HOUSE BILL 39

49th legislature - STATE OF NEW MEXICO - second session, 2010

INTRODUCED BY

Patricia A. Lundstrom

FOR THE NEW MEXICO FINANCE AUTHORITY OVERSIGHT COMMITTEE

AN ACT

RELATING TO PUBLIC FINANCES; PROVIDING FOR UNIFORM REPORTING OF THE NEW MEXICO FINANCE AUTHORITY, THE BORDER AUTHORITY, THE SPACEPORT AUTHORITY AND THE NEW MEXICO RENEWABLE ENERGY TRANSMISSION AUTHORITY; REQUIRING DISCLOSURE AND UNIFORM REPORTING.

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

     Section 1. A new section of the New Mexico Finance Authority Act is enacted to read:

     "[NEW MATERIAL] REPORTING REQUIREMENTS.--In addition to its other duties, the authority shall:

          A. prepare and update on an annual basis in spreadsheet format approved by the New Mexico finance authority oversight committee a report on the authority's operational budget;

          B. prepare and update a quarterly report in spreadsheet format approved by the New Mexico finance authority oversight committee of all transactions from loan, grant or lease-purchase programs or funds administered by the authority. Except as otherwise prohibited by law, the spreadsheet shall include the pertinent facts of each transaction, including the:

                (1) program name or source of funding;

                (2) name of the borrowing entity;

                (3) original transaction amount;

                (4) transaction balance;

                (5) interest rate;

                (6) total fees charged;

                (7) purpose of funds; and

                (8) status of the transaction;

          C. prepare and update a quarterly report in spreadsheet format approved by the New Mexico finance authority oversight committee of all applications for loan, grant or lease-purchase from programs or funds administered by the authority that were turned down by the authority or that did not qualify for funding. Except as otherwise prohibited by law, the spreadsheet shall include the pertinent facts of each application, including the:

                (1) program name or source of funding;

                (2) name of the applicant;

                (3) requested transaction amount;

                (4) purpose of funds; and

                (5) reason for the lack of qualification or denial of application;

          D. prepare and update a quarterly report in a spreadsheet format approved by the New Mexico finance authority oversight committee on each issuance of bonds by the authority, including the:

                (1) purpose of the bond issue;

                (2) status of the utilization of bond proceeds;

                (3) interest rate on the bonds;

(4) itemized cost of bond issuance; and

                (5) identity of each consultant, contractor and investment banking firm utilized and fees paid to each;

          E. prepare and update a quarterly report in spreadsheet format approved by the New Mexico finance authority oversight committee on the investment of all funds controlled by the authority, including the:

                (1) purpose of the fund;

                (2) fund balance;

                (3) benchmark interest rates;

                (4) comparison of fund performance to peer groups;

                (5) identity of any investment consultants, contractors and investment banking firms used; and

                (6) investment costs and fees paid;

          F. prepare and update written policies, which shall be subject to annual review by the New Mexico finance authority oversight committee, regarding:

                (1) all programs and funds administered by the authority, including lending criteria and fund or program priorities and goals;

                (2) hiring by the authority;

                (3) procurement by the authority; and

                (4) investment of funds by the authority; and

          G. prepare and update procurement policies and a five-year strategic budget, which shall be subject to annual review and approval by the New Mexico finance authority oversight committee. The budget shall include information regarding the assumptions on which the budget is based and the policies relating to each budget section."

     Section 2. A new section of the Border Development Act is enacted to read:

     "[NEW MATERIAL] REPORTING REQUIREMENTS.--In addition to its other duties, the authority shall:

          A. prepare and update on an annual basis in spreadsheet format approved by the New Mexico finance authority oversight committee a report on the authority's operational budget;

          B. prepare and update an annual report in spreadsheet format approved by the New Mexico finance authority oversight committee on all border region infrastructure development and economic development projects supported or fostered by the authority, including:

                (1) a description of the project and project goals;

                (2) authority resources allocated to the project;

                (3) except as otherwise prohibited by law, private sector resources invested in the project;

                (4) project status; and

                (5) revenue bonds issued by the authority for the project;

          C. prepare and update written policies, which shall be subject to annual review and approval by the New Mexico finance authority oversight committee, regarding:

                (1) project review and selection by the authority;

                (2) hiring by the authority;

                (3) procurement by the authority; and

                (4) bond issuance by the authority; and

          D. prepare and update a five-year strategic budget, which shall be subject to annual review and approval by the New Mexico finance authority oversight committee. The budget shall include information regarding the assumptions on which the budget is based and the policies relating to each budget section."

     Section 3. A new section of the Spaceport Development Act is enacted to read:

     "[NEW MATERIAL] REPORTING REQUIREMENTS.--In addition to its other duties, the authority shall:

          A. prepare and update on an annual basis in spreadsheet format approved by the New Mexico finance authority oversight committee a report on the authority's operational budget;

          B. prepare and update an annual report in spreadsheet format approved by the New Mexico finance authority oversight committee on all spaceport infrastructure development and economic development projects supported or fostered by the authority, including:

                (1) a description of the project and project goals;

                (2) authority resources allocated to the project;

                (3) except as otherwise prohibited by law, private sector resources invested in the project;

                (4) project status; and

                (5) revenue bonds issued by the authority for the project;

          C. prepare and update written policies, which shall be subject to annual review and approval by the New Mexico finance authority oversight committee, regarding:

                (1) project review and selection by the authority;

                (2) hiring by the authority;

                (3) procurement by the authority; and

                (4) investment of funds by the authority; and

          D. prepare and update a five-year strategic budget, which shall be subject to annual review and approval by the New Mexico finance authority oversight committee. The budget shall include information regarding the assumptions on which the budget is based and the policies relating to each budget section."

     Section 4. A new section of the New Mexico Renewable Energy Transmission Authority Act is enacted to read:

     "[NEW MATERIAL] REPORTING REQUIREMENTS.--In addition to its other duties, the authority shall:

          A. prepare and update on an annual basis in spreadsheet format approved by the New Mexico finance authority oversight committee a report on the authority's operational budget;

          B. prepare and update an annual report in spreadsheet format approved by the New Mexico finance authority oversight committee on all infrastructure development and renewable energy projects supported or fostered by the authority, including:

                (1) a description of the project and project goals;

                (2) authority resources allocated to the project;

                (3) except as otherwise prohibited by law, private sector resources invested in the project;

                (4) project status; and

                (5) revenue bonds issued by the authority for the project;

          C. prepare and update written policies, which shall be subject to annual review and approval by the New Mexico finance authority oversight committee, regarding:

                (1) project review and selection by the authority; 

                (2) hiring by the authority;

                (3) procurement by the authority; and

                (4) investment of funds by the authority; and

          D. prepare and update a five-year strategic budget, which shall be subject to annual review and approval by the New Mexico finance authority oversight committee. The budget shall include information regarding the assumptions on which the budget is based and the policies relating to each budget section."

     Section 5. Section 58-31-1 NMSA 1978 (being Laws 2005, Chapter 128, Section 1) is amended to read:

     "58-31-1. SHORT TITLE.--[This act] Chapter 58, Article 31 NMSA 1978 may be cited as the "Spaceport Development Act"."

     Section 6. Section 62-16A-1 NMSA 1978 (being Laws 2007, Chapter 3, Section 1) is amended to read:

     "62-16A-1. SHORT TITLE.--[Sections 1 through 15 of this act] Chapter 62, Article 16A NMSA 1978 may be cited as the "New Mexico Renewable Energy Transmission Authority Act"."

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