0001| SENATE BILL 257
|
0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
|
0003| 1996
|
0004| INTRODUCED BY
|
0005| CARLOS R. CISNEROS
|
0006|
|
0007|
|
0008|
|
0009|
|
0010|
|
0011| AN ACT
|
0012| RELATING TO TAXATION; AMENDING THE LOCAL HOSPITAL GROSS RECEIPTS
|
0013| TAX ACT TO PROVIDE FOR THE PLEDGE OF OTHER COUNTY REVENUES FOR
|
0014| LOCAL HOSPITAL REVENUE BONDS; AUTHORIZING THE ISSUANCE OF
|
0015| REFUNDING BONDS; AMENDING AND ENACTING CERTAIN SECTIONS OF THE
|
0016| NMSA 1978; DECLARING AN EMERGENCY.
|
0017|
|
0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
|
0019| Section 1. Section 7-20C-2 NMSA 1978 (being Laws 1991,
|
0020| Chapter 176, Section 2, as amended) is amended to read:
|
0021| "7-20C-2. DEFINITIONS.--As used in the Local Hospital
|
0022| Gross Receipts Tax Act:
|
0023| A. "county" means:
|
0024| (1) a class B county having a population of
|
0025| less than twenty-five thousand according to the most recent
|
0001| federal decennial census and having a net taxable value for
|
0002| rate-setting purposes for the 1990 property tax year or any
|
0003| subsequent year of more than two hundred fifty million dollars
|
0004| ($250,000,000);
|
0005| (2) a class B county having a population of
|
0006| less than forty-seven thousand but more than forty-four thousand
|
0007| according to the 1990 federal decennial census and having a net
|
0008| taxable value for rate-setting purposes for the 1992 property
|
0009| tax year of more than three hundred million dollars
|
0010| ($300,000,000) but less than six hundred million dollars
|
0011| ($600,000,000); or
|
0012| (3) a class B county [in New Mexico] having a
|
0013| population of less than ten thousand according to the most
|
0014| recent federal decennial census and having a net taxable value
|
0015| for rate-setting purposes for the 1990 property tax year or any
|
0016| subsequent year of more than one hundred million dollars
|
0017| ($100,000,000);
|
0018| B. "department" means the taxation and revenue
|
0019| department, the secretary of taxation and revenue or any
|
0020| employee of the department exercising authority lawfully
|
0021| delegated to that employee by the secretary;
|
0022| C. "first one-eighth county gross receipts tax"
|
0023| means the first one-eighth of one percent increment of the
|
0024| county gross receipts tax imposed under the County Local Option
|
0025| Gross Receipts Taxes Act;
|
0001| [C.] D. "governing body" means the board of
|
0002| county commissioners of a county;
|
0003| E. "hospital facility revenues" means all or a
|
0004| portion of the net revenues of a hospital facility acquired,
|
0005| constructed or equipped pursuant to and operated in accordance
|
0006| with the Local Hospital Gross Receipts Tax Act;
|
0007| [D.] F. "local hospital gross receipts tax"
|
0008| means the tax authorized to be imposed under the Local Hospital
|
0009| Gross Receipts Tax Act;
|
0010| [E.] G. "person" means an individual or any
|
0011| other legal entity; and
|
0012| [F.] H. "state gross receipts tax" means the
|
0013| gross receipts tax imposed under the Gross Receipts and
|
0014| Compensating Tax Act."
|
0015| Section 2. Section 7-20C-9 NMSA 1978 (being Laws 1991,
|
0016| Chapter 176, Section 9, as amended) is amended to read:
|
0017| "7-20C-9. LOCAL HOSPITAL REVENUE BONDS--AUTHORITY TO
|
0018| ISSUE--PLEDGE OF REVENUES.--
|
0019| A. A county, other than a county described in
|
0020| Paragraph (2) of Subsection A of Section 7-20C-2 NMSA 1978,
|
0021| may issue local hospital revenue bonds pursuant to the Local
|
0022| Hospital Gross Receipts Tax Act for the purpose of acquiring
|
0023| land for and designing, constructing, equipping and furnishing a
|
0024| county hospital facility to be operated by the county or by
|
0025| another party pursuant to a lease with the county.
|
0001| B. The county issuing the local hospital revenue
|
0002| bonds pursuant to the Local Hospital Gross Receipts Tax Act
|
0003| shall pledge irrevocably all of the net receipts derived from
|
0004| the imposition of the local hospital gross receipts tax and may
|
0005| pledge irrevocably any combination of the first one-eighth
|
0006| county gross receipts tax, hospital facility revenues and any
|
0007| other revenues as necessary for the payment of principal and
|
0008| interest on the revenue bonds."
