HOUSE BILL 870

49th legislature - STATE OF NEW MEXICO - first session, 2009

INTRODUCED BY

Al Park

AN ACT

RELATING TO FINANCE; AUTHORIZING THE ISSUANCE OF BONDS SECURED BY A STATE GROSS RECEIPTS TAX INCREMENT FOR THE WINROCK/QUORUM TOWN CENTER REDEVELOPMENT TAX INCREMENT DEVELOPMENT PROJECT; DECLARING AN EMERGENCY.

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

     Section 1. AUTHORIZATION OF ISSUANCE OF BONDS.--Pursuant to the provisions of Section 5-15-21 NMSA 1978 and subject to the requirements of this section, the legislature authorizes the issuance of bonds not to exceed one hundred thirty-seven million dollars ($137,000,000) in net proceeds as adjusted for inflation, secured by a gross receipts tax increment attributed to the imposition of the state gross receipts tax within tax increment development district numbers 1 and 2, constituting a portion of the Winrock/Quorum Town Center redevelopment tax increment development project and the issuance of bonds not to exceed twenty-seven million dollars ($27,000,000) in net proceeds as adjusted for inflation, secured by a gross receipts tax increment attributed to the imposition of the state gross receipts tax within tax increment development district number 3, constituting a portion of the Winrock/Quorum Town Center redevelopment tax increment development project. The authorization is subject to:

          A. the review by the New Mexico finance authority prior to issuance of any bonds of the master indenture applicable to bonds issued for the Winrock/Quorum Town Center redevelopment tax increment development project;

          B. the review by the New Mexico finance authority of any amendments to the master indenture prior to the issuance of any bonds subsequent to such amendments; and

          C. the determination by the New Mexico finance authority that the master indenture and any amendments to the master indenture contain covenants and other provisions that assure that the proceeds of the bonds will be used as described in the tax increment development plan for the Winrock/Quorum Town Center redevelopment tax increment development project.

     Section 2. MANDATORY SINKING FUND.--After reimbursement of the property owners within districts 1, 2 and 3 for amounts expended by the property owners for eligible public infrastructure costs within the districts, all amounts of the gross receipts tax increment revenues of the districts in excess of the amounts necessary to pay the principal, interest and any other payments on outstanding bonds when due shall be deposited into a sinking fund. Amounts deposited into the sinking fund shall be used to make additional payments on outstanding bonds sufficient to pay all principal, interest and any other payments due with respect to the bonds on the first date on which the bonds may be redeemed pursuant to the documents authorizing their issuance, or as soon thereafter as possible.  

     Section 3. DURATION OF AUTHORIZATION.--The duration of the authorization for issuance of bonds in this act is unlimited, unless and until this act is repealed or modified by the legislature.

     Section 4. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.

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