0001| SENATE BILL 916
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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| TIMOTHY Z. JENNINGS
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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 STATE HIGHWAY DEBENTURES; AUTHORIZING THE STATE
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0012| HIGHWAY COMMISSION TO ISSUE AN ADDITIONAL TWO HUNDRED MILLION
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0013| DOLLARS ($200,000,000) IN BONDS FOR IMPROVEMENT OF UNITED
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0014| STATES HIGHWAY 285 AS REQUIRED FOR THE WASTE ISOLATION PILOT
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0015| PROJECT.
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0016|
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0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018| Section 1. Section 67-3-59.1 NMSA 1978 (being Laws 1989,
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0019| Chapter 157, Section 1, as amended) is amended to read:
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0020| "67-3-59.1. STATE HIGHWAY DEBENTURES--ISSUANCE--LIMITS--
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0021| APPROVAL--COUPONS.--
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0022| A. In order to provide funds to finance state
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0023| highway projects, including state highway projects that are
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0024| required for the waste isolation pilot project and are eligible
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0025| for federal reimbursement or payment as authorized by federal
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0001| legislation, the state highway commission is authorized to
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0002| issue bonds from time to time, payable from federal funds, not
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0003| otherwise obligated, that are paid into the state road fund and
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0004| from the proceeds of the collection of [gasoline excise]
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0005| taxes and [motor vehicle registration] fees that are required
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0006| by law to be paid into the state road fund and not otherwise
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0007| pledged solely to the payment of outstanding bonds and
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0008| debentures. B. The total aggregate outstanding
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0009| principal amount of bonds issued from time to time pursuant to
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0010| this section, secured by or payable from [the gasoline excise
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taxes and motor vehicle registration fees] federal funds not
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0012| otherwise obligated that are paid into the state road fund and
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0013| the proceeds from the collection of taxes and fees required by
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0014| law to be paid into the state road fund, shall not, without
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0015| additional authorization of the state legislature, exceed [one
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hundred fifty million dollars ($150,000,000)] three hundred
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0017| fifty million dollars ($350,000,000) at any given time,
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0018| subject to the following provisions:
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0019| (1) the total aggregate outstanding principal
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0020| amount of bonds issued for state highway projects that are
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0021| required for the waste isolation pilot project and are eligible
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0022| for federal reimbursement or payment as authorized by federal
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0023| legislation shall not exceed [one hundred million dollars
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($100,000,000)] three hundred million dollars ($300,000,000);
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0025| provided that bonds issued after July 1, 1997 shall be for
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0001| improvement of United States highway 285; and
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0002| (2) the total aggregate outstanding principal
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0003| amount of bonds issued for state highway projects other than
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0004| state highway projects that are required for the waste
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0005| isolation pilot project and are eligible for federal
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0006| reimbursement or payment as authorized by federal legislation
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0007| shall not exceed fifty million dollars ($50,000,000).
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0008| C. The state highway commission may issue bonds to
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0009| refund other bonds issued pursuant to this section by exchange
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0010| or current or advance refunding.
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0011| D. Each series of bonds shall have a maturity of no
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0012| more than twenty-five years from the date of issuance. The
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0013| state highway commission shall determine all other terms,
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0014| covenants and conditions of the bonds; provided that the bonds
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0015| shall not be issued pursuant to this section unless the state
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0016| board of finance approves the issuance of the bonds and the
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0017| principal amount of and interest rate or maximum net effective
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0018| interest rate on the bonds.
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0019| E. The bonds shall be executed with the manual or
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0020| facsimile signatures of the chairman of the state highway
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0021| commission, countersigned by the state treasurer and attested
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0022| to by the secretary of the state highway commission, with the
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0023| seal of the state highway commission imprinted or otherwise
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0024| affixed to the bonds.
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0025| F. Proceeds of the bonds may be used to pay
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0001| expenses incurred in the preparation, issuance and sale of the
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0002| bonds and, together with the earnings on the proceeds of the
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0003| bonds, may be used to pay rebate, penalty, interest and other
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0004| obligations relating to the bonds and the proceeds of the bonds
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0005| under the Internal Revenue Code of 1986, as amended.
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0006| G. The bonds may be sold at public or private sale.
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0007| If sold at public sale, a notice of the time and place of sale
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0008| shall be published in a newspaper of general circulation in the
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0009| state, and in any other newspaper determined in the resolution
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0010| authorizing the issuance of the bonds, once each week for two
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0011| consecutive weeks prior to the date of sale. The bonds may be
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0012| purchased by the state treasurer or state investment officer.
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0013| H. This section is full authority for the issuance
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0014| and sale of the bonds, and the bonds shall not be invalid for
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0015| any irregularity or defect in the proceedings for their
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0016| issuance and sale and shall be incontestable in the hands of
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0017| bona fide purchasers or holders of the bond for value.
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0018| I. The bonds shall be legal investments for any
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0019| person or board charged with the investment of public funds and
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0020| may be accepted as security for any deposit of public money
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0021| and, with the interest thereon, are exempt from taxation by the
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0022| state and any political subdivision or agency of the state."
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0023| State of New Mexico
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0024| House of Representatives
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0025|
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0001| FORTY-THIRD LEGISLATURE
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0002| FIRST SESSION, 1997
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0003|
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0004|
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0005| March 13, 1997
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0006|
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0007|
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0008| Mr. Speaker:
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0009|
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0010| Your TRANSPORTATION COMMITTEE, to whom has been
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0011| referred
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0012|
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0013| SENATE BILL 916
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0014|
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0015| has had it under consideration and reports same with
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0016| recommendation that it DO PASS, and thence referred to the
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0017| TAXATION AND REVENUE COMMITTEE.
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0018|
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0019| Respectfully submitted,
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0020|
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0021|
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0022|
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0023|
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0024|
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0025| Daniel P. Silva, Chairman
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0001|
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0002|
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0003| Adopted Not Adopted
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0004|
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0005| (Chief Clerk) (Chief Clerk)
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0006|
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0007| Date
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0008|
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0009| The roll call vote was 11 For 0 Against
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0010| Yes: 11
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0011| Excused: Russell
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0012| Absent: None
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0013|
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0014|
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0015| G:\BILLTEXT\BILLW_97\S0916
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