0001| HOUSE BILL 143
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0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003| INTRODUCED BY
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0004| MAX COLL
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0005|
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0006|
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0007|
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0008| FOR THE LEGISLATIVE FINANCE COMMITTEE
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0009|
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0010| AN ACT
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0011| RELATING TO THE LAND GRANT PERMANENT FUNDS; CHANGING INVESTMENT
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0012| RESTRICTIONS; AUTHORIZING AND LIMITING NON-UNITED STATES
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0013| INVESTMENTS AND VENTURE CAPITAL INVESTMENTS; DECLARING AN
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0014| EMERGENCY.
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0015|
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0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017| Section 1. Section 6-8-1 NMSA 1978 (being Laws 1957,
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0018| Chapter 179, Section 1, as amended by Laws 1983, Chapter 301,
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0019| Section 11 and also by Laws 1983, Chapter 306, Section 1) is
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0020| amended to read:
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0021| "6-8-1. DEFINITIONS.--As used in [Sections 6-8-1 through
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6-8-16 NMSA 1978] Chapter 6, Article 8 NMSA 1978:
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0023| A. "secretary" means the secretary of finance and
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0024| administration;
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0025| B. "department" means the department of finance and
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0001| administration;
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0002| C. "land grant permanent [fund] funds" means
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0003| those funds derived from lands under the direction, control,
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0004| care and disposition of the commissioner of public lands
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0005| conferred by Article 13, Sections 1 and 2 of the constitution
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0006| of New Mexico; and
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0007| D. "council" means the state investment council."
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0008| Section 2. Section 6-8-9 NMSA 1978 (being Laws 1957,
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0009| Chapter 179, Section 9, as amended) is amended to read:
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0010| "6-8-9. SECURITIES AND INVESTMENT.--
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0011| A. Money made available from the land grant
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0012| permanent funds for investment for a period in excess of one
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0013| year may be invested in the following classes of securities and
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0014| investments:
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0015| [A.] (1) bonds, notes or other obligations
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0016| of the United States government, its agencies, government-
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0017| sponsored enterprises, corporations or instrumentalities and
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0018| that portion of bonds, notes or other obligations guaranteed as
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0019| to principal and interest and issued by the United States
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0020| government, its agencies, government-sponsored enterprises,
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0021| corporations or instrumentalities or issued pursuant to acts or
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0022| programs authorized by the United States government;
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0023| [B.] (2) bonds, notes, [or obligations of
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a municipal or political subdivision of this state, issued
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pursuant to a law of this state; provided that the issuer has
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not, within ten years prior to the making of the investment,
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been in default for more than three months in the payment of
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any part of the principal or interest on any debt evidenced by
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its bonds, notes or obligations; and provided further, if the
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bonds are city or county utility or utility-district revenue
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bonds, the revenues of that utility, other than for payment of
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operation and maintenance expenses, are pledged wholly to the
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payment of the interest on and principal of the indebtedness
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and the utility project has been completely self-supporting for
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a period of five years next preceding the investment;
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C. bonds, debentures or other obligations issued by
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a federal land bank or by a federal intermediate credit bank or
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banks for cooperatives under the acts of congress known as the
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Federal Farm Loan Act, as amended, and the Farm Credit Act of
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1933, as amended;
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D. bonds, debentures or other obligations issued or
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guaranteed by any national mortgage association under the act
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of congress of June 27, 1934 known as the National Housing Act,
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as amended] debentures and other obligations issued by the
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0020| state of New Mexico or a municipality or other political
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0021| subdivision of the state that are secured by an investment
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0022| grade bond rating from a national rating service, pledged
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0023| revenue or other collateral or insurance necessary to satisfy
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0024| the standard of prudence set forth in Section 6-8-10 NMSA
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0025| 1978;
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0001| [E.] (3) bonds, notes, debentures,
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0002| equipment trust certificates, conditional sales agreements or
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0003| other evidences of indebtedness of any corporation organized
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0004| and operating within the United States rated not less than Baa
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0005| or BBB or the equivalent by a national rating service;
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0006| (4) notes or obligations securing loans or
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0007| participation in loans to business concerns or other
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0008| organizations that are obligated to use the loan proceeds
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0009| within New Mexico, to the extent that loans are secured by
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0010| first mortgages on real estate located in New Mexico and are
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0011| further secured by an assignment of rentals, the payment of
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0012| which is fully guaranteed by the United States in an amount
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0013| sufficient to pay all principal and interest on the mortgage;
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0014| [F.] (5) common and preferred stocks and
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0015| convertible issues of any corporation [organized and operating
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within the United States]; provided that it has a minimum net
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0017| worth of twenty-five million dollars ($25,000,000) and
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0018| securities listed on one or more national stock exchanges or
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0019| included in a nationally recognized list of stocks; and
