0001|                           SENATE BILL 1261
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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|                          FERNANDO R. MACIAS
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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 THE PUBLIC PEACE, HEALTH, SAFETY AND WELFARE.
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0012|     
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0013|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0014|                       SENATE JUDICIARY COMMITTEE SUBSTITUTE FOR
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0015|                           SENATE BILL 1261
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0016|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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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|                                   
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0023|     
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0024|                                AN ACT
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0025|     RELATING TO THE PUBLIC PEACE, HEALTH, SAFETY AND WELFARE;
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0001|     CREATING THE REVOLVING ECONOMIC DEVELOPMENT AND INITIATIVE LOAN
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0002|     FUND; MAKING AN APPROPRIATION.
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0003|     
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0004|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0005|          Section 1.  ECONOMIC DEVELOPMENT ASSISTANCE.--The state
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0006|     board of finance shall provide assistance to encourage economic
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0007|     development and shall, for this purpose, make low-interest
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0008|     loans to qualifying businesses.  The state board of finance
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0009|     shall establish procedures for making loans from the revolving
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0010|     economic development and initiative loan fund and shall
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0011|     establish criteria for qualification, application, payment and
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0012|     repayment of loans.  The state board of finance shall
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0013|     promulgate rules concerning: the submission of business plans
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0014|     prior to the approval of economic development loans; regular
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0015|     performance monitoring and reporting systems for participating
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0016|     businesses to assure compliance with their business plans and
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0017|     terms of repayment; and cooperation between state agencies and
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0018|     applicant businesses for nonfinancial services, including
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0019|     marketing assistance, research assistance and assistance in
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0020|     complying with federal, state and local laws and regulations.
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0021|          Section 2.  REVOLVING ECONOMIC DEVELOPMENT AND INITIATIVE
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0022|     LOAN FUND.--There is created in the state treasury the
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0023|     "revolving economic development and initiative loan fund". 
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0024|     Money appropriated to the fund or accruing to it through gifts,
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0025|     grants, repayments of loans or interest shall not be
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0001|     transferred to any other fund or be encumbered or disbursed in
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0002|     any manner except as provided in this subsection.  Money in the
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0003|     fund shall not revert at the end of any fiscal year.  Money in
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0004|     the fund shall be administered by the state board of finance
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0005|     for the purpose of making low-interest loans to promote
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0006|     economic development.
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0007|          Section 3.  APPROPRIATION.--One million dollars
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0008|     ($1,000,000) is appropriated from the general fund to the
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0009|     revolving economic development and initiative loan fund for
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0010|     expenditure in fiscal year 1998 and subsequent fiscal years for
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0011|     the purpose of making low-interest loans.  Any unexpended or
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0012|     unencumbered balance remaining at the end of fiscal year 1998
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0013|     shall not revert to the general fund.
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0014|                                    
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0015|   
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0016|                         FORTY-THIRD LEGISLATURE
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0017|                           FIRST SESSION, 1997
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0018|   
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0019|   
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0020|                                                       March 14, 1997
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0021|   
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0022|   Mr. President:
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0023|   
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0024|       Your COMMITTEES' COMMITTEE, to whom has been referred
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0025|   
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0001|                SENATE JUDICIARY COMMITTEE SUBSTITUTE FOR
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0002|                            SENATE BILL 1261
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0003|   
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0004|   has had it under consideration and reports same WITHOUT
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0005|   RECOMMENDATION, and further recommends that it now be referred to
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0006|   the FINANCE COMMITTEE.
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0007|   
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0008|                                Respectfully submitted,
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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|                                Manny M. Aragon, Chairman 
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0014|   
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0015|   
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0016|   Adopted_______________________   Not Adopted_______________________
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0017|             (Chief Clerk)                          (Chief Clerk)
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0018|   
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0019|   
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0020|                     Date ________________________
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0023|   
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0025|   
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0001|   
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0002|   S1261CC1
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0003|   
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