|
0009| Section 3. A new section of the Local Hospital Gross
|
0010| Receipts Tax Act is enacted to read:
|
0011| "[NEW MATERIAL] REVENUE BONDS--REFUNDING AUTHORIZATION.--
|
0012| A. Any county having issued revenue bonds as
|
0013| authorized in the Local Hospital Gross Receipts Tax Act may
|
0014| issue refunding revenue bonds pursuant to an ordinance adopted
|
0015| by majority vote of the governing body for the purpose of
|
0016| refinancing, paying and discharging all or any part of such
|
0017| outstanding revenue bonds of any one or more or all outstanding
|
0018| issues:
|
0019| (1) for the acceleration, deceleration or other
|
0020| modification of the payment of such obligations, including
|
0021| without limitation any capitalization of any interest thereon in
|
0022| arrears or about to become due for any period not exceeding one
|
0023| year from the date of the refunding bonds;
|
0024| (2) for the purpose of reducing interest costs
|
0025| or effecting other economies;
|
0001| (3) for the purpose of modifying or eliminating
|
0002| restrictive contractual limitations pertaining to the issuance
|
0003| of additional bonds, otherwise concerning the outstanding bonds
|
0004| or to any facilities relating thereto; or
|
0005| (4) for any combination of such purposes.
|
0006| B. To pay the principal and interest on refunding
|
0007| bonds, the county may pledge irrevocably revenues authorized to
|
0008| be pledged to revenue bonds issued pursuant to the Local
|
0009| Hospital Gross Receipts Tax Act.
|
0010| C. Bonds for refunding and bonds for any purpose
|
0011| permitted by the Local Hospital Gross Receipts Tax Act may be
|
0012| issued separately or issued in combination in one series or
|
0013| more."
|
0014| Section 4. A new section of the Local Hospital Gross
|
0015| Receipts Tax Act is enacted to read:
|
0016| "[NEW MATERIAL] REFUNDING BONDS--ESCROW--DETAIL.--
|
0017| A. Refunding bonds issued pursuant to the provisions
|
0018| of the Local Hospital Gross Receipts Tax Act shall be authorized
|
0019| by ordinance. Any revenue bonds that are refunded under the
|
0020| provisions of this section shall be paid at maturity or on any
|
0021| permitted prior redemption date in the amounts, at the time and
|
0022| places, and if called prior to maturity, in accordance with any
|
0023| applicable notice provisions, all as provided in the proceedings
|
0024| authorizing the issuance of the refunded bonds or otherwise
|
0025| appertaining thereto, except for any such bond that is
|
0001| voluntarily surrendered for exchange or payment by the holder or
|
0002| owner.
|
0003| B. Provision shall be made for paying the bonds
|
0004| refunded at the time or places provided in Subsection A of this
|
0005| section. The principal amount of the refunding bonds may
|
0006| exceed, be less than or be the same as the principal amount of
|
0007| the bonds being refunded as long as provision is duly and
|
0008| sufficiently made for the payment of the refunded bonds.
|
0009| C. The proceeds of refunding bonds, including any
|
0010| accrued interest and premium appertaining to the sale of
|
0011| refunding bonds, shall either be immediately applied to the
|
0012| retirement of the bonds being refunded or be placed in escrow in
|
0013| a commercial bank or trust company that possesses and is
|
0014| exercising trust powers and that is a member of the federal
|
0015| deposit insurance corporation, to be applied to the payment of
|
0016| the principal of, interest on and any prior redemption premium
|
0017| due in connection with the bonds being refunded; provided that
|
0018| such refunding bond proceeds, including any accrued interest and
|
0019| any premium appertaining to a sale of refunding bonds, may be
|
0020| applied to the establishment and maintenance of a reserve fund
|
0021| and to the payment of expenses incidental to the refunding and
|
0022| the issuance of the refunding bonds, the interest on the
|
0023| refunding bonds and the principal of the refunding bonds or both
|
0024| interest and principal as the county may determine. Nothing in
|
0025| this section requires the establishment of an escrow if the
|
0001| refunded bonds become due and payable within one year from the
|
0002| date of the refunding bonds and if the amounts necessary to
|
0003| retire the refunded bonds within that time are deposited with
|
0004| the paying agent for the refunded bonds. Any such escrow shall
|
0005| not necessarily be limited to proceeds of refunding bonds but
|
0006| may include other money available to retire the refunded bonds.
|
0007| Any proceeds in escrow pending such use may be invested in
|
0008| bills, certificates of indebtedness, notes or bonds that are
|
0009| direct obligations of, or the principal and interest of which
|
0010| obligations are unconditionally guaranteed by the United States
|
0011| of America or in certificates of deposit of banks that are
|
0012| members of the federal deposit insurance corporation, the par
|
0013| value of which certificates of deposit is collateralized by a
|
0014| pledge of obligations of, or the payment of which is
|
0015| unconditionally guaranteed by, the United States of America, the
|
0016| par value of which obligations is at least seventy-five percent
|
0017| of the par value of the certificates of deposit. Such proceeds
|
0018| and investments in escrow together with any interest or other
|
0019| income to be derived from any such investment shall be in an
|
0020| amount at all times sufficient as to principal, interest, any
|
0021| prior redemption premium due and any charges of the escrow agent
|
0022| payable therefrom to pay the bonds being refunded as they become
|
0023| due at their respective maturities or due at any designated
|
0024| prior redemption date or dates in connection with which the
|
0025| county shall exercise a prior redemption option. Any purchaser
|
0001| of any refunding bond issued pursuant to the provisions of the
|
0002| Local Hospital Gross Receipts Tax Act is in no manner
|
0003| responsible for the application of the proceeds thereof by the
|
0004| county or any of its officers, agents or employees.
