SENATE FINANCE COMMITTEE SUBSTITUTE FOR

SENATE BILL 584

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

AN ACT

RELATING TO THE NEW MEXICO FINANCE AUTHORITY; EXPANDING THE LIST OF QUALIFIED ENTITIES AND PUBLIC PROJECTS FOR THE PURPOSES OF THE PUBLIC PROJECT REVOLVING FUND; AMENDING THE NEW MEXICO FINANCE AUTHORITY ACT.

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

     Section 1. Section 6-21-3 NMSA 1978 (being Laws 1992, Chapter 61, Section 3, as amended) is amended to read:

     "6-21-3. DEFINITIONS.--As used in the New Mexico Finance Authority Act:

          A. "authority" means the New Mexico finance authority;

          B. "bond" means any bonds, notes, certificates of participation or other evidence of indebtedness;

          C. "bondholder" or "holder" means a person who is the owner of a bond, whether registered or not;

          D. "emergency public project" means a public project:

                (1) made necessary by an unforeseen occurrence or circumstance threatening the public health, safety or welfare; and

                (2) requiring the immediate expenditure of money that is not within the available financial resources of the qualified entity as determined by the authority;

          E. "public project" means the acquisition, construction, improvement, alteration or reconstruction of assets of a long-term capital nature by a qualified entity, including land; buildings; water rights; water, sewerage and waste disposal systems; streets; airports; municipal utilities; public recreational facilities; public transportation systems; parking facilities; and machinery, furniture and equipment. "Public project" includes all proposed expenditures related to the entire undertaking. "Public project" also includes the acquisition, construction or improvement of real property, buildings, facilities and other assets by the authority for the purpose of leasing the property;

          F. "qualified entity" means the state or an agency or institution of the state or a county, municipality, school district, two-year public post-secondary educational institution, charter school, land grant corporation, acequia association, public improvement district, federally chartered college located in New Mexico, intercommunity water or natural gas supply association or corporation, special [district or community water association] water, drainage, irrigation or conservancy district or other special district created pursuant to law, nonprofit foundation or other support organization affiliated with a public university, college or other higher educational institution located in New Mexico, [or] including a university research park corporation, an Indian nation, tribe or pueblo located wholly or partially in New Mexico, including a political subdivision or a wholly owned enterprise of an Indian nation, tribe or pueblo or a consortium of those Indian entities or a consortium of any two or more qualified entities created pursuant to law; and

          G. "security" or "securities", unless the context indicates otherwise, means bonds, notes or other evidence of indebtedness issued by a qualified entity or leases or certificates or other evidence of participation in the lessor's interest in and rights under a lease with a qualified entity and that are payable from taxes, revenues, rates, charges, assessments or user fees or from the proceeds of funding or refunding bonds, notes or other evidence of indebtedness of a qualified entity or from certificates or evidence of participation in a lease with a qualified entity."

     Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2009.

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