0001| HOUSE BILL 144
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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 SEVERANCE TAX PERMANENT FUND; CHANGING
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0012| INVESTMENT RESTRICTIONS; AUTHORIZING AND LIMITING NON-UNITED
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0013| STATES INVESTMENTS AND VENTURE CAPITAL INVESTMENTS; DECLARING
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0014| AN 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 7-27-5.1 NMSA 1978 (being Laws 1983,
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0018| Chapter 306, Section 8, as amended) is amended to read:
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0019| "7-27-5.1. MARKET RATE INVESTMENTS.--
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0020| [A. The severance tax permanent fund may be
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invested in the following market rate investments:
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(1) bonds, notes or other obligations of the
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United States government, its agencies or instrumentalities and
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bonds, notes or other obligations guaranteed by agencies and
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instrumentalities of the United States government, including
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the bureau of Indian affairs;
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(2) bonds, notes, debentures or other
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obligations issued under the act of congress of June 27, 1934
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known as the Federal Farm Loan Act, as amended, and the Farm
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Credit Act of 1933, as amended;
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(3) bonds, notes, debentures or other
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obligations issued or guaranteed by any national mortgage
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association under the act of congress of June 27, 1934 known as
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the National Housing Act, as amended;
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(4) preferred stock, common stock or
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convertible issues of any corporation organized and operating
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within the United States; provided that it shall have a minimum
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net worth of twenty-five million dollars ($25,000,000) and
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securities listed on one or more national stock exchanges or
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included on a nationally recognized list of stocks; and
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provided further that the fund shall not own more than five
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percent of the voting stock of any company. Common stock shall
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not be purchased if, at the time, it will exceed or will with
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the purchase exceed fifty percent of the book value of the
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severance tax permanent fund. Common stocks should represent a
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diversified portfolio with an above-average current yield and
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the prospects for dividend increases and capital appreciation;
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(5) bonds, notes, debentures or other evidence
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of indebtedness, excluding commercial paper of any corporation
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organized and operating within the United States; provided that
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the bonds, notes, debentures or other evidence of indebtedness
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are rated at least Baa or BBB or the equivalent by a national
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rating service. No more than ten percent of the severance tax
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permanent fund shall be invested in bonds, notes, debentures or
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other evidence of indebtedness that are rated Baa or BBB or the
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equivalent by a national rating service;
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(6) commercial paper rated "prime" quality by
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a national rating service, issued by corporations organized and
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operating within the United States;
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(7) prime bankers' acceptances issued by money
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center banks;
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(8) contracts for the present purchase and
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resale at a specified time in the future, not to exceed one
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year, of specific securities at specific prices at a price
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differential representing the interest income to be earned by
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the state. No such contract shall be invested in unless the
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contract is fully secured by:
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(a) obligations of the United States or
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other securities backed by the United States if the obligations
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or securities have a market value of at least one hundred two
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percent of the amount of the contract; or
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(b) A1 or P1 commercial paper, corporate
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obligations rated AA or better and maturing in five years or
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less or asset-backed securities rated AAA with an average life
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of five years or less if the commercial paper, corporate
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obligations or asset-backed securities have a market value of
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at least one hundred three percent of the amount of the
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contract;
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(9) contracts for the temporary exchange of
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state-owned securities for the use of broker-dealers, banks or
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other recognized institutional investors in securities, for
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periods not to exceed one year, for a specified fee rate. No
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such contract shall be invested in unless the contract is fully
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secured by exchange of an irrevocable letter of credit running
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to the state, cash or equivalent collateral of at least one
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hundred two percent of the market value of the securities plus
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accrued interest temporarily exchanged. Such contracts may
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authorize the state investment officer to invest cash
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collateral in instruments or securities that are authorized
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investments for the funds and may authorize payment of a fee
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from the funds, or from income generated by the investment of
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cash collateral, to the borrower of securities providing cash
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as collateral. The state investment officer may enter into a
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contract that apportions income derived from the investment of
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cash to pay its agent in securities-lending transactions; and]
