SENATE BILL 117

46th legislature - STATE OF NEW MEXICO - first session, 2003

INTRODUCED BY

Mary Kay Papen





FOR THE NEW MEXICO FINANCE AUTHORITY OVERSIGHT COMMITTEE



AN ACT

RELATING TO PUBLIC FINANCE; ALLOWING BONDS ISSUED BY MUNICIPALITIES, COUNTIES AND SCHOOL DISTRICTS TO THE NEW MEXICO FINANCE AUTHORITY TO BE ISSUED AS LOANS; DECLARING AN EMERGENCY.



BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. A new section of Chapter 6, Article 15 NMSA 1978 is enacted to read:

"[NEW MATERIAL] SALE OF BONDS TO THE NEW MEXICO FINANCE AUTHORITY.--General obligation bonds, refunding bonds and bonds issued by a county, municipality or school district in a private sale to the New Mexico finance authority pursuant to the provisions of Chapter 6, Article 15 NMSA 1978 may be issued in the form of a loan agreement."

Section 2. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.

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