the
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0020| [commission] authority and obligate itself to continue to
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0021| levy, collect and pay over to the [commission] authority
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0022| the proceeds of one or more of the following:
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0023| (a) sewer or waste disposal service fees
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0024| or charges;
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0025| (b) licenses, permits, taxes and fees;
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0001| (c) special assessments on the property
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0002| served or benefited by the wastewater facility project; [and]
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0003| or
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0004| (d) other revenue available to the local
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0005| authority;
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0006| (4) undertake and obligate itself to pay its
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0007| contractual obligation to the [commission] authority solely
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0008| from the proceeds from any of the sources specified in
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0009| Paragraph (3) of this subsection or, in accordance with the
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0010| laws authorizing issuance of local authority obligations,
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0011| impose upon itself a general obligation pledge to the
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0012| [commission] authority additionally secured by a pledge of
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0013| any of the sources specified in Paragraph (3) of this
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0014| subsection; [and] or
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0015| (5) enter into agreements, perform acts and
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0016| delegate functions and duties as its governing body shall
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0017| determine is necessary or desirable to enable the [division as
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agent for the commission] authority to fund a loan to the
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0019| local authority to aid it in the construction or acquisition of
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0020| a wastewater facility project.
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0021| C. Each loan made by the [division as agent for
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the commission] authority shall provide that repayment of
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0023| the loan shall begin not later than one year after completion
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0024| of construction of the wastewater facility project for which
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0025| the loan was made and shall be repaid in full no later than
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0001| twenty years after completion of the construction. All
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0002| principal and interest on loan payments shall be deposited in
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0003| the fund.
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0004| D. Financial assistance shall be made with an
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0005| annual subsidized interest rate to be [five percent or
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less] as determined by the [commission] authority and in
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0007| accordance with the authority's adopted procedures.
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0008| E. A zero-percent interest rate may be approved by
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0009| the [division] authority when the following conditions have
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0010| been met by the local authority:
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0011| (1) the local authority's average user cost is
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0012| at least fifteen dollars ($15.00) per month or a higher amount
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0013| as determined by the [commission] authority; and
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0014| (2) the local authority's median household
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0015| income is less than [three-fourths] a percentage of the
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0016| statewide nonmetropolitan median household income as
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0017| determined by the authority's procedures.
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0018| F. A local authority may use the proceeds from
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0019| financial assistance received under the Wastewater Facility
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0020| Construction Loan Act to provide a local match or any other
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0021| nonfederal share of a wastewater facility construction project
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0022| as allowed pursuant to the Clean Water Act.
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0023| G. Financial assistance received pursuant to the
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0024| Wastewater Facility Construction Loan Act shall not be used by
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0025| a local authority on any wastewater facility project
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0001| constructed in fulfillment or partial fulfillment of
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0002| requirements made of a subdivider under the provisions of the
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0003| Land Subdivision Act or the New Mexico Subdivision Act.
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0004| H. Financial assistance shall be made only to local
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0005| authorities that employ or contract with a registered
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0006| professional engineer to provide and be responsible for
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0007| engineering services on the wastewater facility project. Such
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0008| services include but are not limited to an engineering report,
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0009| construction contract documents, supervision of construction
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0010| and start-up services.
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0011| I. Financial assistance shall be made only for
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0012| eligible items. For financial assistance composed entirely of
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0013| state funds, eligible items include but are not limited to the
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0014| costs of engineering feasibility reports, contracted
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0015| engineering design, inspection of construction, special
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0016| engineering services, start-up services, contracted
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0017| construction, materials purchased or equipment leased for force
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0018| account construction, land or acquisition of existing
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0019| facilities, but eligible items do not include the costs of
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0020| water rights and local authority administrative costs. For
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0021| financial assistance made from federal funds, eligible items
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0022| are those identified pursuant to the Clean Water Act.
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0023| J. In the event of default by the local authority,
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0024| the [commission] authority may enforce its rights by suit
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0025| or mandamus or may utilize all other available remedies under
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0001| state law."