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0021| A. Money made available from the severance tax
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0022| permanent fund for investment for a period in excess of one
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0023| year in market rate investments may be invested in the
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0024| following classes of securities and investments:
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0025| (1) bonds, notes or other obligations of the
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0001| United States government, its agencies, government-sponsored
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0002| enterprises, corporations or instrumentalities and that portion
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0003| of bonds, notes or other obligations guaranteed as to principal
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0004| and interest and issued by the United States government, its
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0005| agencies, government-sponsored enterprises, corporations or
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0006| instrumentalities or issued pursuant to acts or programs
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0007| authorized by the United States government;
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0008| (2) bonds, notes, debentures and other
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0009| obligations issued by the state of New Mexico or a municipality
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0010| or other political subdivision of the state that are secured by
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0011| an investment grade bond rating from a national rating service,
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0012| pledged revenue or other collateral or insurance necessary to
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0013| satisfy the standard of prudence set forth in Section 6-8-10
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0014| NMSA 1978;
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0015| (3) bonds, notes, debentures, equipment trust
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0016| certificates, conditional sales agreements or other evidences
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0017| of indebtedness of any corporation organized and operating
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0018| within the United States rated not less that Baa or BBB or the
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0019| equivalent by a national rating service;
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0020| (4) notes or obligations securing loans or
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0021| participation in loans to business concerns or other
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0022| organizations that are obligated to use the loan proceeds
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0023| within New Mexico, to the extent that loans are secured by
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0024| first mortgages on real estate located in New Mexico and are
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0025| further secured by an assignment of rentals, the payment of
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0001| which is fully guaranteed by the United States in an amount
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0002| sufficient to pay all principal and interest on the mortgage;
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0003| (5) common and preferred stocks and
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0004| convertible issues of any corporation; provided that it has a
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0005| minimum net worth of twenty-five million dollars ($25,000,000)
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0006| and securities listed on one or more national stock exchanges
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0007| or included in a nationally recognized list of stocks; and
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0008| provided further that the fund shall not own more than five
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0009| percent of the voting stock of any company;
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0010| (6) securities of non-United States
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0011| governmental, quasi-governmental or corporate entities, and
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0012| these may be denominated in foreign currencies; provided:
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0013| (a) aggregate non-United States
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0014| investments shall not exceed fifteen percent of the book value
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0015| of the severance tax permanent fund;
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0016| (b) for non-United States stocks and
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0017| non-United States bonds and notes, issues permitted for
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0018| purchase shall be limited to those issues traded on a national
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0019| stock exchange or included in a nationally recognized list of
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0020| stocks or bonds;
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0021| (c) currency contracts may be used for
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0022| investing in non-United States securities only for the purpose
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0023| of hedging foreign currency risk and not for speculation;
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0024| (d) the investment management services
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0025| of a trust company or national bank exercising trust powers or
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0001| of an investment counseling firm may be employed; and
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0002| (e) reasonable compensation for
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0003| investment management services and other administrative and
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0004| investment expenses related to these investments shall be paid
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0005| directly from the assets of the fund, subject to budgeting and
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0006| appropriation by the legislature;
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0007| (7) stocks or shares of a diversified
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0008| investment company registered under the federal Investment
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0009| Company Act of 1940, as amended, and listed securities of long-
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0010| term unit investment trusts or individual, common or collective
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0011| trust funds of banks or trust companies that invest primarily
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0012| in equity securities authorized in Paragraphs (5) and (6) of
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0013| this subsection; provided that the investment company has total
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0014| assets under management of at least one hundred million dollars
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0015| ($100,000,000); and provided further that the council may allow
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0016| reasonable administrative and investment expenses to be paid
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0017| directly from the assets derived from these investments,
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0018| subject to budgeting and appropriation by the legislature; and
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0019| [(10)] (8) participation interests in New
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0020| Mexico real-property-related business loans. The actual amount
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0021| invested under this paragraph shall not exceed ten percent of
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0022| the severance tax permanent fund and shall be included in any
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0023| minimum amount of severance tax permanent fund investments
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0024| required to be placed in New Mexico certificates of deposit.
