SENATE BILL 495

51st legislature - STATE OF NEW MEXICO - first session, 2013

INTRODUCED BY

Howie C. Morales

 

 

 

 

 

AN ACT

RELATING TO PUBLIC FINANCE; AUTHORIZING THE NEW MEXICO

FINANCE AUTHORITY TO ISSUE ADDITIONAL REVENUE BONDS FOR THE

REGIONAL CANCER TREATMENT CENTER AT THE GILA REGIONAL MEDICAL CENTER IN GRANT COUNTY AND THE NOR-LEA GENERAL HOSPITAL IN LEA COUNTY; MAKING AN APPROPRIATION.

 

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

     SECTION 1. Laws 2006, Chapter 89, Section 1, as amended

by Laws 2007, Chapter 215, 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. The authority may issue and sell revenue bonds

authorized by this subsection 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

described in this subsection.

          B. After the bonds have been issued pursuant to

Subsection A of this section, 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 one million five

hundred thousand dollars ($1,500,000) for the purpose of

designing, constructing, equipping and furnishing additions

and improvements to a regional cancer treatment center at the

Nor-Lea general hospital in Lea county. The authority may

issue and sell revenue bonds authorized by this subsection

when the chair of the board of trustees of the Nor-Lea

special hospital district certifies the need for issuance of

the bonds. Provided that, if the authority determines that

excess balances exist in the rural county cancer treatment

fund above the amount needed to service outstanding bonds,

then, in lieu of issuing all or a portion of the bonds, the

excess balances may be used for the cancer treatment center

funded pursuant to this subsection, but the total of excess

balances and bond proceeds shall not exceed one million five

hundred thousand dollars ($1,500,000). The net proceeds from

the sale of the bonds and any excess balances are appropriated to the local government division of the department of finance and administration for the purposes described in this subsection.

          C. After the bonds have been issued pursuant to Subsections A and B of this section, 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) as follows:

                (1) not to exceed two million two hundred fifty thousand dollars ($2,250,000) to design, construct, equip and furnish additions and improvements to a regional cancer treatment center at the Gila regional medical center in Grant county; and

                (2) not to exceed seven hundred fifty thousand dollars ($750,000) to design, construct, equip and furnish additions and improvements to Nor-Lea general hospital in Lea county.

          D. The authority may issue and sell revenue bonds authorized by Subsection C of this section when the boards of trustees of the Gila regional medical center and the Nor-Lea special hospital district certify the need for the issuance of the bonds. If the authority determines that there are balances in the rural county cancer treatment fund in excess the amount needed to service outstanding bonds, the authority may use those balances in lieu of issuing all or a portion of the bonds authorized in Subsection C of this section, but the total of funding from bonds and balances shall not exceed three million dollars ($3,000,000). The net proceeds from the sale of bonds and any excess balances are appropriated to the local government division of the department of finance and administration for the purposes described in Subsection B of this section.

          [C.] E. 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.] F. 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.] G. 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.] H. 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

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.] I. 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.] J. 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."

     SECTION 2. Section 6-21-6.11 NMSA 1978 (being Laws 2006, Chapter 89, Section 4) is amended to read:

     "6-21-6.11. RURAL COUNTY CANCER TREATMENT FUND CREATED--PURPOSE--APPROPRIATION.--The "rural county cancer treatment fund" is created in the New Mexico finance authority. The fund is [comprised] composed of appropriations, donations, distributions pursuant to Section 7-1-6.11 NMSA 1978 and money earned from investment of the fund and otherwise accruing to the fund. Money in the fund is appropriated to the New Mexico finance authority to provide a revenue stream to finance the design, construction [of], equipping and furnishing of additions and improvements to cancer treatment facilities in class B counties. Balances remaining in the fund at the end of a fiscal year shall not revert. The New Mexico finance authority shall administer the fund, and money from the fund may be drawn only on warrants signed by the executive director of the New Mexico finance authority pursuant to vouchers signed by the [executive director] chief financial officer or the officer's authorized representative."

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