0001| SENATE BILL 650
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0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003| 1996
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0004| INTRODUCED BY
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0005| TOM R. BENAVIDES
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0007|
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0008|
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0009|
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0010|
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0011| AN ACT
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0012| AUTHORIZING THE ISSUANCE OF NEW MEXICO FINANCE AUTHORITY REVENUE
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0013| BONDS FOR ACQUISITION OF THE CHAMA LAND AND CATTLE COMPANY RANCH
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0014| IN RIO ARRIBA COUNTY; AMENDING THE NEW MEXICO FINANCE AUTHORITY
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0015| ACT; ENACTING SECTIONS OF THE NMSA 1978; MAKING AN
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0016| APPROPRIATION; DECLARING AN EMERGENCY
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0017|
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0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019| Section 1. Section 6-21-5 NMSA 1978 (being Laws 1992,
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0020| Chapter 61, Section 5) is amended to read:
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0021| "6-21-5. POWERS OF THE AUTHORITY.--The authority is
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0022| granted all powers necessary and appropriate to carry out and
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0023| effectuate its public and corporate purposes, including but not
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0024| limited to the following powers:
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0025| A. to sue or be sued;
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0001| B. to adopt and alter an official seal;
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0002| C. to make and alter bylaws for its organization and
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0003| internal management and to adopt subject to the review and
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0004| approval of the New Mexico finance authority oversight committee
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0005| such regulations as are necessary and appropriate to implement
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0006| the provisions of the New Mexico Finance Authority Act;
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0007| D. to appoint officers, agents and employees,
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0008| prescribe their duties and qualifications and fix their
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0009| compensation;
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0010| E. to make, enter into and enforce all contracts,
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0011| agreements and other instruments necessary, convenient or
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0012| desirable in the exercise of the authority's powers and
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0013| functions and for the purposes of the New Mexico Finance
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0014| Authority Act;
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0015| F. to acquire, construct, hold, improve, mortgage,
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0016| sell, lease, convey or dispose of real and personal property for
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0017| its public purposes;
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0018| G. to make, enter into and enforce contracts with
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0019| and acquire, construct, hold, improve, mortgage, sell, lease,
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0020| convey or dispose of real and personal property for land grant
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0021| corporations and acequia associations;
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0022| [G.] H. to make loans and purchase securities
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0023| and contract to make loans and purchase securities;
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0024| [H.] I. to make grants to qualified entities to
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0025| finance public projects;
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0001| [I.] J. to procure insurance to secure payment
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0002| on any loan, lease or purchase payments owed to the authority by
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0003| a qualified entity in such amounts and from such insurers,
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0004| including the federal government, as it may deem necessary or
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0005| desirable and to pay any premiums for such insurance;
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0006| [J.] K. to fix, revise from time to time, charge
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0007| and collect fees and other charges in connection with the making
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0008| of loans and any other services rendered by the authority;
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0009| [K.] L. to accept, administer, hold and use all
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0010| funds made available to the authority from any sources;
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0011| [L.] M. to borrow money and to issue bonds and
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0012| provide for the rights of the holders of the bonds;
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0013| [M.] N. to establish and maintain reserve and
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0014| sinking fund accounts to insure against and have funds available
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0015| for maintenance of other debt service accounts;
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0016| [N.] O. to invest and reinvest its funds and to
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0017| take and hold property as security for the investment of such
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0018| funds as provided in the New Mexico Finance Authority Act;
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0019| [O.] P. to employ attorneys, accountants,
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0020| underwriters, financial advisers, trustees, paying agents,
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0021| architects, engineers, contractors and such other [advisors]
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0022| advisers, consultants and agents as may be necessary and to
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0023| fix and pay their compensation;
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0024| [P.] Q. to apply for and accept gifts or grants
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0025| of property, funds, services or aid in any form from the United
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0001| States, any unit of government or any person and to comply,
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0002| subject to the provisions of the New Mexico Finance Authority
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0003| Act, with the terms and conditions of the gifts or grants;
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0004| [Q.] R. to maintain an office at any place in
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0005| the state it may determine;
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0006| [R.] S. subject to any agreement with
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0007| bondholders, to:
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0008| (1) renegotiate any loan or agreement;
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0009| (2) consent to any modification of the terms of
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0010| any loan or agreement; and
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0011| (3) purchase bonds, which may upon purchase be
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0012| canceled; and
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0013| [S.] T. to do any and all things necessary or
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0014| convenient to carry out its purposes and exercise the powers
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0015| given and granted in the New Mexico Finance Authority Act."