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0002| Section 5. Section 74-6A-9 NMSA 1978 (being Laws 1991,
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0003| Chapter 172, Section 7) is amended to read:
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0004| "74-6A-9. [COMMISSION] AUTHORITY--POWERS.--
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0005| A. In administering the Wastewater Facility
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0006| Construction Loan Act, the [commission] authority shall
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0007| have the following powers [which may be implemented by the
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division, in addition to those specified in the Water Quality
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Act]:
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0010| (1) to provide financial assistance to local
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0011| authorities to finance all or part of a wastewater facility,
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0012| including all forms of assistance for which the fund may be
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0013| used pursuant to the Wastewater Facility Construction Loan Act;
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0014| [(2) to adopt recommending resolutions
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0015| recommending that the board issue bonds or refunding bonds
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0016| pursuant to the provisions of the Wastewater Facility
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0017| Construction Loan Act;
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0018| (3)] (2) to execute agreements concerning
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0019| state contributions to the fund made pursuant to the Clean
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0020| Water Act, including obligating [the commission] itself to
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0021| pay a portion of the estimated reasonable cost of a wastewater
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0022| facility of a local authority as may be required to meet the
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0023| water quality goals of the Clean Water Act and the state;
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0024| [(4)] (3) to foreclose upon, attach or
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0025| condemn any wastewater facility, property or interest in the
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0001| facility pledged, mortgaged or otherwise available as security
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0002| for a project financed in whole or in part pursuant to the
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0003| Wastewater Facility Construction Loan Act in the event of a
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0004| default by a local authority;
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0005| [(5)] (4) to acquire and hold title to or
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0006| leasehold interest in real and personal property and to sell,
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0007| convey or lease that property for the purpose of satisfying a
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0008| default or enforcing the provisions of a loan agreement;
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0009| [(6) through its agent the division] (5)
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0010| to manage the fund, to grant and administer financial
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0011| assistance to local authorities and to apply for and accept
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0012| grants, including but not limited to capitalization grant
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0013| awards made to the state in accordance with the Clean Water Act
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0014| and the Wastewater Facility Construction Loan Act;
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0015| [(7)] (6) to appoint and employ attorneys,
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0016| financial advisors, underwriters and other experts and agents
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0017| and employees as the business of the [commission] authority
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0018| may require;
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0019| [(8)] (7) to sue or be sued and to
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0020| prosecute and defend, at law or in equity, in any court having
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0021| jurisdiction over the subject matter and the parties to the
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0022| matter;
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0023| [(9)] (8) to collect application,
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0024| origination and administrative fees from the local authority,
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0025| the total of which for any loan shall not exceed four percent
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0001| of the value of the loan requested or authorized;
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0002| [(10)] (9) to adopt [regulations]
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0003| procedures necessary and appropriate to implement the
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0004| provisions of the Wastewater Facility Construction Loan Act;
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0005| and
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0006| [(11)] (10) to have and exercise all the
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0007| rights and powers necessary, incidental to or implied from the
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0008| specific powers enumerated in this section.
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0009| B. Specific powers enumerated in this section shall
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0010| not limit any power necessary or appropriate to carry out the
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0011| purposes and intent of the Wastewater Facility Construction
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0012| Loan Act.
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0013| C. The [commission] authority shall use
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0014| accounting, audit and fiscal procedures conforming to generally
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0015| accepted government accounting standards [and shall otherwise
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prepare audits and budgets in accordance with state law. The
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fiscal year of the commission shall coincide with the fiscal
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year of the state] with respect to the fund.
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0019| D. The [commission] authority shall deliver an
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0020| annual report during the first week of each regular session of
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0021| the legislature on the status of the wastewater facility
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0022| construction loan program and the fund to the governor and
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0023| legislature.
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0024| E. The authority shall have the power to issue
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0025| bonds or refunding bonds pursuant to the New Mexico Finance
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0001| Authority Act and the Wastewater Facility Construction Loan Act
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0002| when the authority determines that a bond issue is required or
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0003| desirable to implement the provisions of the Wastewater
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0004| Facility Construction Loan Act.
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0005| F. As security for the payment of the principal
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0006| and interest on bonds issued by the authority, the authority is
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0007| authorized to pledge, transfer and assign:
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0008| (1) any obligations of each local authority,
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0009| payable to the authority;
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0010| (2) the security for the local authority
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0011| obligations;
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0012| (3) any grant, subsidy or contribution from
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0013| the United States or any of its agencies or instrumentalities;
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0014| or
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0015| (4) any income, revenues, funds or other money
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0016| of the authority from any other source appropriated or
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0017| authorized for use for the purpose of implementing the
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0018| provisions of the Wastewater Facility Construction Loan Act,
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0019| including the fund.
