0001| HOUSE BILL 965
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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| RICK MIERA
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0006|
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0007|
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0008|
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0009|
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0010| AN ACT
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0011| RELATING TO FINANCING METROPOLITAN COURT FACILITIES;
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0012| AUTHORIZING THE ISSUANCE OF NEW MEXICO FINANCE AUTHORITY
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0013| REVENUE BONDS FOR A NEW COURT BUILDING FOR THE BERNALILLO
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0014| COUNTY METROPOLITAN COURT; CREATING A FUND; PROVIDING FOR
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0015| DISTRIBUTION OF CERTAIN GOVERNMENTAL GROSS RECEIPTS TAX
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0016| REVENUES; AMENDING AND ENACTING SECTIONS OF THE NMSA 1978;
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0017| MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0018|
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0019| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0020| Section 1. A new section of the New Mexico Finance
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0021| Authority Act is enacted to read:
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0022| "[NEW MATERIAL] METROPOLITAN COURT FINANCING FUND
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0023| CREATED.--
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0024| A. The "metropolitan court financing fund" is
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0025| created within the authority. The fund shall be administered
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0001| by the authority as a separate account. The authority may
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0002| create other accounts as the authority deems necessary to carry
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0003| out the purposes of the fund. The authority is authorized to
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0004| establish procedures as required to administer the fund in
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0005| accordance with the New Mexico Finance Authority Act.
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0006| B. The metropolitan court financing fund shall
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0007| consist of money appropriated, distributed or otherwise
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0008| allocated to the fund for the purpose of financing the
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0009| acquisition of real property for and the design, construction
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0010| and equipping of a new court building for the Bernalillo county
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0011| metropolitan court in Albuquerque.
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0012| C. Money appropriated to pay administrative costs
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0013| and money available for administrative costs from other sources
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0014| shall not be deposited in the metropolitan court financing fund
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0015| but shall be deposited in a separate account of the authority
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0016| and may be used by the authority to meet administrative costs
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0017| of the authority. The authority is authorized to deduct
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0018| administrative costs annually from the fund prior to making the
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0019| transfer required by Subsection F of this section.
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0020| D. Money in the metropolitan court financing fund
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0021| not needed for immediate disbursement, including any money held
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0022| in reserve, may be deposited with the state treasurer for
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0023| short-term investment pursuant to Section 6-10-10.1 NMSA 1978
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0024| or may be invested in direct and general obligations of or
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0025| obligations fully and unconditionally guaranteed by the United
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0001| States, obligations issued by agencies of the United States,
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0002| obligations of this state or any political subdivision of the
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0003| state, interest-bearing time deposits, commercial paper issued
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0004| by corporations organized and operating in the United States
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0005| and rated "prime" quality by a national rating service or as
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0006| otherwise provided by the trust indenture or bond resolution,
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0007| if money in the fund is pledged for or to secure payment of
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0008| bonds issued by the authority.
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0009| E. The authority shall establish fiscal controls
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0010| and accounting procedures that are sufficient to assure proper
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0011| accounting for metropolitan court financing fund payments,
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0012| disbursements and balances.
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0013| F. At the end of any fiscal year, after all debt
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0014| service charges, replenishment of reserves and administrative
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0015| costs on all outstanding revenue bonds, notes or other
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0016| obligations payable from the metropolitan court financing fund
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0017| are satisfied, the balance remaining in the metropolitan court
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0018| financing fund shall be transferred by the authority to the
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0019| public project revolving fund for expenditure for public
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0020| projects as authorized by the legislature pursuant to the New
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0021| Mexico Finance Authority Act."
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0022| Section 2. Section 6-21-6.1 NMSA 1978 (being Laws 1994,
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0023| Chapter 145, Section 2, as amended) is amended to read:
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0024| "6-21-6.1. PUBLIC PROJECT REVOLVING FUND--APPROPRIATIONS
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0025| TO OTHER FUNDS.--
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0001| A. The authority and the department of environment
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0002| may enter into a joint powers agreement pursuant to the Joint
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0003| Powers Agreements Act for the purpose of describing and
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0004| allocating duties and responsibilities with respect to creation
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0005| of an integrated loan and grant program to be financed through
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0006| issuance of bonds payable from the public project revolving
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0007| fund. The bonds may be issued in installments or at one time
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0008| by the authority in amounts authorized by law. The net
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0009| proceeds may be used for purposes of the Wastewater Facility
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0010| Construction Loan Act, the Rural Infrastructure Act or the
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0011| Solid Waste Act.
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0012| B. Public projects funded pursuant to the
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0013| Wastewater Facility Construction Loan Act, the Rural
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0014| Infrastructure Act or the Solid Waste Act shall not require
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0015| specific authorization by law as required in Sections 6-21-6
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0016| and 6-21-8 NMSA 1978.
