0001|                           HOUSE BILL 1251
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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|                         JAMES ROGER MADALENA
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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 FINANCE; ADDING THE STATE TREASURER TO THE NEW
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0012|     MEXICO FINANCE AUTHORITY.
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0013|     
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0014|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0015|          Section 1.  Section 6-21-4 NMSA 1978 (being Laws
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0016|     1992, Chapter 61, Section 4) is amended to read:
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0017|          "6-21-4.  NEW MEXICO FINANCE AUTHORITY CREATED--
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0018|     MEMBERSHIP--QUALIFICATIONS--QUORUM--MEETINGS--COMPENSATION--
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0019|     BOND.--
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0020|               A.  There is created a public body politic and
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0021|     corporate constituting a governmental instrumentality to be
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0022|     known as the "New Mexico finance authority" for the
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0023|     performance of essential public functions.
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0024|               B.  The authority shall be composed of
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0025|     <s>[twelve]</s> <u>thirteen</u> members.  The state investment
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0001|     officer, the secretary of finance and administration, the
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0002|     secretary of economic development, the secretary of energy,
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0003|     minerals and natural resources, the secretary of environment,
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0004|     <u>the state treasurer</u>, the executive director of the New
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0005|     Mexico municipal league and the executive director of the New
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0006|     Mexico association of counties or their designees shall be
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0007|     ex-officio members of the authority with voting privileges. 
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0008|     The governor, with the advice and consent of the senate, shall

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0009|     appoint to the authority the chief financial officer of a
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0010|     state higher educational institution and four members who are
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0011|     residents of the state.  The appointed members shall serve at
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0012|     the pleasure of the governor.
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0013|               C.  The appointed members of the authority shall be
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0014|     appointed to four-year terms.  The initial members shall be
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0015|     appointed to staggered terms of four years or less, so that
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0016|     the term of at least one member expires on January 1 of each
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0017|     year.  Vacancies shall be filled by appointment by the
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0018|     governor for the remainder of the unexpired term.  Any member
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0019|     of the authority shall be eligible for reappointment.
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0020|               D.  Each appointed member before entering upon his
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0021|     duty shall take an oath of office to administer the duties of
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0022|     his office faithfully and impartially.  A record of the oath
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0023|     shall be filed in the office of the secretary of state.
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0024|               E.  The governor shall designate an appointed
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0025|     member of the authority to serve as chairman.  The authority
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0001|     shall elect annually one of its members to serve as vice
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0002|     chairman.  The authority shall appoint and prescribe the
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0003|     duties of such other officers, who need not be members, as the
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0004|     authority deems necessary or advisable, including an executive
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0005|     director and a secretary, who may be the same person.  The
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0006|     authority may delegate to one or more of its members,
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0007|     officers, employees or agents such powers and duties as it may
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0008|     deem proper and consistent with the New Mexico Finance
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0009|     Authority Act.
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0010|               F.  The executive director of the authority shall
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0011|     direct the affairs and business of the authority, subject to
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0012|     the policies, control and direction of the authority.  The
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0013|     secretary of the authority shall keep a record of the
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0014|     proceedings of the authority and shall be custodian of all
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0015|     books, documents and papers filed with the authority, the
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0016|     minute book or journal of the authority and its official seal. 
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0017|     The secretary shall make copies of all minutes and other
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0018|     records and documents of the authority and give certificates
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0019|     under the official seal of the authority to the effect that
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0020|     the copies are true copies, and all persons dealing with the
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0021|     authority may rely upon the certificates.
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0022|               G.  Meetings of the authority shall be held at the
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0023|     call of the chairman or whenever three members shall so
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0024|     request in writing.  A majority of members then serving
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0025|     constitutes a quorum for the transaction of any business.  The
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0001|     affirmative vote of at least a majority of a quorum present
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0002|     shall be necessary for any action to be taken by the
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0003|     authority.  An ex-officio member may designate in writing
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0004|     another person to attend meetings of the authority and to the
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0005|     same extent and with the same effect act in his stead.  No
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0006|     vacancy in the membership of the authority shall impair the
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0007|     right of a quorum to exercise all rights and perform all
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0008|     duties of the authority.
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0009|               H.  Each member of the authority shall give bond as
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0010|     provided in the Surety Bond Act.  All costs of the surety
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0011|     bonds shall be borne by the authority.
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0012|               I.  The authority is not created or organized, and
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0013|     its operations shall not be conducted, for the purpose of
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0014|     making a profit.  No part of the revenues or assets of the
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0015|     authority shall benefit or be distributable to its members,
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0016|     officers or other private persons.  The members of the
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0017|     authority shall receive no compensation for their services,
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0018|     but shall be reimbursed for actual and necessary expenses at
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0019|     the same rate and on the same basis as provided for public
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0020|     officers in the Per Diem and Mileage Act.
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0021|               J.  The authority shall not be subject to the
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0022|     supervision or control of any other board, bureau, department
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0023|     or agency of the state except as specifically provided in the
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0024|     New Mexico Finance Authority Act.  No use of the terms "state
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0025|     agency" or "instrumentality" in any other law of the state
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0001|     shall be deemed to refer to the authority unless the authority
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0002|     is specifically referred to in the law.
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0003|               K.  The authority is a governmental instrumentality
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0004|     for purposes of the Tort Claims Act."
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0005|                                  
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