0001| HOUSE BILL 1093
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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| GARY K. KING
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0005|
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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 ECONOMIC DEVELOPMENT; AUTHORIZING THE ISSUANCE OF
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0012| CREDIT FOR AN AEROSPACE MANUFACTURING FACILITY IN TORRANCE
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0013| COUNTY; DECLARING AN EMERGENCY.
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0014|
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0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016| Section 1. STANDBY LETTER OF CREDIT.--The department of
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0017| finance and administration may issue a standby letter of credit
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0018| in an amount not exceeding five hundred million dollars
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0019| ($500,000,000) for the purpose of providing collateral for the
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0020| costs of constructing facilities and establishing corporate
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0021| headquarters for the IOSTAR-INTRASPACE corporation and
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0022| providing the capability for design, development and initial
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0023| operations of the IOSTAR SPACE TV6 to be located in Torrance
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0024| county when the department certifies that the following
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0025| conditions have been met:
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0001| A. the department of finance and administration
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0002| finds that the project has been developed sufficiently to
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0003| justify the issuance of the standby letter of credit and that
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0004| the project can proceed to contract within a reasonable time;
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0005| B. the parent corporation, IOSTAR, and the
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0006| INTRASPACE corporation agree to locate its headquarters in New
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0007| Mexico;
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0008| C. the standby letter of credit will be issued in
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0009| full conformance with banking laws;
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0010| D. the contract that the standby letter of credit
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0011| guarantees will be structured to eliminate any possibility of
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0012| default by IOSTAR or INTRASPACE corporation and will preclude
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0013| any default placing the state of New Mexico at financial risk;
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0014| E. the department of finance and administration may
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0015| issue the standby letter of credit for no more than a four-year
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0016| duration through a major bank selected by the state of New
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0017| Mexico;
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0018| F. the standby letter of credit is issued to secure
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0019| funding from third parties for development of IOSTAR and
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0020| INTRASPACE corporation, a space TV6 manufacturing and advanced
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0021| space transportation and satellite telecommunications company;
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0022| and
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0023| G. the standby letter of credit shall not be cash-
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0024| redeemable by the corporation or any other entity.
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0025| Section 2. EMERGENCY.--It is necessary for the public
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0001| peace, health and safety that this act take effect immediately.
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0002| State of New Mexico
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0003| House of Representatives
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0004|
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0005| FORTY-THIRD LEGISLATURE
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0006| FIRST SESSION, 1997
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0007|
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0008|
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0009| March 4, 1997
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0010|
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0011|
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0012| Mr. Speaker:
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0013|
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0014| Your BUSINESS AND INDUSTRY COMMITTEE, to whom
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0015| has been referred
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0016|
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0017| HOUSE BILL 1093
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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, amended as follows:
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0021|
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0022| 1. On page 1, line 23, delete "TV6" and insert "TUG".
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0023|
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0024| 2. On page 2, line 20, delete "TV6" and insert "TUG".,
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0025|
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0001| and thence referred to the APPROPRIATIONS AND FINANCE
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0002| COMMITTEE.
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0003|
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0004| Respectfully submitted,
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0005|
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0006|
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0007|
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0008|
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0009| Fred Luna, Chairman
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0010|
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0011|
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0012| Adopted Not Adopted
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0013|
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0014| (Chief Clerk) (Chief Clerk)
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0015|
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0016| Date
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0017|
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0018| The roll call vote was 9 For 0 Against
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0019| Yes: 9
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0020| Excused: Gubbels, Hobbs, Rodella
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0021| Absent: Getty
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0022|
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0023|
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0024|
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0025| G:\BILLTEXT\BILLW_97\H1093 State of New Mexico
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0001| House of Representatives
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0002|
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0003| FORTY-THIRD LEGISLATURE
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0004| FIRST SESSION, 1997
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0005|
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0006|
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0007| March 20, 1997
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0008|
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0009|
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0010| Mr. Speaker:
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0011|
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0012| Your APPROPRIATIONS AND FINANCE COMMITTEE, to
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0013| whom has been referred
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0014|
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0015| HOUSE BILL 1093, as amended
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0016|
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0017| has had it under consideration and reports same with
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0018| recommendation that it DO NOT PASS, but that
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0019|
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0020| HOUSE APPROPRIATIONS AND FINANCE COMMITTEE
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0021| SUBSTITUTE FOR HOUSE BILL 1093
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0022|
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0023| DO PASS.
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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|
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0006| Max Coll, Chairman
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0007|
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0008|
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0009| Adopted Not Adopted
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0010|
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0011| (Chief Clerk) (Chief Clerk)
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0012|
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0013| Date
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0014|
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0015| The roll call vote was 9 For 7 Against
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0016| Yes: 9
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0017| No: Abeyta, Buffett, Coll, Garcia,M.H., Heaton, Pearce,
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0018| Picraux,
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0019| Excused: Marquardt
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0020| Absent: None
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0021|
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0022| G:\BILLTEXT\BILLW_97\H1093
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