FIFTY-SIXTH LEGISLATURESB 251/a
FIRST SESSION, 2023
March 3, 2023
Mr. President:
Your FINANCE COMMITTEE, to whom has been referred
SENATE BILL 251, as amended
has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:
1. On page 1, line 18, after the semicolon, insert "PROVIDING
FOR LEGISLATIVE APPROVAL OF THE ISSUANCE OF BONDS AGAINST REVENUE
ATTRIBUTABLE TO AN INCREMENT OF THE STATE GROSS RECEIPTS TAX;".
2. On page 23, line 12, after "finance", insert ", subject to
the provisions of Subsection C of this section,".
3. On page 23, line 20, before "A", insert:
"The state board of finance shall condition a dedication of a
gross receipts tax increment attributable to the state gross
receipts tax on the approval required pursuant to Section 6 of this
2023 act and that the initial bonds issuance secured by such an
increment shall be issued no later than four years after the state
board of finance has adopted the resolution making the dedication.".
4. On page 24, between lines 20 and 21, insert the following
new section:
"SECTION 6. A new section of the Metropolitan Redevelopment
Code is enacted to read:
"[NEW MATERIAL] APPROVAL REQUIRED FOR ISSUANCE OF BONDS AGAINST
A STATE GROSS RECEIPTS TAX INCREMENT.--
A. In addition to all other requirements of the
Metropolitan Redevelopment Code, prior to issuing bonds that are
issued in whole or in part against a gross receipts tax increment
attributable to the state gross receipts tax within a metropolitan
redevelopment area and before a distribution attributable to the
state gross receipts tax is made pursuant to Section 11 of this 2023
act, the New Mexico finance authority shall review the proposed
issuance of the bonds and determine that the proceeds of the bonds
will be used for a metropolitan redevelopment project in accordance
with the area's metropolitan redevelopment plan and present the
proposed issuance of the bonds to the legislature for approval.
B. The issuance of the bonds and the maximum amount of
bonds to be issued shall be specifically authorized by law."".
5. Renumber succeeding sections accordingly.
6. On page 29, line 1, strike "The" and insert in lieu thereof
"Subject to the provisions of Section 6 of this 2023 act, the".
7. On page 36, line 25, strike "10" and insert in lieu thereof
"11".
8. On page 38, line 8, strike "10" and insert in lieu thereof
"11".
___________________________________
Senator George Muñoz, Chairman
Adopted_______________________ Not Adopted_______________________
(Chief Clerk) (Chief Clerk)
Date ________________________
The roll call vote was 7 For 0 Against
Yes: 7
No: 0
Excused: Diamond, Gonzales, Muñoz, Steinborn
Absent: None
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