HOUSE BILL 98
49th legislature - STATE OF NEW MEXICO - second session, 2010
INTRODUCED BY
Jose A. Campos
FOR THE NEW MEXICO FINANCE AUTHORITY OVERSIGHT COMMITTEE
AN ACT
RELATING TO THE NEW MEXICO RENEWABLE ENERGY TRANSMISSION AUTHORITY; ADDING THE NEW MEXICO RENEWABLE ENERGY TRANSMISSION AUTHORITY TO THE LIST OF QUALIFIED ENTITIES FOR THE PURPOSES OF THE PUBLIC PROJECT REVOLVING FUND; AUTHORIZING RENEWABLE ENERGY TRANSMISSION BONDS TO BE SOLD AT, ABOVE OR BELOW PAR; PROVIDING FOR CONFIDENTIALITY OF CERTAIN PROPRIETARY INFORMATION.
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; facilities eligible to be financed or acquired by the New Mexico renewable energy transmission authority; 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 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, 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 the New Mexico renewable energy transmission authority; 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. 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"."
Section 3. Section 62-16A-9 NMSA 1978 (being Laws 2007, Chapter 3, Section 9) is amended to read:
"62-16A-9. PROCEDURE FOR SALE OF RENEWABLE ENERGY TRANSMISSION BONDS.--
A. Bonds shall be sold by the authority at such times and in such manner as the authority may elect, either at private sale for a negotiated price or to the highest bidder at public sale for cash at [not less than] par, above par or below par and accrued interest.
B. In connection with any public sale of the bonds, the authority shall publish a notice of the time and place of sale in a newspaper of general circulation in the state and also in a recognized financial journal outside the state. The publication shall be made once each week for two consecutive weeks prior to the date fixed for such sale, the last publication to be two business days prior to the date of sale. The notice shall specify the amount, denomination, maturity and description of the bonds to be offered for sale and the place, day and hour at which sealed bids therefore shall be received. All bids, except those of the state, shall be accompanied by a deposit of two percent of the principal amount of the bonds. Deposits of unsuccessful bidders shall be returned upon rejection of the bid. At the time and place specified in such notice, the authority shall open the bids in public and shall award the bonds, or any part thereof, to the bidder or bidders offering the best price. The authority may reject any or all bids and readvertise.
C. The authority may sell a bond issue, or any part thereof, to the state or to one or more investment bankers or institutional investors at private sale."
Section 4. A new section of the New Mexico Renewable Energy Transmission Authority Act is enacted to read:
"[NEW MATERIAL] PROPRIETARY INFORMATION.--Information obtained by the authority that is proprietary technical or business information shall be confidential and not subject to inspection pursuant to the Inspection of Public Records Act."
Section 5. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2010.
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