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0017| C. At the end of each fiscal year, after all debt
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0018| service charges, replenishment of reserves and administrative
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0019| costs on all outstanding bonds, notes or other obligations
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0020| payable from the public project revolving fund are satisfied,
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0021| an aggregate amount not to exceed thirty-five percent of the
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0022| governmental gross receipts tax proceeds distributed pursuant
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0023| to Subsection A of Section 7-1-6.38 NMSA 1978 to the public
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0024| project revolving fund in the preceding fiscal year less all
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0025| debt service charges and administrative costs of the authority
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0001| paid in the preceding fiscal year on bonds issued pursuant to
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0002| this section may be appropriated by the legislature from the
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0003| public project revolving fund to the following funds for local
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0004| infrastructure financing:
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0005| (1) the wastewater facility construction loan
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0006| fund for purposes of the Wastewater Facility Construction Loan
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0007| Act;
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0008| (2) the rural infrastructure revolving loan
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0009| fund for purposes of the Rural Infrastructure Act; or
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0010| (3) the solid waste facility grant fund for
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0011| purposes of the Solid Waste Act.
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0012| D. The authority and the department of environment
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0013| in coordination with the New Mexico finance authority oversight
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0014| committee may recommend annually to each regular session of the
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0015| legislature amounts to be appropriated to the funds listed in
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0016| Subsection C of this section for local infrastructure
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0017| financing."
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0018| Section 3. Section 7-1-6.38 NMSA 1978 (being Laws 1994,
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0019| Chapter 145, Section 1, as amended) is amended to read:
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0020| "7-1-6.38. DISTRIBUTION--GOVERNMENTAL GROSS RECEIPTS
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0021| TAX.--
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0022| A. A distribution pursuant to Section 7-1-6.1 NMSA
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0023| 1978 shall be made to the public project revolving fund
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0024| administered by the New Mexico finance authority in an amount
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0025| equal to seventy-five percent of the net receipts attributable
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0001| to the governmental gross receipts tax.
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0002| B. A distribution pursuant to Section 7-1-6.1 NMSA
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0003| 1978 shall be made to the [energy, minerals and natural
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resources department] public project revolving fund
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0005| administered by the New Mexico Finance Authority in an amount
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0006| equal to twenty-five percent of the net receipts attributable
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0007| to the governmental gross receipts tax. [Forty percent of the
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distribution is appropriated to the energy, minerals and
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natural resources department to implement the provisions of the
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New Mexico Youth Conservation Corps Act, and sixty percent of
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the distribution is appropriated to the energy, minerals and
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natural resources department for state park and recreation area
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capital improvements, including the costs of planning,
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engineering, design, construction, renovation, repair,
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equipment and furnishings.] After reservation of money
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0016| sufficient to pay the debt service on bonds payable from the
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0017| governmental gross receipts tax issued by the state park and
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0018| recreation division of the energy, minerals and natural
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0019| resources department prior to February 1, 1997, the New Mexico
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0020| finance authority shall transfer the balance from the
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0021| distribution in this subsection monthly to the metropolitan
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0022| court financing fund administered by the authority.
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0023| C. The state pledges to and agrees with the holders
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0024| of any bonds or notes issued by the New Mexico finance
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0025| authority or by the energy, minerals and natural resources
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0001| department and payable from the net receipts attributable to
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0002| the governmental gross receipts tax distributed to the New
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0003| Mexico finance authority or the energy, minerals and natural
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0004| resources department pursuant to this section that the state
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0005| will not limit, reduce or alter the distribution of the net
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0006| receipts attributable to the governmental gross receipts tax to
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0007| the New Mexico finance authority or the energy, minerals and
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0008| natural resources department; limit, reduce, alter or exempt
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0009| any of the receipts of governmental entities subject to the
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0010| governmental gross receipts tax; or limit, reduce or alter the
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0011| rate of imposition of the governmental gross receipts tax until
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0012| the bonds or notes together with the interest thereon are fully
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0013| met and discharged or provision has been made for their full
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0014| payment and discharge. The New Mexico finance authority and
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0015| the energy, minerals and natural resources department are
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0016| authorized to include this pledge and agreement of the state in
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0017| any agreement with the holders of the bonds or notes."
