SENATE BILL 319

52nd legislature - STATE OF NEW MEXICO - first session, 2015

INTRODUCED BY

Carroll H. Leavell

AN ACT

RELATING TO INDUSTRIAL REVENUE BONDS; INCLUDING THE EXTRACTION PHASE OF MINING OR ENERGY DEVELOPMENT AS A SUITABLE INDUSTRY FOR A PROJECT; INCLUDING A BUSINESS THAT SUPPLIES HOUSING AS A SUITABLE BUSINESS FOR A PROJECT; ALLOWING A PROJECT BOND TO BE ISSUED AFTER A COMPLAINT HAS BEEN FILED PURSUANT TO SECTION 4-59-15 NMSA 1978 (BEING LAWS 1975, CHAPTER 236, SECTION 15) IF THE STATE BOARD OF FINANCE DOES NOT MAKE A DETERMINATION WITHIN SIXTY DAYS.

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

     SECTION 1. Section 4-59-2 NMSA 1978 (being Laws 1975, Chapter 286, Section 2, as amended) is amended to read:

     "4-59-2. DEFINITIONS.--As used in the County Industrial Revenue Bond Act, unless the context clearly indicates otherwise:

          A. "commission" means the governing body of a county;

          B. "county" means a county organized or incorporated in New Mexico;

          C. "501(c)(3) corporation" means a corporation that demonstrates to the taxation and revenue department that it has been granted exemption from the federal income tax as an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended or renumbered;

          D. "health care service" means the diagnosis or treatment of sick or injured persons or medical research and includes the ownership, operation, maintenance, leasing and disposition of health care facilities, such as hospitals, clinics, laboratories, x-ray centers and pharmacies;

          E. "mortgage" means a mortgage or a mortgage and deed of trust or the pledge and hypothecation of any assets as collateral security;

          F. "project" means any land and building or other improvements thereon, the acquisition by or for a New Mexico corporation of the assets or stock of an existing business or corporation located outside the state to be relocated within a county but, except as provided in Paragraph (1) of Subsection A of Section 4-59-4 NMSA 1978, not within the boundaries of any incorporated municipality in the state, and all real and personal properties deemed necessary in connection therewith, whether or not now in existence, which shall be suitable for use by the following or by any combination of two or more thereof:

                (1) an industry for the manufacturing, processing or assembling of agricultural or manufactured products;

                (2) an industry for the extractive phase of mining or energy development, including refining and processing;

                [(2)] (3) a commercial enterprise in storing, warehousing, distributing or selling products of agriculture, mining or industry, but does not include a facility designed for the sale or distribution to the public of electricity, gas, telephone or other services commonly classified as public utilities, except for:

                     (a) water utilities; and

                     (b) any electric generation facility other than one for which both location approval and a certificate of convenience and necessity are required prior to commencing construction or operation of the facility, pursuant to the Public Utility Act; [and the Electric Utility Industry Restructuring Act of 1999;

                (3)] (4) a business in which all or part of the activities of the business involve the supplying of services or housing to the general public or to governmental agencies or to a specific industry or customer;

                [(4)] (5) a nonprofit corporation engaged in health care services;

                 [(5)] (6) a mass transit or other transportation activity involving the movement of passengers, an industrial park, an office headquarters and a research facility;

                [(6)] (7) a water distribution or irrigation system, including without limitation, pumps, distribution lines, transmission lines, towers, dams and similar facilities and equipment; and

                [(7)] (8) a 501(c)(3) corporation; and

          G. "property" means any land, improvements thereon, buildings and any improvements thereto, machinery and equipment of any and all kinds necessary to the project, operating capital and any other personal properties deemed necessary in connection with the project."

     SECTION 2. Section 4-59-15 NMSA 1978 (being Laws 1975, Chapter 286, Section 15) is amended to read:

     "4-59-15. BOARD OF FINANCE.--If any representative of an existing business or enterprise located within the boundaries of the county or within five miles of the proposed project alleges in a written complaint filed with the county governing body at a meeting at which an ordinance or resolution authorizing the issuance of bonds [hereunder] pursuant to the County Industrial Revenue Bond Act is adopted that the proposed project would directly and substantially compete with such an existing business or enterprise located within the boundaries of the county or within five miles of the proposed project, the bonds in connection with [such] that project shall not be issued until the state board of finance has determined that the proposed project will not directly or substantially compete with an existing business or enterprise located within the boundaries of the county or within five miles of the proposed project; provided that, if the state board of finance does not make a determination within sixty days after the complaint is filed, the bonds in connection with the project may be issued."

     SECTION 3. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2015.

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