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0025| Investments authorized in this paragraph are subject to the
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0001| following:
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0002| (a) the state investment officer may
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0003| purchase from eligible institutions a participation interest of
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0004| up to eighty percent in any loan secured by a first mortgage or
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0005| a deed of trust on the real property located in New Mexico of
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0006| an eligible business entity, or its subsidiary, that is
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0007| operating or shall use loan proceeds to commence operations
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0008| within New Mexico plus any other guarantees or collateral that
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0009| may be judged by the eligible institution or the state
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0010| investment officer to be prudent. To be eligible for
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0011| investment the following minimum requirements shall be met: 1)
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0012| the loan proceeds shall be used exclusively for the purpose of
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0013| expanding or establishing businesses in New Mexico, including
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0014| the refinancing of such businesses for expansion purposes only.
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0015| If a portion of the loan proceeds were used for refinancing or
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0016| repaying an existing loan and payment of principal and interest
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0017| to the state has not been made within ninety days from the due
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0018| date, unless extended pursuant to agreement between the
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0019| originating institution and the state investment officer, the
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0020| originating institution shall buy back the state's
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0021| participation interest in the loan and begin foreclosure
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0022| proceedings; 2) eligible business entities shall not include
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0023| public utilities or financial institutions or shopping centers,
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0024| apartment buildings or other such passive investments; 3) the
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0025| minimum loan amount shall be two hundred fifty thousand dollars
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0001| ($250,000) and may be met by packaging up to ten separate loans
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0002| satisfying the requirements of this paragraph. The maximum
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0003| loan amount shall be two million dollars ($2,000,000); 4) the
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0004| loan maturity shall be not less than five years or more than
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0005| thirty years; 5) the maximum loan-to-value ratio shall be
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0006| seventy-five percent and based on current appraisal of the real
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0007| property by an appraiser who is licensed or certified in New
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0008| Mexico and approved by the state investment officer, which
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0009| shall be made not more than one hundred eighty days from the
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0010| loan origination date; 6) the interest rate of the loan shall
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0011| be fixed for five years and shall be adjusted at every fifth
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0012| anniversary of the note to the rate specified in Item 7) of
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0013| this subparagraph; 7) the yield on the state's participation
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0014| interest shall in no case be less than the greater of the then-
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0015| prevailing yield on United States treasury securities of five-
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0016| year maturity plus two and one-half percent or the yield
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0017| received by the lending institution calculated exclusive of
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0018| servicing fees; 8) if payment of principal or interest has not
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0019| been made within one hundred eighty days from the due date,
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0020| unless extended pursuant to agreement between the originating
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0021| institution and the state investment officer, the originating
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0022| institution shall buy back the state's participation interest
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0023| in the loan, substitute another qualifying loan or begin
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0024| foreclosure proceedings; and 9) if foreclosure proceedings are
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0025| commenced, the state and the originating institution shall
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0001| share in proportion to their participation interest, as
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0002| provided in this subparagraph, in the legal and other
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0003| foreclosure expenses and in any loss incurred as a result of a
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0004| foreclosure sale;
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0005| (b) a standardized participation
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0006| agreement, the form of which shall be approved by the attorney
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0007| general's office, shall be executed between the investment
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0008| office and each eligible originating institution. The
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0009| participation agreement shall provide that the originating
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0010| institution shall not assign its interest in any loan covered
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0011| by the agreement without the prior written consent of the state
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0012| investment officer;
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0013| (c) a formal forward commitment program
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0014| may be instituted by the state investment officer with the
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0015| approval of the council;
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0016| (d) the council shall adopt regulations:
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0017| 1) defining passive investments; 2) establishing underwriting
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0018| guidelines; 3) ensuring diversification across a variety of
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0019| types of collateral, types of businesses and regions of the
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0020| state; and 4) providing for the review by the state investment
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0021| officer of servicing and other fees that may be charged by the
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0022| eligible institution;
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0023| (e) eligible institutions include banks,
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0024| savings and loan associations and credit unions operating in
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0025| the state; and
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0001| (f) real property is defined as land and
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0002| attached buildings, but excludes all interests that may be
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0003| secured by a security interest under Article 9 of the Uniform
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0004| Commercial Code, and mineral resource values.