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0020| provided further that the fund shall not own more than five
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0021| percent of the voting stock of any company; [Common stocks
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should represent a diversified portfolio with an above-average
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current yield and the prospect for dividend increases and
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capital appreciation;
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G. industrial revenue bonds issued pursuant to the
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Industrial Revenue Bond Act, where both the principal and
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interest of the bonds are fully and unconditionally guaranteed
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by a lease agreement, executed by a corporation organized and
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operating within the United States, rated not less than A by a
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national rating service;
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H. notes or obligations securing loans to New
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Mexico businesses made by banks and savings and loan
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associations pursuant to the act of congress of July 30, 1953
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known as the Small Business Act of 1953, as amended, only to
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the extent that both principal and interest are guaranteed by
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the United States government. The state investment officer may
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enter into conventional agreements for the servicing of the
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loans and the administration of the receipts therefrom. Any
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servicing agreement may contain reasonable and customary
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provisions as the state investment officer may deem advisable
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and as may be agreed upon;
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I. notes or obligations securing loans or
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participation in loans to business concerns or other
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organizations that are obligated to use the loan proceeds
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within New Mexico, to the extent the loans are secured by first
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mortgages on real estate located in New Mexico and are further
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secured by an assignment of rentals, the payment of which is
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fully guaranteed by the United States in an amount sufficient
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to pay all principal and interest of the mortgage;
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J. notes or obligations securing loans issued by
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banks and savings and loan associations pursuant to Title IV of
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the act of congress of November 8, 1965 known as the Higher
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Education Act of 1965, as amended, only to the extent that both
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principal and interest are guaranteed unconditionally by the
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United States government. The applicant banks or savings and
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loan associations shall enter into an indemnity agreement to
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pay off the investments, together with interest and any unpaid
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costs and expenses in connection therewith, according to the
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terms under which they are made in a form that meets the
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approval of the state investment officer. The state investment
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officer may enter into conventional agreements for the
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servicing of the loans and the administration of the receipts
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therefrom. Any servicing agreement may contain reasonable and
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customary provisions as the state investment officer may deem
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advisable and as may be agreed upon;
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K. obligations secured by mortgages constituting a
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first lien upon real estate located within the state of New
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Mexico that are fully insured or guaranteed as to the payment
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of the principal and interest thereof by the government of the
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United States or by any authorized agency thereof, including
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mortgages securing loans insured under the National Housing Act
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or the Farmers' Home Administration Act, as amended. The state
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investment officer may enter into conventional agreements for
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the servicing of those loans and the administration of the
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receipts therefrom, and any servicing agreement may contain
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reasonable and customary provisions as the state investment
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officer may deem advisable and as may be agreed upon, with
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respect to such matters as the taking and holding of title in
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the name of the servicing agent for the benefit of the state
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investment officer; the physical custody of the obligations and
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mortgages serviced by the servicing agent; the deduction of the
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servicing agent's fee, in the amount that shall not annually
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exceed one-half of one percent of the principal balance of the
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obligations serviced from time to time outstanding, by the
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servicing agent, prior to remittance of the proceeds; the
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periodic remittance of the net proceeds received in payment on
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all obligations so secured to the state treasurer as custodian
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of the permanent fund; the authority and duty of the servicing
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agent with respect to the collection of any obligation in
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default and the effectuation of the applicable federal
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insurance or guarantee thereof; and other appropriate matters;
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and
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L. bonds, notes, debentures and other obligations
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issued by the state of New Mexico. All transactions entered
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into on or after July 1, 1991 shall be accounted for in
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accordance with generally accepted accounting principles]
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0022| (6) securities of non-United States
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0023| governmental, quasi-governmental or corporate entities, and
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0024| these may be denominated in foreign currencies; provided:
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0025| (a) aggregate non-United States
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0001| investments shall not exceed fifteen percent of the book value
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0002| of the land grant permanent funds;
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0003| (b) for non-United States stocks and
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0004| non-United States bonds and notes, issues permitted for
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0005| purchase shall be limited to those issues traded on a national
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0006| stock exchange or included in a nationally recognized list of
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0007| stocks or bonds;