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0018| Section 4. Section 16-2-19 NMSA 1978 (being Laws 1935,
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0019| Chapter 57, Section 16, as amended) is amended to read:
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0020| "16-2-19. STATE PARK AND RECREATION REVENUES--SOURCE AND
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0021| DISBURSEMENT.--All money derived from the operation of state
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0022| parks or recreation areas [or from the governmental gross
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receipts tax distributions pursuant to Section 7-1-6.38 NMSA
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1978 appropriated to the energy, minerals and natural resources
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department for state park and recreation capital improvements]
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0001| or from gifts, donations, bequests or endowments, except as the
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0002| money may be pledged for the retirement of bonds issued under
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0003| the State Park and Recreation Bond Act or appropriated for
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0004| state park and recreation purposes by the legislature or
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0005| acquired from any other source whatsoever, shall not at any
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0006| time or in any event revert or be transferred to general or
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0007| other state funds; and such funds shall be used solely for the
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0008| purpose of acquiring, developing, operating and maintaining
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0009| state parks or recreation areas and maintenance, operation and
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0010| expenditures of the state park and recreation division of the
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0011| energy, minerals and natural resources department, the payment
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0012| of traveling expenses and salaries of officers, park
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0013| superintendents and employees and the retirement of state park
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0014| and recreation bonds. Expenditures shall be made in accordance
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0015| with budgets approved by the department of finance and
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0016| administration."
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0017| Section 5. Section 16-2-29 NMSA 1978 (being Laws 1965,
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0018| Chapter 280, Section 10, as amended) is amended to read:
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0019| "16-2-29. SECURITY--RETIREMENT OF BONDS.--The state park
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0020| and recreation division of the energy, minerals and natural
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0021| resources department may pledge for the retirement of bonds
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0022| issued all or any part of the revenues to be produced from any
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0023| project to be constructed with bond funds, all or any part of
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0024| the governmental gross receipts tax distributions pursuant to
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0025| Section 7-1-6.38 NMSA 1978 appropriated to the energy, minerals
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0001| and natural resources department for state park and recreation
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0002| area capital improvements with respect to bonds issued prior
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0003| to February 1, 1997 and, except as may be prohibited by
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0004| existing contractual arrangements, may also pledge money
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0005| derived from the operation of present or future state parks or
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0006| recreation areas or from gifts, donations, bequests or
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0007| endowments for state park or recreation purposes or any portion
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0008| of the same. Bonds are payable solely from the funds
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0009| enumerated in this section and are not general obligations of
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0010| the state."
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0011| Section 6. NEW MEXICO FINANCE AUTHORITY--REVENUE BONDS--
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0012| PURPOSE--APPROPRIATION OF PROCEEDS.--
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0013| A. The New Mexico finance authority may issue and
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0014| sell revenue bonds, payable solely from the metropolitan court
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0015| financing fund, in compliance with the provisions of the New
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0016| Mexico Finance Authority Act in installments or at one time in
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0017| an amount not to exceed twenty-nine million six hundred eighty
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0018| thousand dollars ($29,680,000) for the purpose of financing the
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0019| acquisition of real property for and the design, construction
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0020| and equipping of a court building for Bernalillo county
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0021| metropolitan court in Albuquerque when the Bernalillo county
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0022| metropolitan court certifies the need for the issuance of the
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0023| bonds.
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0024| B. The net proceeds from the bonds are appropriated
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0025| to the Bernalillo county metropolitan court for the purpose of
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0001| acquiring real property for and design, construct and equip a
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0002| court building for Bernalillo county metropolitan court in
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0003| Albuquerque.
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0004| Section 7. EFFECTIVE DATE.--The effective date of the
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0005| provisions of Sections 2 through 5 of this act is July 1, 1997.
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0006| Section 8. EMERGENCY.--It is necessary for the public
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0007| peace, health and safety that this act take effect immediately.
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0008|
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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 22, 1997
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0015|
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0016| Mr. President:
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0017|
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0018| Your FINANCE COMMITTEE, to whom has been referred
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0019|
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0020| HOUSE TAXATION AND REVENUE COMMITTEE SUBSTITUTE
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0021| FOR HOUSE BILL 965, as amended
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0022|
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0023| has had it under consideration and reports same with
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0024| recommendation that it DO PASS.
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0025|
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0001| Respectfully submitted,
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0002|
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0003|
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0004|
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0005|
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0006| __________________________________
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0007| Ben D. Altamirano, Chairman
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0008|
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0009|
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0010|
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0011| Adopted_______________________ Not
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0012| Adopted_______________________
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0013| (Chief Clerk) (Chief Clerk)
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0014|
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0015|
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0016|
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0017| Date ________________________
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0018|
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0019|
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0020| The roll call vote was 6 For 0 Against
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0021| Yes: 6
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0022| No: None
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0023| Excused: Carraro, Eisenstadt, Ingle, Lyons, McKibben
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0024| Absent: None
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0025|
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0001|
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0002| H0965FC1
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