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0005| [B. The collateral required for either of the
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forms of investment specified in Paragraph (8) or (9) of
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Subsection A of this section shall be delivered to the state
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fiscal agent or its designee contemporaneously with the
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transfer of funds or delivery of the securities, at the
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earliest time industry practice permits, but in all cases
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settlement shall be on a same-day basis.
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C. Neither of the contracts specified in Paragraph
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(8) or (9) of Subsection A of this section shall be invested in
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unless the contracting bank, brokerage firm or recognized
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institutional investor has a net worth in excess of five
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hundred million dollars ($500,000,000) or is a primary broker
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or primary dealer.]
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0018| B. Not more than sixty-five percent of the book
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0019| value of the severance tax permanent fund shall be invested at
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0020| any given time in securities described in Paragraphs (5), (6)
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0021| and (7) of Subsection A of this section, and no more than ten
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0022| percent of the book value of the severance tax permanent fund
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0023| shall be invested at any given time in securities described in
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0024| Paragraph (3) of Subsection A of this section that are rated
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0025| Baa or BBB. Assets of the severance tax permanent fund may be
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0001| combined for investment in common pooled funds to effectuate
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0002| efficient management.
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0003| C. Commissions paid for the purchase and sale of
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0004| any security shall not exceed brokerage rates prescribed and
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0005| approved by national stock exchanges or by industry practice."
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0006| Section 2. Section 7-27-5.6 NMSA 1978 (being Laws 1987,
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0007| Chapter 219, Section 2, as amended) is amended to read:
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0008| "7-27-5.6. VENTURE CAPITAL INVESTMENTS.--
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0009| [A. No more than one and one-half percent of the
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book value of the severance tax permanent fund may be invested
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in venture capital funds under this section.]
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0012| A. The state investment officer may make
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0013| commitments to venture capital funds to invest up to three
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0014| percent of the market value of the severance tax permanent fund
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0015| in accordance with the provisions of this section. If invested
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0016| capital should at any time exceed three percent of the market
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0017| value of the severance tax permanent fund, no further
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0018| commitments shall be made until the invested capital is less
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0019| than three percent of the market value of the severance tax
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0020| permanent fund.
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0021| B. [If an investment is made under this section]
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0022| Not [less] more than [one million dollars ($1,000,000) or
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more than four million dollars ($4,000,000)] ten percent of
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0024| the amount authorized for investment pursuant to Subsection A
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0025| of this section shall be invested in any one venture capital
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0001| fund. The amount invested in any one venture capital fund
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0002| shall not exceed twenty percent of the committed capital of
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0003| that fund. [Investments shall be made only in the initial
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offering of a venture capital fund, provided such investment
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may be made in one or more stages.
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C. Notwithstanding the provisions of Subsection B
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of this section, if an investment is made in any venture
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capital fund organized and operating in New Mexico or in any
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venture capital fund that maintains an active office in New
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Mexico, the maximum amount that may be invested in any one such
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venture capital fund is six million dollars ($6,000,000). The
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amount of the fund invested in any one venture capital fund
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pursuant to this subsection shall not exceed forty percent of
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the committed capital of that fund.
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D.] C. In making investments pursuant to this
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0016| section, the state investment officer and the council shall
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0017| give consideration to investments in venture capital funds
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0018| whose investments enhance the economic development objectives
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0019| of the state, provided such investments offer a rate of return
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0020| and safety comparable to other venture capital investments
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0021| currently available.
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0022| [E.] D. The state investment officer shall make
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0023| investments pursuant to this section only upon approval of the
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0024| council and upon review of the recommendation of the venture
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0025| capital investment advisory committee.