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0008| (c) currency contracts may be used for
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0009| investing in non-United States securities only for the purpose
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0010| of hedging foreign currency risk and not for speculation;
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0011| (d) the investment management services
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0012| of a trust company or national bank exercising trust powers or
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0013| of an investment counseling firm may be employed; and
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0014| (e) reasonable compensation for
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0015| investment management services and other administrative and
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0016| investment expenses related to these investments shall be paid
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0017| directly from the assets of the funds, subject to budgeting and
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0018| appropriation by the legislature; and
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0019| (7) stocks or shares of a diversified
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0020| investment company registered under the federal Investment
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0021| Company Act of 1940, as amended, and listed securities of
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0022| long-term unit investment trusts or individual, common or
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0023| collective trust funds of banks or trust companies that invest
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0024| primarily in equity securities authorized in Paragraphs (5) and
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0025| (6) of this subsection; provided that the investment company
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0001| has total assets under management of at least one hundred
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0002| million dollars ($100,000,000); and provided further that the
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0003| council may allow reasonable administrative and investment
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0004| expenses to be paid directly from the assets derived from these
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0005| investments, subject to budgeting and appropriation by the
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0006| legislature.
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0007| B. Not more than [fifty] sixty-five percent of
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0008| the book value of the [permanent fund] land grant permanent
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0009| funds shall be invested at any given time in securities
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0010| described in [Subsections E and F] Paragraphs (5), (6) and
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0011| (7) of Subsection A of this section, and no more than ten
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0012| percent of the book value of the [permanent fund] land grant
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0013| permanent funds shall be invested at any given time in
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0014| securities described in Paragraph (3) of Subsection [E] A
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0015| of this section that are rated Baa or BBB. Assets of the land
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0016| grant permanent funds may be combined for investment in common
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0017| pooled funds to effectuate efficient management.
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0018| C. Commissions paid for the purchase and sale of
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0019| any security shall not exceed brokerage rates prescribed and
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0020| approved by national stock exchanges or by industry practice."
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0021| Section 3. Section 6-8-19 NMSA 1978 (being Laws 1987,
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0022| Chapter 126, Section 1, as amended) is amended to read:
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0023| "6-8-19. SHORT-TERM INVESTMENTS--REPURCHASE AGREEMENTS
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0024| AND SECURITIES LENDING.--
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0025| A. Money in or derived from the land grant
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0001| permanent [trust] funds [and in or from the severance tax
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permanent fund] made available for investment for a period of
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0003| less than one year may be invested in:
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0004| (1) contracts for the present purchase and
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0005| resale at a specified time in the future, not to exceed one
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0006| year, of specific securities at specified prices at a price
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0007| differential representing the interest income to be earned by
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0008| the state. No such contract shall be invested in unless the
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0009| contract is fully secured by:
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0010| (a) obligations of the United States or
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0011| other securities backed by the United States if the obligations
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0012| or securities have a market value of at least one hundred two
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0013| percent of the amount of the contract; or
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0014| (b) A1 or P1 commercial paper, corporate
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0015| obligations rated AA or better and maturing in five years or
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0016| less or asset-backed securities rated AAA [with an average
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life of five years or less] if the commercial paper, corporate
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0018| obligations or asset-backed securities have a market value of
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0019| at least one hundred [three] two percent of the market
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0020| value of the contract;
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0021| (2) security-lending contracts for the
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0022| temporary exchange of state-owned securities for the use of
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0023| broker-dealers, banks or other recognized institutional
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0024| investors in securities, for periods not to exceed one year,
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0025| for a specified fee rate. No such contract shall be invested
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0001| in unless the contract is fully secured by exchange of an
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0002| irrevocable letter of credit running to the state, cash or
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0003| equivalent collateral of at least one hundred two percent of
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0004| the market value of the securities plus accrued interest
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0005| temporarily exchanged. Such contracts may authorize the state
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0006| investment officer to invest cash collateral in instruments or
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0007| securities that are authorized investments for the funds and
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0008| may authorize payment of a fee from the funds, or from income
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0009| generated by the investment of cash collateral, to the borrower
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0010| of securities providing cash as collateral. The state invest-
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0011|
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0012| ment officer may enter into a contract that apportions income
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0013| derived from the investment of cash to pay its agent in
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0014| securities-lending transactions;
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0015| (3) commercial paper issued by corporations
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0016| organized and operating within the United States and rated
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0017| "prime" quality by a national rating service; and
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0018| (4) prime bankers' acceptances issued by money
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0019| center banks.
