SB 640
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AN ACT
RELATING TO PUBLIC FINANCE; INCREASING THE AUTHORIZED AMOUNT
OF REVENUE BONDS FOR THE CANCER TREATMENT CENTER AT THE GILA
REGIONAL MEDICAL CENTER; MAKING AN APPROPRIATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. Laws 2006, Chapter 89, Section 1 is amended
to read:
"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 three million dollars ($3,000,000) 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
bonds are appropriated to the local government division of
the department of finance and administration for the purposes
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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
cigarette tax shall not be amended, repealed or otherwise
directly or indirectly modified so as to impair or reduce
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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."