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0016| Section 2. [NEW MATERIAL] NEW MEXICO FINANCE AUTHORITY
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0017| REVENUE BONDS--ACQUISITION OF CHAMA LAND AND CATTLE COMPANY
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0018| RANCH--APPROPRIATION.--
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0019| A. The New Mexico finance authority may issue and
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0020| sell revenue bonds in compliance with the New Mexico Finance
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0021| Authority Act in an amount not to exceed twenty million dollars
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0022| ($20,000,000) for the purpose of acquiring the Chama land and
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0023| cattle company ranch in Rio Arriba county.
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0024| B. The New Mexico finance authority is authorized to
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0025| request that the United States bankruptcy court for the northern
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0001| district of Texas, Dallas division, set aside the sale of the
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0002| Chama land and cattle company ranch to the Jicarilla Apache
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0003| tribe and make an offer to purchase the Chama land and cattle
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0004| company ranch from the Chapter 11 bankruptcy trustee, appointed
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0005| by the United States bankruptcy court.
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0006| C. The Chama land and cattle company ranch shall be
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0007| purchased in the name of the Tierra Amarilla land grant
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0008| corporation, and the purchase shall be approved by the state
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0009| board of finance. The use of the land and facilities shall be
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0010| established by the land grant board in compliance with the laws
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0011| of the state of New Mexico.
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0012| D. The revenues distributed to the New Mexico
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0013| finance authority from the subsequent injury fund pursuant to
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0014| Subsection A of Section 52-2-5.1 NMSA 1978 and any other
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0015| revenues that may be transferred or distributed to the authority
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0016| for the purpose of acquiring the Chama land and cattle company
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0017| ranch are appropriated to the authority to be pledged
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0018| irrevocably for the payment of the principal, interest and any
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0019| premium and expenses related to the issuance and sale of the
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0020| revenue bonds authorized pursuant to this section.
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0021| E. The revenues distributed to the New Mexico
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0022| finance authority pursuant to Section 52-2-5.1 NMSA 1978 or from
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0023| any other source for the purpose of acquiring the Chama land and
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0024| cattle company ranch shall be deposited in a special bond fund
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0025| or account of the authority. At the end of each fiscal year,
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0001| any money remaining in the special bond fund or account, after
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0002| all obligations for the bonds and any sinking fund for such
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0003| fiscal year are fully met, shall be transferred by the authority
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0004| to the subsequent injury fund. Upon payment of all principal
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0005| and interest and any other expenses or obligations related to
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0006| the issuance of the bonds, the New Mexico finance authority
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0007| shall certify to the superintendent of insurance and state
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0008| treasurer that all obligations for the bonds issued pursuant to
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0009| this section have been fully discharged and shall direct the
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0010| superintendent of insurance and state treasurer to cease
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0011| payments from the subsequent injury fund to the authority.
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0012| F. The legislature shall not enact, repeal, amend or
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0013| otherwise modify any law that affects or impairs any revenue
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0014| bonds of the New Mexico finance authority secured by a pledge of
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0015| revenues distributed from the subsequent injury fund pursuant to
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0016| Section 52-2-5.1 NMSA 1978 or other revenue source and, for so
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0017| long as any revenue bonds of the authority secured by a pledge
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0018| of the distribution from the subsequent injury fund pursuant to
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0019| Section 52-2-5.1 NMSA 1978 or other revenue source remain
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0020| outstanding, shall not enact, repeal, amend or otherwise modify
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0021| any law that affects or impairs any payments or assessments to
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0022| be made to the subsequent injury fund and the earnings thereon
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0023| or any law that affects or impairs the distribution from the
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0024| subsequent injury fund or other revenue source to the authority.