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0020| B. The collateral required for either of the forms
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0021| of investment specified in Paragraph (1) or (2) of Subsection A
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0022| of this section shall be delivered to the state fiscal agent or
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0023| its designee contemporaneously with the transfer of funds or
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0024| delivery of the securities at the earliest time industry
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0025| practice permits, but in all cases settlement shall be on a
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0001| same-day basis.
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0002| C. Neither of the contracts specified in Paragraph
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0003| (1) or (2) of Subsection A of this section shall be invested in
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0004| unless the contracting bank, brokerage firm or recognized
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0005| institutional investor has a net worth in excess of five
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0006| hundred million dollars ($500,000,000) or is a primary broker
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0007| or primary dealer."
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0008| Section 4. Section 6-8-20 NMSA 1978 (being Laws 1987,
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0009| Chapter 219, Section 3, as amended) is amended to read:
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0010| "6-8-20. VENTURE CAPITAL INVESTMENT ADVISORY COMMITTEE
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0011| CREATED--MEMBERSHIP--DUTIES--TERMS--LIABILITIES--CONFLICT OF
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0012| INTEREST.--
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0013| A. There is created the "venture capital investment
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0014| advisory committee" to the [state investment] council. The
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0015| committee consists of the state investment officer, a member of
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0016| the [state investment] council appointed by the governor and
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0017| three members who are qualified by competence and experience in
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0018| finance and investment and knowledgeable about the venture
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0019| capital process and who are appointed by the governor.
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0020| B. Members appointed by the governor, except the
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0021| [state investment] council member, shall be appointed for
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0022| three-year terms, provided that the terms of the initial
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0023| committee members shall be staggered so that the term of one
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0024| member expires each year. After the initial appointments, all
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0025| governor-appointed members shall be appointed for three-year
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0001| terms. Members shall serve until their successors are
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0002| appointed. A vacancy occurring other than by expiration of
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0003| term shall be filled in the same manner as the original
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0004| appointment, but only for the unexpired term.
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0005| C. The committee shall review and make
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0006| recommendations to the [state investment] council on
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0007| investments authorized pursuant to Sections 6-8-21, 7-27-5.6
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0008| and 7-27-5.15 NMSA 1978 and shall advise the council in matters
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0009| and policies related to such investments. The committee shall
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0010| establish policies for venture capital fund and New Mexico
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0011| venture capital fund investments not less often than annually
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0012| and shall make copies available to interested parties.
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0013| D. Members of the committee shall receive per diem
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0014| and mileage as provided for nonsalaried public officers in the
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0015| Per Diem and Mileage Act and shall receive no other
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0016| compensation, perquisite or allowance.
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0017| E. The committee shall elect annually a chairman
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0018| from among its members and may elect other officers as
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0019| necessary. The committee shall meet upon the call of the
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0020| chairman or the state investment officer.
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0021| F. Members of the committee are public employees
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0022| within the meaning of the Tort Claims Act and are entitled to
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0023| all immunity and indemnification provided under that act.
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0024| G. No person may be a member of the committee if
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0025| any recommendation, action or decision of the committee will or
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0001| is likely to result in direct, measurable economic gain to that
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0002| person or his employer.