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0020| G. The bonds and other obligations issued by the
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0021| authority shall be issued and delivered in accordance with the
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0022| provisions of the New Mexico Finance Authority Act and may be
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0023| sold at any time the authority determines appropriate. The
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0024| authority may apply the proceeds of the sale of the bonds to:
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0025| (1) the purposes of the Wastewater Facility
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0001| Construction Loan Act or the purposes for which the fund may be
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0002| used;
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0003| (2) the payment of interest on bonds issued by
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0004| the authority for a period not to exceed three years from the
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0005| date of issuance of the bonds; and
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0006| (3) the payment of all expenses, including
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0007| publication and printing charges, attorney fees, financial
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0008| advisory and underwriter fees and premiums or commissions that
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0009| the authority determines are necessary or advantageous in
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0010| connection with the recommendation, advertisement, sale,
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0011| creation and issuance of bonds.
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0012| H. In the event that funds are not available for a
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0013| loan for a drinking water facility project when application is
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0014| made, in order to accelerate the completion of any drinking
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0015| water facility project, the local authority may, with the
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0016| approval of the authority, obligate such local authority to
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0017| provide local funds to pay that portion of the cost of the
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0018| drinking water facility project that the authority agrees to
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0019| make available by loan, and the authority may reimburse the
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0020| amount expended on its behalf by the local authority.
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0021| I. Authority members or employees and any person
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0022| executing bonds issued pursuant to the New Mexico Finance
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0023| Authority Act and the Wastewater Facility Construction Loan Act
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0024| shall not be liable personally on such bonds or be subject to
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0025| any personal liability or accountability by reason of the
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0001| issuance thereof.
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0002| J. All bonds, notes and certificates issued by the
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0003| authority shall be special obligations of the authority,
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0004| payable solely from the revenue, income, fees or charges that
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0005| may, pursuant to the provisions of the New Mexico Finance
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0006| Authority Act and the Wastewater Facility Construction Loan
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0007| Act, be pledged to the payment of such obligations, and the
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0008| bonds, notes or certificates shall not create an obligation,
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0009| debt or liability of the state. No breach of any pledge,
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0010| obligation or agreement of the authority shall impose a
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0011| pecuniary liability upon the state or a charge upon its general
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0012| credit or taxing power."
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0013| Section 6. Section 74-6A-13 NMSA 1978 (being Laws 1991,
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0014| Chapter 172, Section 11) is amended to read:
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0015| "74-6A-13. AGREEMENT OF THE STATE NOT TO LIMIT OR ALTER
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0016| RIGHTS OF OBLIGEES.--The state [hereby] pledges to and agrees
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0017| with the holders of any bonds or other obligations issued under
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0018| the Wastewater Facility Construction Loan Act and with those
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0019| parties who enter into contracts with the commission or with
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0020| the [division] authority pursuant to the provisions of the
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0021| Wastewater Facility Construction Loan Act that the state shall
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0022| not limit, alter, restrict or impair the rights vested in the
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0023| [commission] authority to fulfill the terms of agreements
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0024| made with the holders of bonds or other obligations recommended
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0025| and issued pursuant to the Wastewater Facility Construction
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0001| Loan Act and with the parties who may enter into contracts with
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0002| a local authority, the commission or the authority pursuant
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0003| to the Wastewater Facility Construction Loan Act and that the
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0004| state shall not limit, alter, restrict or impair the rights
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0005| vested in a local authority or in the commission or the
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0006| [board or the division] authority to fulfill the terms of
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0007| contracts made with the commission or the [board] authority
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0008| and with parties who enter into contracts with such local
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0009| authorities or with the [division acting as agent of the
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commission] authority pursuant to the Wastewater Facility
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0011| Construction Loan Act. The state further agrees that it shall
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0012| not in any way impair the rights or remedies of the holders of
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0013| such bonds or other obligations of such parties until such
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0014| bonds and other obligations, together with interest thereon,
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0015| with interest on any unpaid installment of interest and all
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0016| costs and expenses in connection with any action or proceeding
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0017| by or on behalf of such holders, are fully met and discharged
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0018| and such contracts are fully performed on the part of the
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0019| commission, [the board,] the local authorities or the
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0020| [division acting as agent of the commission] authority.
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0021| Nothing in this subsection precludes such limitation or
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0022| alteration if and when adequate provision is made by law for
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0023| the protection of the holders of bonds or other obligations
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0024| [recommended by the commission and] issued by the [board]
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0025| authority or those entering into such contracts with the
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0001| commission, or the commission under any contract with a local
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0002| authority, or with the [division acting as agent for the
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commission] authority. The commission or the [board]
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0004| authority may include this pledge and undertaking for the
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0005| state or the authority in such bonds or other obligations and
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0006| in such contracts."
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0007| Section 7. REPEAL.--Section 74-6A-10 through 74-6A-12
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0008| NMSA 1978 (being Laws 1991, Chapter 172, Sections 8 through 10)
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0009| are repealed.
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0010|
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