HOUSE BILL 396
52nd legislature - STATE OF NEW MEXICO - first session, 2015
INTRODUCED BY
Conrad James
AN ACT
RELATING TO TAXATION; PROVIDING FOR REMITTANCE OF GOVERNMENTAL GROSS RECEIPTS TAX TO AGENCIES, INSTITUTIONS, INSTRUMENTALITIES AND POLITICAL SUBDIVISIONS OF THE STATE; AMENDING SECTION 6-21-6.1 NMSA 1978 (BEING LAWS 1994, CHAPTER 145, SECTION 2, AS AMENDED) AND SECTION 7-1-6.38 NMSA 1978 (BEING LAWS 1994, CHAPTER 145, SECTION 1, AS AMENDED).
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 6-21-6.1 NMSA 1978 (being Laws 1994, Chapter 145, Section 2, as amended) is amended to read:
"6-21-6.1. PUBLIC PROJECT REVOLVING FUND--APPROPRIATIONS TO OTHER FUNDS.--
A. The authority and the department of environment may enter into a joint powers agreement pursuant to the Joint Powers Agreements Act for the purpose of describing and allocating duties and responsibilities with respect to creation of an integrated loan and grant program to be financed through issuance of bonds payable from the public project revolving fund. The bonds may be issued in installments or at one time by the authority in amounts authorized by law. The aggregate amount of bonds authorized and outstanding pursuant to this subsection shall not be greater than the amount of bonds that may be annually repaid from an amount not to exceed thirty-five percent of the governmental gross receipts tax proceeds distributed to the public project revolving fund in the preceding fiscal year. The net proceeds may be used for purposes of the [water and wastewater] local government planning fund and the water and wastewater project grant fund as specified in the New Mexico Finance Authority Act or for purposes of the Wastewater Facility Construction Loan Act, the Rural Infrastructure Act, the Solid Waste Act or the Drinking Water State Revolving Loan Fund Act.
B. Public projects funded pursuant to the Wastewater Facility Construction Loan Act, the Rural Infrastructure Act, the Solid Waste Act or the Drinking Water State Revolving Loan Fund Act shall not require specific authorization by law as required in Sections 6-21-6 and 6-21-8 NMSA 1978.
C. At the end of each fiscal year, after all debt service charges, replenishment of reserves and administrative costs on all outstanding bonds, notes or other obligations payable from the public project revolving fund are satisfied, an aggregate amount not to exceed thirty-five percent of the governmental gross receipts tax proceeds distributed to the public project revolving fund in the preceding fiscal year less all debt service charges and administrative costs of the authority paid in the preceding fiscal year on bonds issued pursuant to this section may be appropriated by the legislature from the public project revolving fund to the following funds for local infrastructure financing:
(1) the wastewater facility construction loan fund for purposes of the Wastewater Facility Construction Loan Act;
(2) the rural infrastructure revolving loan fund for purposes of the Rural Infrastructure Act;
(3) the solid waste facility grant fund for purposes of the Solid Waste Act;
(4) the drinking water state revolving loan fund for purposes of the Drinking Water State Revolving Loan Fund Act;
(5) the water and wastewater project grant fund for purposes specified in the New Mexico Finance Authority Act; or
(6) the [water and wastewater] local government planning fund for purposes specified in the New Mexico Finance Authority Act.
D. The authority and the department of environment in coordination with the New Mexico finance authority oversight committee may recommend annually to each regular session of the legislature amounts to be appropriated to the funds listed in Subsection C of this section for local infrastructure financing.
E. Annually, within sixty days of the conclusion of the authority's fiscal year, and after payment of all debt service charges, replenishment of reserves and administrative costs on all outstanding bonds, notes or other obligations payable from the public project revolving loan fund outstanding and owed in that fiscal year, the authority shall remit to the taxation and revenue department sixty-five percent of remaining governmental gross receipts tax revenues received by the authority in that fiscal year pursuant to Section 7-1-6.38 NMSA 1978. The department shall refund the remitted governmental gross receipts tax revenues to each agency, institution, instrumentality and political subdivision of the state that paid governmental gross receipts tax revenues during that fiscal year in an amount equal to each entity's percentage of the total governmental gross receipts tax revenues paid in that fiscal year. The authority shall annually provide to the department a written accounting of its expenditure of governmental gross receipts tax revenues during the preceding fiscal year at the time of remittance of governmental gross receipts tax revenues to the department."
SECTION 2. Section 7-1-6.38 NMSA 1978 (being Laws 1994, Chapter 145, Section 1, as amended) is amended to read:
"7-1-6.38. DISTRIBUTION--GOVERNMENTAL GROSS RECEIPTS TAX.--
A. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the public project revolving fund administered by the New Mexico finance authority in an amount equal to seventy-five percent of the net receipts attributable to the governmental gross receipts tax.
B. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the energy, minerals and natural resources department in an amount equal to twenty-four percent of the net receipts attributable to the governmental gross receipts tax. Forty-one and two-thirds percent of the distribution is appropriated to the energy, minerals and natural resources department to implement the provisions of the New Mexico Youth Conservation Corps Act and fifty-eight and one-third percent of the distribution is appropriated to the energy, minerals and natural resources department for state park and recreation area capital improvements, including the costs of planning, engineering, design, construction, renovation, repair, equipment and furnishings.
C. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the [office of] cultural affairs department in an amount equal to one percent of the net receipts attributable to the governmental gross receipts tax for capital improvements at state museums and monuments administered by the [office of] cultural affairs department.
D. The state pledges to and agrees with the holders of any bonds or notes issued by the New Mexico finance authority or by the energy, minerals and natural resources department and payable from the net receipts attributable to the governmental gross receipts tax distributed to the New Mexico finance authority or the energy, minerals and natural resources department pursuant to this section that the state will not limit, reduce or alter the distribution of the net receipts attributable to the governmental gross receipts tax to the New Mexico finance authority or the energy, minerals and natural resources department or limit, reduce or alter the rate of imposition of the governmental gross receipts tax until the bonds or notes together with the interest thereon are fully met and discharged. The New Mexico finance authority and the energy, minerals and natural resources department are authorized to include this pledge and agreement of the state in any agreement with the holders of the bonds or notes.
E. Annually, within sixty days of the conclusion of the New Mexico finance authority's fiscal year, and after payment of all principal, interest, premiums and expenses and replenishment of reasonably required debt service reserve funds on all public project revolving loan fund bonds, notes or obligations outstanding and owed in that fiscal year, the New Mexico finance authority shall remit to the department sixty-five percent of remaining governmental gross receipts tax revenues received by the New Mexico finance authority in that fiscal year pursuant to Subsection A of this section. The department shall refund the remitted governmental gross receipts tax revenues to each agency, institution, instrumentality and political subdivision of the state that paid governmental gross receipts tax revenues during that fiscal year in an amount equal to each entity's percentage of the total governmental gross receipts tax revenues paid in that fiscal year. The New Mexico finance authority shall annually provide to the department a written accounting of its expenditure of governmental gross receipts tax revenues during the preceding fiscal year at the time of remittance of governmental gross receipts tax revenues to the department."
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