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0003| H. The state investment officer may enter into a
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0004| contract with an investment adviser for venture capital fund
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0005| investments authorized pursuant to Sections 6-8-21, 7-27-5.6
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0006| and 7-27-5.15 NMSA 1978 and may pay budgeted expenses for the
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0007| venture capital fund adviser from the assets of any fund
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0008| administered under the supervision of the council, as
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0009| applicable."
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0010| Section 5. A new Section 6-8-21 NMSA 1978 is enacted to
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0011| read:
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0012| "6-8-21. [NEW MATERIAL] VENTURE CAPITAL INVESTMENTS.--
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0013| A. The state investment officer may make
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0014| commitments to venture capital funds to invest up to three
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0015| percent of the market value of the land grant permanent funds
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0016| in accordance with the provisions of this section. If invested
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0017| capital should at any time exceed three percent of the market
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0018| value of the land grant permanent funds, no further commitments
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0019| shall be made until the invested capital is less than three
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0020| percent of the market value of the land grant permanent funds.
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0021| B. Not more than ten percent of the amount
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0022| authorized for investment pursuant to Subsection A of this
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0023| section shall be invested in any one venture capital fund. The
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0024| amount invested in any one venture capital fund shall not
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0025| exceed twenty percent of the committed capital of that fund.
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0001| C. In making investments pursuant to this section,
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0002| the state investment officer and the council shall give
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0003| consideration to investments in venture capital funds whose
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0004| investments enhance the economic development objectives of the
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0005| state, provided such investments offer a rate of return and
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0006| safety comparable to other venture capital investments
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0007| currently available.
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0008| D. The state investment officer shall make
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0009| investments pursuant to this section only upon the approval of
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0010| the council and upon review of the recommendation of the
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0011| venture capital investment advisory committee.
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0012| E. As used in this section:
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0013| (1) "committed capital" means the sum of the
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0014| fixed amounts of money that accredited investors have obligated
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0015| for investment in a venture capital fund and which fixed
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0016| amounts may be invested in that fund in one or more payments
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0017| over time; and
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0018| (2) "venture capital fund" means a limited
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0019| partnership, limited liability company or corporation that:
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0020| (a) has as its primary business activity
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0021| the investment of funds in return for equity in businesses for
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0022| the purpose of providing capital for start-up, expansion, new
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0023| product development or similar business purposes;
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0024| (b) holds out prospects for capital
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0025| appreciation from such investments comparable to similar
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0001| investments made by other professionally managed venture
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0002| capital funds;
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0003| (c) has a minimum committed capital of
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0004| ten million dollars ($10,000,000);
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0005| (d) accepts investments only from
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0006| accredited investors, as that term is defined in Section 2 of
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0007| the Federal Securities Act of 1933, as amended, 15 U.S.C.
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0008| Section 77(b), and rules and regulations promulgated pursuant
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0009| to that section; and
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0010| (e) has full-time management with at
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0011| least five years of experience in managing venture capital
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0012| funds."
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0013| Section 6. EFFECTIVE DATE.--The provisions of this act
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0014| shall be effective on the date the United States congress
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0015| consents to the provisions of Constitutional Amendment 1, "A
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0016| JOINT RESOLUTION PROPOSING AMENDMENTS TO ARTICLE 8, SECTION 10
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0017| AND ARTICLE 12, SECTIONS 2, 4 AND 7 OF THE CONSTITUTION OF NEW
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0018| MEXICO TO PROTECT THE STATE'S PERMANENT FUNDS AGAINST INFLATION
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0019| BY LIMITING DISTRIBUTIONS TO A PERCENTAGE OF EACH FUND'S MARKET
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0020| VALUE AND BY MODIFYING CERTAIN INVESTMENT RESTRICTIONS TO ALLOW
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0021| OPTIMAL DIVERSIFICATION OF INVESTMENTS", approved by the voters
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0022| of New Mexico at the 1996 general election.
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0023| Section 7. EMERGENCY.--It is necessary for the public
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0024| peace, health and safety that this act take effect immediately.
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0025|
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0001| State of New Mexico
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0002| House of Representatives
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0003|
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0004| FORTY-THIRD LEGISLATURE
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0005| FIRST SESSION, 1997
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0006|
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0007|
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0008| February 7, 1997
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0009|
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0010|
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0011| Mr. Speaker:
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0012|
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0013| Your TAXATION AND REVENUE COMMITTEE, to whom has
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0014| been referred
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0015|
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0016| HOUSE BILL 143
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0017|
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0018| has had it under consideration and reports same with
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0019| recommendation that it DO PASS, and thence referred to the
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0020| APPROPRIATIONS AND FINANCE COMMITTEE.