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0025| Section 3. A new section of the Subsequent Injury Act,
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0001| Section 52-2-5.1 NMSA 1978, is enacted to read:
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0002| "52-2-5.1 [NEW MATERIAL] ADDITIONAL PAYMENTS FROM FUND--NEW MEXICO FINANCE AUTHORITY.--
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0003| A. Upon certification by the New Mexico finance
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0004| authority that the plans for acquisition of the Chama land and
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0005| cattle company ranch in Rio Arriba county are sufficiently
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0006| developed to warrant the issuance of revenue bonds by the
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0007| authority, the superintendent of insurance shall direct the
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0008| state treasurer to distribute to the authority all money
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0009| collected after that date by the superintendent of insurance
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0010| pursuant to the Subsequent Injury Act for deposit in the
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0011| subsequent injury fund and the accrued interest thereon. Upon
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0012| certification by the authority, the superintendent of insurance
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0013| shall direct the state treasurer to cease the distributions to
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0014| the authority.
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0015| B. Upon certification by the superintendent of
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0016| insurance that the balance in the subsequent injury fund in
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0017| excess of outstanding actual or actuarially determined claims
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0018| against the subsequent injury fund is equal to or greater than
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0019| the amount of bonds issued by the New Mexico finance authority
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0020| for the acquisition of the Chama land and cattle company ranch
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0021| in Rio Arriba county, the balance shall be transferred by the
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0022| state treasurer to the authority for retirement of the
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0023| outstanding bonds or deposit to the public project revolving
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0024| fund within the authority."
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0025| Section 4. APPROPRIATION.--Seven million five hundred
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0001| thousand dollars ($7,500,000) is appropriated from the
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0002| subsequent injury fund to the New Mexico finance authority for
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0003| expenditure in fiscal year 1996 for the purpose of acquiring the
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0004| Chama land and cattle company ranch in Rio Arriba county for the
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0005| Tierra Amarilla land grant corporation. Any balance remaining
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0006| from this appropriation at the end of fiscal year 1996 shall
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0007| remain in the public project revolving fund for use in the
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0008| financing or acquisition of public projects pursuant to the
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0009| provisions of the New Mexico Finance Authority Act.
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0010| Section 5. EMERGENCY.--It is necessary for the public
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0011| peace, health and safety that this act take effect immediately.
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0012|
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0013|
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0014|
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0015| FORTY-SECOND LEGISLATURE
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0016| SECOND SESSION, 1996
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0017|
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0018|
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0019| JANUARY 31, 1996
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0020|
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0021| Mr. President:
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0022|
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0023| Your COMMITTEES' COMMITTEE, to whom has been referred
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0024|
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0025| SENATE BILL 650
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0001|
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0002| has had it under consideration and finds same to be GERMANE, PURSUANT
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0003| TO CONSTITUTIONAL PROVISIONS, and thence referred to the
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0004| CORPORATIONS AND TRANSPORTATION COMMITTEE.
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0005|
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0006| Respectfully submitted,
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0007|
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0008|
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0009|
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0010|
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0011| __________________________________
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0012| SENATOR MANNY M. ARAGON, Chairman
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0013|
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0014|
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0015|
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0016| Adopted_______________________ Not Adopted_______________________
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0017| (Chief Clerk) (Chief Clerk)
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0018|
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0019|
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0020| Date ________________________
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0021|
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0022|
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0023|
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0024| S0650CC1
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0025|
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0001| FORTY-SECOND LEGISLATURE
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0002| SECOND SESSION, 1996
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0003|
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0004|
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0005| February 9, 1996
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0006|
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0007| Mr. President:
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0008|
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0009| Your CORPORATIONS & TRANSPORTATION COMMITTEE, to whom
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0010| has been referred
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0011|
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0012| SENATE BILL 650
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0013|
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0014| has had it under consideration and reports same WITHOUT
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0015| RECOMMENDATION, and thence referred to the FINANCE COMMITTEE.
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0016|
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0017| Respectfully submitted,
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0018|
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0019|
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0020|
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0021| __________________________________
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0022| Roman M. Maes, III, Chairman
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0023|
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0024|
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0025| Adopted_______________________ Not Adopted_______________________
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0001| (Chief Clerk) (Chief Clerk)
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0002|
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0003|
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0004| Date ________________________
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0005|
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0006|
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0007| The roll call vote was 4 For 0 Against
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0008| Yes: 4
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0009| No: 0
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0010| Excused: Maloof, McKibben, Rawson, Reagan, Robinson
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0011| Absent: None
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0012|
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0013|
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0014|
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0015| S0650CT1
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0016|
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0017|
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