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0001| [F.] E. As used in this section:
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0002| (1) "committed capital" means the sum of the
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0003| fixed amounts of money (which) that accredited investors have
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0004| obligated for investment in a venture capital fund and which
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0005| fixed amounts may be invested in that fund in one or more
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0006| payments over time; and
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0007| (2) "venture capital fund" means [any] a
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0008| limited partnership, limited liability company or corporation
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0009| [organized and operating in the United States] that:
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0010| (a) has as its primary business activity
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0011| the investment of funds in return for equity in businesses for
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0012| the purpose of providing capital for start-up, expansion, new
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0013| product development or similar business purposes;
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0014| (b) holds out the prospects for capital
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0015| appreciation from such investments comparable to similar
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0016| investments made by other professionally managed venture
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0017| capital funds;
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0018| (c) has a minimum committed capital of
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0019| [five million dollars ($5,000,000)] ten million dollars
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0020| ($10,000,000);
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0021| (d) accepts investments only from
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0022| accredited investors, as that term is defined in Section 2 of
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0023| the Federal Securities Act of 1933, as amended, 15 U.S.C.
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0024| Section 77(b), and rules and regulations promulgated pursuant
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0025| to that section; and
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0001| (e) has full-time management with at
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0002| least five years of experience in managing venture capital
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0003| funds [and
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(f) receives at least forty percent of
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the fund's capital from institutional investors. For purposes
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of this section, "institutional investors" includes pension
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funds, insurance companies, trust funds and financial
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institutions]."
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0009| Section 3. A new Section 7-27-5.23 NMSA 1978 is enacted
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0010| to read:
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0011| "7-27-5.23. [NEW MATERIAL] SHORT-TERM INVESTMENTS--
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0012| REPURCHASE AGREEMENTS AND SECURITIES LENDING.--
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0013| A. Money in or derived from the severance tax
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0014| permanent fund made available for investment for a period of
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0015| less than one year may be invested in:
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0016| (1) contracts for the present purchase and
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0017| resale at a specified time in the future, not to exceed one
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0018| year, of specific securities at specified prices at a price
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0019| differential representing the interest income to be earned by
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0020| the state. No such contract shall be invested in unless the
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0021| contract is fully secured by:
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0022| (a) obligations of the United States or
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0023| other securities backed by the United States if the obligations
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0024| or securities have a market value of at least one hundred two
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0025| percent of the amount of the contract; or
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0001| (b) A1 or P1 commercial paper, corporate
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0002| obligations rated AA or better and maturing in five years or
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0003| less or asset-backed securities rated AAA if the commercial
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0004| paper, corporate obligations or asset-backed securities have a
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0005| market value of a least one hundred two percent of the market
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0006| value of the contract;
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0007| (2) securities-lending contracts for the
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0008| temporary exchange of state-owned securities for the use of
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0009| broker-dealers, banks or other recognized institutional
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0010| investors in securities, for periods not to exceed one year,
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0011| for a specified fee rate. No such contract shall be invested
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0012| in unless the contract is fully secured by exchange of an
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0013| irrevocable letter of credit running to the state, cash or
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0014| equivalent collateral of at lest one hundred two percent of the
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0015| market value of the securities plus accrued interest
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0016| temporarily exchanged. Such contracts may authorize the state
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0017| investment officer to invest cash collateral in instruments or
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0018| securities that are authorized investments for the funds and
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0019| may authorize payment of a fee from the funds, or from income
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0020| generated by the investment of cash collateral, to the borrower
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0021| of securities providing cash as collateral. The state
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0022| investment officer may enter into a contract that apportions
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0023| income derived from the investment of cash to pay its agent in
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0024| securities-lending transactions;
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0025| (3) commercial paper issued by corporations
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0001| organized and operating within the United States and rated
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0002| "prime" quality by a national rating service; and
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0003| (4) prime bankers' acceptances issued by money
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0004| center banks.
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0005| B. The collateral required for either of the forms
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0006| of investment specified in Paragraph (1) or (2) of Subsection A
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0007| of this section shall be delivered to the state fiscal agent or
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0008| its designee contemporaneously with the transfer of funds or
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0009| delivery of the securities at the earliest time industry
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0010| practice permits, but in all cases settlement shall be on a
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0011| same-day basis.
