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AN ACT

RELATING TO PUBLIC FINANCE; AUTHORIZING THE NEW MEXICO

FINANCE AUTHORITY TO ISSUE ADDITIONAL REVENUE BONDS FOR THE

REGIONAL CANCER TREATMENT CENTER AT THE GILA REGIONAL MEDICAL

CENTER; PROVIDING FOR DISTRIBUTION OF ONE PERCENT OF THE

CIGARETTE TAX REVENUES FOR THE RURAL COUNTY CANCER TREATMENT

FUND; CREATING THE RURAL COUNTY CANCER TREATMENT FUND; MAKING

APPROPRIATIONS.

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

Section 1. TEMPORARY PROVISION--NEW MEXICO FINANCE

AUTHORITY REVENUE BONDS--PURPOSE--APPROPRIATION.--

A. The New Mexico finance authority may issue and

sell revenue bonds in compliance with the New Mexico Finance

Authority Act for a term not exceeding twenty years in an

amount not exceeding two million five hundred thousand

dollars ($2,500,000) for the purpose of designing,

constructing, equipping and furnishing additions and

improvements to a regional cancer treatment center at the

Gila regional medical center in Grant county and subsequently

rural cancer treatment facilities in class B counties.

B. The authority may issue and sell revenue bonds

authorized by this section when the chair of the board of

county commissioners of Grant county certifies the need for

issuance of the bonds. The net proceeds from the sale of the

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bonds are appropriated to the local government division of

the department of finance and administration for the purposes

described in Subsection A of this section.

C. The cigarette tax proceeds distributed to the

authority pursuant to Subsection H of Section 7-1-6.11 NMSA

1978 shall be pledged irrevocably for the payment of the

principal, interest, premiums and related expenses on the

bonds and for payment of the expenses incurred by the

authority related to the issuance, sale and administration of

the bonds.

D. The cigarette tax proceeds distributed to the

authority pursuant to Subsection H of Section 7-1-6.11 NMSA

1978 shall be deposited each month in a separate fund or

account of the authority.

E. Upon payment of all principal, interest and

other expenses or obligations related to the bonds, the

authority shall certify to the secretary of taxation and

revenue that all obligations for the bonds issued pursuant to

this section have been fully discharged and shall direct the

secretary of taxation and revenue to cease distributing

cigarette tax proceeds to the authority pursuant to

Subsection H of Section 7-1-6.11 NMSA 1978 and to distribute

those cigarette tax proceeds to the general fund.

F. Any law authorizing the imposition, collection

or distribution of the cigarette tax or that affects the

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cigarette tax shall not be amended, repealed or otherwise

directly or indirectly modified so as to impair or reduce

debt service coverage for any outstanding revenue bonds that

may be secured by a pledge of those cigarette tax revenues,

unless the revenue bonds have been discharged in full or

provisions have been made for a full discharge.

G. The authority may additionally secure the

revenue bonds issued pursuant to this section by a pledge of

money in the public project revolving fund with a lien

priority on the money in the public project revolving fund as

determined by the authority.

H. The authority may purchase revenue bonds issued

pursuant to this section with money in the public project

revolving fund pursuant to the provisions of Section 6-21-6

NMSA 1978.

Section 2. Section 7-1-6.11 NMSA 1978 (being Laws 1983,

Chapter 211, Section 16, as amended) is amended to read:

"7-1-6.11. DISTRIBUTIONS OF CIGARETTE TAXES.--

A. A distribution pursuant to Section 7-1-6.1 NMSA

1978 shall be made to the county and municipality

recreational fund in an amount equal to one and thirty-five

hundredths percent of the net receipts, exclusive of

penalties and interest, attributable to the cigarette tax.

B. A distribution pursuant to Section 7-1-6.1 NMSA

1978 shall be made to the county and municipal cigarette tax

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fund in an amount equal to two and sixty-nine hundredths

percent of the net receipts, exclusive of penalties and

interest, attributable to the cigarette tax.

