NOTE: As provided in LFC policy, this report is intended for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.



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F I S C A L I M P A C T R E P O R T





SPONSOR: Lujan DATE TYPED: 02/02/00 HB 417
SHORT TITLE: Retiree Health Care Administration Building SB
ANALYST: Kehoe


APPROPRIATION



Appropriation Contained
Estimated Additional Impact
 Recurring

or Non-Rec

 Fund

Affected

FY00 FY01 FY00 FY01
$ 400.0 Non-Recurring RHCF



(Parenthesis ( ) Indicate Expenditure Decreases)



REVENUE



Estimated Revenue
 Subsequent

Years Impact

 Recurring

or Non-Rec

 Fund

Affected

FY00 FY01
$ 400.0 Non-Recurring RHCF



(Parenthesis ( ) Indicate Revenue Decreases)



Duplicates/Conflicts with/Companion to/Relates to



SOURCES OF INFORMATION



New Mexico Finance Authority (NMFA)

LFC Files



SUMMARY



Synopsis of Bill



House Bill 417 authorizes the NMFA to issue revenue bonds for an administration building for the Retiree Health Care Authority. The bill also appropriates $400.0 from the Retiree Health Care Fund to the retiree Health Care Authority for the same purpose.



Significant Issues



House Bill 417 authorizes the Retiree Health Care Board to take the necessary action to provide for an administration building for the Retiree Health Care Authority. In addition, the bill authorizes the NMFA to issue up to $2,500.0 in revenue bonds for the Retiree Health Care Authority's administration building. The first money received each month from employer and employee fees as contributions to the Retiree Health Care Fund will be pledged for debt service, and the Retiree Health Care Authority will make monthly distributions of that revenue to the NMFA for debt service on the bonds. The $400.0 appropriation from the Retiree Health Care Fund to the Retiree Health Care Authority is from the sale of the building owned by the Authority which is also to be used to plan, design, acquire, construct, equip and furnish the administration building.



FISCAL IMPLICATIONS



House Bill 417 appropriates $400.0 in fiscal years 2000 through 2002 from the Retiree Health Care Fund, from the proceeds of the sale of a building, to the Retiree Health Care Authority for a building project. Any unexpended or unencumbered balance remaining at the end of fiscal year 2002 reverts to the Retiree Health Care Fund.



POSSIBLE QUESTIONS