|
0005| D. Refunding bonds may be sold at a public or
|
0006| negotiated sale and may bear such additional terms and
|
0007| provisions as may be determined by the county subject to the
|
0008| limitations in the Local Hospital Gross Receipts Tax Act. The
|
0009| terms, provisions and authorization of the refunding bonds are
|
0010| not subject to the provisions of any other statute, provided
|
0011| that the Public Securities Limitation of Action Act shall be
|
0012| fully applicable to the issuance of refunding bonds."
|
0013| Section 5. EMERGENCY.--It is necessary for the public
|
0014| peace, health and safety that this act take effect immediately.
|
0015|
|
0016|
|
0017| FORTY-SECOND LEGISLATURE
|
0018| SECOND SESSION, 1996
|
0019|
|
0020|
|
0021| JANUARY 25, 1996
|
0022|
|
0023| Mr. President:
|
0024|
|
0025| Your COMMITTEES' COMMITTEE, to whom has been referred
|
0001|
|
0002| SENATE BILL 257
|
0003|
|
0004| has had it under consideration and finds same to be GERMANE, PURSUANT
|
0005| TO CONSTITUIONAL PROVISIONS, and thence referred to the WAYS AND
|
0006| MEANS COMMITTEE.
|
0007|
|
0008| Respectfully submitted,
|
0009|
|
0010|
|
0011|
|
0012|
|
0013| __________________________________
|
0014| SENATOR MANNY M. ARAGON, Chairman
|
0015|
|
0016|
|
0017|
|
0018| Adopted_______________________ Not Adopted_______________________
|
0019| (Chief Clerk) (Chief Clerk)
|
0020|
|
0021|
|
0022| Date ________________________
|
0023|
|
0024|
|
0025|
|
0001| S0257CC1
|
0002|
|
0003| FORTY-SECOND LEGISLATURE SB 257/a
|
0004| SECOND SESSION, 1996
|
0005|
|
0006| January 31, 1996
|
0007|
|
0008|
|
0009| Mr. President:
|
0010|
|
0011| Your WAYS AND MEANS COMMITTEE, to whom has been referred
|
0012|
|
0013| SENATE BILL 257
|
0014|
|
0015| has had it under consideration and reports same with recommendation that
|
0016| it DO PASS, amended as follows:
|
0017|
|
0018| 1. On page 2, strike lines 21 through 24 in their entirety.
|
0019|
|
0020| 2. Reletter the succeeding subsections accordingly.
|
0021|
|
0022| 3. On page 3, line 3, strike "net" and after "revenues" insert
|
0023| "derived from a lease".
|
0024|
|
0025| 4. On page 4, lines 4 and 5, strike the underscored "the first
|
0001| one-eighth county gross receipts tax,".,
|
0002|
|
0003| and thence referred to the FINANCE COMMITTEE.
|
0004|
|
0005| Respectfully submitted,
|
0006|
|
0007|
|
0008|
|
0009| __________________________________
|
0010| TITO D. CHAVEZ, Chairman
|
0011|
|
0012|
|
0013|
|
0014| Adopted_______________________ Not Adopted_______________________
|
0015| (Chief Clerk) (Chief Clerk)
|
0016|
|
0017|
|
0018| Date ________________________
|
0019|
|
0020|
|
0021| The roll call vote was 6 For 0 Against
|
0022| Yes: 6
|
0023| No: 0
|
0024| Excused: Wiener, Campos
|
0025| Absent: None
|
0001|
|
0002|
|
0003| S0257WM1 .111125.1
|
0004|
|
0005|
|
0006| State of New Mexico
|
0007| House of Representatives
|
0008|
|
0009| FORTY-SECOND LEGISLATURE
|
0010| SECOND SESSION, 1996
|
0011|
|
0012|
|
0013| February 12, 1996
|
0014|
|
0015|
|
0016| Mr. Speaker:
|
0017|
|
0018| Your TAXATION AND REVENUE COMMITTEE, to whom has been
|
0019| referred
|
0020|
|
0021| SENATE BILL 257, as amended
|
0022|
|
0023| has had it under consideration and reports same with
|
0024| recommendation that it DO PASS.
|
0025|
|
0001| Respectfully submitted,
|
0002|
|
0003|
|
0004|
|
0005|
|
0006| Jerry W. Sandel, Chairman
|
0007|
|
0008|
|
0009| Adopted Not Adopted
|
0010| (Chief Clerk) (Chief Clerk)
|
0011|
|
0012| Date
|
0013|
|
0014| The roll call vote was 10 For 0 Against
|
0015| Yes: 10
|
0016| Excused: Porter
|
0017| Absent: Gallegos, Ryan
|
0018|
|
0019|
|
0020| S0257TR1
|