C. A distribution pursuant to Section 7-1-6.1 NMSA

1978 shall be made to the cancer research and treatment

center at the university of New Mexico health sciences center

in an amount equal to one and thirty-five hundredths percent

of the net receipts, exclusive of penalties and interest,

attributable to the cigarette tax.

D. A distribution pursuant to Section 7-1-6.1 NMSA

1978 shall be made to the New Mexico finance authority in an

amount equal to two and two-hundredths percent of the net

receipts, exclusive of penalties and interest, attributable

to the cigarette tax.

E. A distribution pursuant to Section 7-1-6.1 NMSA

1978 in an amount equal to fourteen and thirty-seven

hundredths percent of the net receipts, exclusive of

penalties and interest, attributable to the cigarette tax,

shall be made, on behalf of and for the benefit of the

university of New Mexico health sciences center, to the New

Mexico finance authority.

F. A distribution pursuant to Section 7-1-6.1 NMSA

1978 in an amount equal to six and five-hundredths percent of

the net receipts, exclusive of penalties and interest,

attributable to the cigarette tax shall be made to the New

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Mexico finance authority for land acquisition and the

planning, designing, construction and equipping of department

of health facilities or improvements to such facilities.

G. A distribution pursuant to Section 7-1-6.1 NMSA

1978 in an amount equal to fifteen and seventy-nine

hundredths percent of the net receipts, exclusive of

penalties and interest, attributable to the cigarette tax

shall be made to the New Mexico finance authority for deposit

in the credit enhancement account created in the authority.

H. A distribution pursuant to Section 7-1-6.1 NMSA

1978 in an amount equal to one percent of the net receipts,

exclusive of penalties and interest, attributable to the

cigarette tax shall be made, on behalf of and for the benefit

of the rural county cancer treatment fund, to the New Mexico

finance authority."

Section 3. Section 7-12-7 NMSA 1978 (being Laws 1971,

Chapter 77, Section 7, as amended) is amended to read:

"7-12-7. SALE OF STAMPS--PRICES.--

A. Only the department shall sell stamps. Stamps

may be sold by the department only to a distributor.

B. Stamps shall display a serial number. Stamps

bearing the same serial number shall not be sold to more than

one distributor. The department shall keep records of the

serial numbers of the stamps provided to each distributor.

C. A stamp shall be affixed to a package of

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cigarettes in such a manner as to clearly display the serial

number at the point of sale.

D. Tax stamps shall be sold at their face value

with the following discounts:

(1) one percent less than the face value of

the first thirty thousand dollars ($30,000) of stamps

purchased in one calendar month;

(2) eight-tenths percent less than the face

value of the second thirty thousand dollars ($30,000) of

stamps purchased in one calendar month; and

(3) one-half percent less than the face

value of stamps purchased in excess of sixty thousand dollars

($60,000) in one calendar month.

E. If the face value of tax stamps sold in a

single sale is less than one thousand dollars ($1,000), the

discount provided for in this section shall not be allowed.

F. Payment for tax stamps shall be made on or

before the twenty-fifth day of the month following the month

in which the sale of stamps by the department is made.

G. Tax-exempt stamps shall be provided only to

distributors and shall be free of charge; provided that the

distributor is in full compliance with the reporting

requirements of the Cigarette Tax Act and rules adopted

pursuant to that act."

Section 4. RURAL COUNTY CANCER TREATMENT FUND CREATED--

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PURPOSE--APPROPRIATION.--The "rural county cancer treatment

fund" is created in the New Mexico finance authority. The

fund is comprised of appropriations, donations, distributions

pursuant to Section 7-1-6.11 NMSA 1978 and money earned from

investment of the fund and otherwise accruing to the fund.

Money in the fund is appropriated to the New Mexico finance

authority to provide a revenue stream to finance the

construction of cancer treatment facilities in class B

counties. Balances remaining in the fund at the end of a

fiscal year shall not revert. The New Mexico finance

authority shall administer the fund, and money from the fund

may be drawn only on warrants signed by the executive director

of the New Mexico finance authority pursuant to vouchers

signed by the executive director.