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0012| C. Neither of the contracts specified in Paragraphs
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0013| (1) and (2) of Subsection A of this section shall be invested
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0014| in unless the contracting bank, brokerage firm or recognized
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0015| institutional investor has a net worth in excess of five
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0016| hundred million dollars ($500,000,000) or is a primary broker
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0017| or primary dealer."
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0018| Section 4. EMERGENCY.--It is necessary for the public
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0019| peace, health and safety that this act take effect immediately.
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0020| State of New Mexico
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0021| House of Representatives
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0022|
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0023| FORTY-THIRD LEGISLATURE
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0024| FIRST SESSION, 1997
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0025|
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0001|
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0002| February 7, 1997
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0003|
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0004|
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0005| Mr. Speaker:
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0006|
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0007| Your TAXATION AND REVENUE COMMITTEE, to whom has
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0008| been referred
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0009|
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0010| HOUSE BILL 144
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0011|
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0012| has had it under consideration and reports same with
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0013| recommendation that it DO PASS, and thence referred to the
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0014| APPROPRIATIONS AND FINANCE COMMITTEE.
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0015|
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0016| Respectfully submitted,
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0017|
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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| Jerry W. Sandel, Chairman
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0023|
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0024|
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0025| Adopted Not Adopted
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0001|
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0002| (Chief Clerk) (Chief Clerk)
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0003|
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0004| Date
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0005|
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0006| The roll call vote was 10 For 0 Against
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0007| Yes: 10
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0008| Excused: Lovejoy, Parsons, Stell
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0009| Absent: None
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0010|
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0011|
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0012| G:\BILLTEXT\BILLW_97\H0144 State of New Mexico
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0013| House of Representatives
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0014|
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0015| FORTY-THIRD LEGISLATURE
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0016| FIRST SESSION, 1997
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0017|
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0018|
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0019| February 25, 1997
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0020|
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0021|
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0022| Mr. Speaker:
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0023|
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0024| Your APPROPRIATIONS AND FINANCE COMMITTEE, to
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0025| whom has been referred
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0001|
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0002| HOUSE BILL 144
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0003|
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0004| has had it under consideration and reports same with
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0005| recommendation that it DO PASS.
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0006|
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0007| Respectfully submitted,
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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|
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0013| Max Coll, Chairman
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0014|
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0015|
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0016| Adopted Not Adopted
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0017|
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0018| (Chief Clerk) (Chief Clerk)
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0019|
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0020| Date
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0021|
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0022| The roll call vote was 12 For 1 Against
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0023| Yes: 12
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0024| No: Buffett
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0025| Excused: Heaton, Marquardt, Townsend, Watchman
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0001| Absent: None
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0002|
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0003|
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0004| G:\BILLTEXT\BILLW_97\H0144
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0005|
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0006| FORTY-THIRD LEGISLATURE
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0007| FIRST SESSION, 1997
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0008|
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0009|
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0010| March 7, 1997
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0011|
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0012| Mr. President:
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0013|
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0014| Your WAYS AND MEANS COMMITTEE, to whom has been
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0015| referred
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0016|
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0017| HOUSE BILL 144
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0018|
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0019| has had it under consideration and reports same with
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0020| recommendation that it DO PASS, and thence referred to the
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0021| FINANCE COMMITTEE.
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0022|
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0023| Respectfully submitted,
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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| __________________________________
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0004| Carlos R. Cisneros, Chairman
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0005|
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0006|
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0007|
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0008| Adopted_______________________ Not
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0009| 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| H0144WM1
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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
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0015| recommendation 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| __________________________________
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0023| Ben D. Altamirano, Chairman
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0024|
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0025|
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0001|
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0002| Adopted_______________________ Not
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0003| Adopted_______________________
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0004| (Chief Clerk) (Chief Clerk)
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0005|
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0006|
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0007|
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0008| Date ________________________
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0009|
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0010|
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0011| The roll call vote was 6 For 0 Against
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0012| Yes: 6
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0013| No: None
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0014| Excused: Carraro, Fidel, Ingle, Lyons, McKibben
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0015| Absent: None
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0016|
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0017|
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0018| H0144FC1
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