Fiscal impact reports (FIRs) are prepared by the Legislative Finance Committee (LFC) for standing finance

committees of the NM Legislature. The LFC does not assume responsibility for the accuracy of these reports

if they are used for other purposes.

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

SPONSOR HTRC

DATE TYPED 3/12/05

HB 1097/HTRCS

SHORT TITLE 2005 Public Securities Validation Act

SB

ANALYST Wilson

APPROPRIATION

Appropriation Contained Estimated Additional Impact Recurring

or Non-Rec

Fund

Affected

FY05

FY06

FY05

FY06

NFI

SOURCES OF INFORMATION

LFC Files

SUMMARY

Synopsis of Bill

The House Taxation and Revenue Committee Substitute for House Bill 1097 is a “bond valida-

tion act”. The point of these bills is to cure outstanding bond issues of technical imperfections.

This bill does not “validate ratify, approve, confirm or legalize any public security, acts, proceed-

ing or other matter which has heretofore been determined in any legal proceeding to be illegal,

void or ineffective”.

The bill has an emergency clause.

Significant Issues

This bill allows the state to issue bonds as if the legislature were in session.

DW/sb