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0021|
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0022| Respectfully submitted,
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0023|
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0024|
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0025|
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0001|
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0002|
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0003| Jerry W. Sandel, Chairman
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0004|
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0005|
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0006| Adopted Not Adopted
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0007|
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0008| (Chief Clerk) (Chief Clerk)
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0009|
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0010| Date
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0011|
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0012| The roll call vote was 10 For 0 Against
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0013| Yes: 10
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0014| Excused: Lovejoy, Parsons, Stell
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0015| Absent: None
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0016|
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0017|
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0018| G:\BILLTEXT\BILLW_97\H0143 State of New Mexico
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0019| House of Representatives
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0020|
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0021| FORTY-THIRD LEGISLATURE
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0022| FIRST SESSION, 1997
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0023|
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0024|
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0025| February 25, 1997
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0001|
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0002|
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0003| Mr. Speaker:
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0004|
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0005| Your APPROPRIATIONS AND FINANCE COMMITTEE, to whom has
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0006| been referred
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0007|
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0008| HOUSE BILL 143
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0009|
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0010| has had it under consideration and reports same with
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0011| recommendation that it DO PASS.
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0012|
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0013| Respectfully submitted,
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0014|
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0015|
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0016|
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0017|
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0018| Max Coll, Chairman
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0019|
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0020|
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0021| Adopted Not Adopted
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0022| (Chief Clerk) (Chief Clerk)
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0023|
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0024| Date
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0025|
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0001| The roll call vote was 12 For 1 Against
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0002| Yes: 12
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0003| No: Buffett
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0004| Excused: Heaton, Marquardt, Townsend, Watchman
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0005| Absent: None
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0006|
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0007|
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0008| G:\BILLTEXT\BILLW_97\H0143
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0009|
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0010| FORTY-THIRD LEGISLATURE
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0011| FIRST SESSION, 1997
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0012|
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0013|
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0014| March 7, 1997
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0015|
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0016| Mr. President:
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0017|
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0018| Your WAYS AND MEANS COMMITTEE, to whom has been referred
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0019|
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0020| HOUSE BILL 143
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0021|
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0022| has had it under consideration and reports same with recommendation
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0023| that it DO PASS, and thence referred to the FINANCE COMMITTEE.
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0024|
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0025| Respectfully submitted,
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0001|
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0002|
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0003|
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0004| __________________________________
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0005| Carlos R. Cisneros, Chairman
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0006|
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0007|
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0008|
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0009| Adopted_______________________ Not Adopted_______________________
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0010| (Chief Clerk) (Chief Clerk)
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0011|
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0012|
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0013| Date ________________________
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0014|
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0015|
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0016| The roll call vote was 5 For 3 Against
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0017| Yes: 5
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0018| No: Duran, Kidd, McSorley
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0019| Excused: Jennings
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0020| Absent: None
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0021|
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0022|
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0023| H0143WM1
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0024|
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0025|
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0001|
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0002| FORTY-THIRD LEGISLATURE
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0003| FIRST SESSION, 1997
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0004|
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0005|
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0006| March 12, 1997
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0007|
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0008| Mr. President:
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0009|
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0010| Your FINANCE COMMITTEE, to whom has been referred
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0011|
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0012| HOUSE BILL 144
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0013|
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0014| has had it under consideration and reports same with recommendation
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0015| that it DO PASS.
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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| Ben D. Altamirano, Chairman
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0023|
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0024|
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0025|
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0001| Adopted_______________________ Not Adopted_______________________
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0002| (Chief Clerk) (Chief Clerk)
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0003|
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0004|
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0005|
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0006| Date ________________________
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0007|
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0008|
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0009| The roll call vote was 6 For 0 Against
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0010| Yes: 6
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0011| No: None
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0012| Excused: Carraro, Fidel, Ingle, Lyons, McKibben
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0013| Absent: None
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0014|
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0015|
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0016| H0143FC1
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