0001|                            SENATE BILL 90
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0002|     43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998
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0003|                            INTRODUCED BY
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0004|                          ROMAN M. MAES III
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0005|     
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0006|                                   
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0007|     
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0008|     FOR THE ECONOMIC DEVELOPMENT, SCIENCE AND TECHNOLOGY COMMITTEE
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO PUBLIC FINANCE; BROADENING THE SCOPE OF THE NEW
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0012|     MEXICO FINANCE AUTHORITY ACT TO INCLUDE RURAL ELECTRIC
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0013|     COOPERATIVES AS QUALIFIED ENTITIES; AMENDING THE DEFINITION
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0014|     SECTION OF THAT ACT.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  Section 6-21-3 NMSA 1978 (being Laws 1992,
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0018|     Chapter 61, Section 3, as amended) is amended to read:
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0019|          "6-21-3.  DEFINITIONS.--As used in the New Mexico Finance
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0020|     Authority Act:
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0021|               A.  "authority" means the New Mexico finance
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0022|     authority;
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0023|               B.  "bond" means any bonds, notes, certificates of
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0024|     participation or other evidence of indebtedness;
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0025|               C.  "bondholder" or "holder" means a person who is
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<center>- 1 -</center>

0001|     the owner of a bond, whether registered or not;
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0002|               D.  "public project" means the acquisition,
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0003|     construction, improvement, alteration or reconstruction of
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0004|     assets of a long-term capital nature by a qualified entity,
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0005|     including land; buildings; water rights; water, sewerage and
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0006|     waste disposal systems; streets; airports; municipal
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0007|     <s>[utilities]</s> <u>or other utility systems</u>; parking facilities;
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0008|     and machinery, furniture and equipment.  "Public project"
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0009|     includes all proposed expenditures related to the entire
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0010|     undertaking;
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0011|               E.  "qualified entity" means the state or <s>[any]</s>
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0012|     <u>an</u> agency or institution of the state or <s>[any]</s> <u>a</u> county,
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0013|     municipality, school district, land grant corporation,
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0014|     intercommunity water or natural gas supply <s>[associations]</s>
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0015|     <u>association</u> or <s>[corporations]</s> <u>corporation</u>, <u>rural
</u>    |
<u></u>0016| <u>    electric cooperative,</u> special district or community water
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0017|     association or an Indian nation, tribe or pueblo located
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0018|     wholly or partially in New Mexico, including a political
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0019|     subdivision or a wholly owned enterprise of an Indian nation,
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0020|     tribe or pueblo; and
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0021|               F.  "security" or "securities", unless the context
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0022|     indicates otherwise, means bonds, notes or other evidence of
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0023|     indebtedness issued by a qualified entity or leases or
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0024|     certificates or other evidence of participation in the
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0025|     lessor's interest in and rights under a lease with a qualified
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<center>- 2 -</center>

0001|     entity and that are payable from taxes, revenues, rates,
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0002|     charges, assessments or user fees or from the proceeds of
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0003|     funding or refunding bonds, notes or other <s>[evidences]</s>
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0004|     <u>evidence</u> of indebtedness of a qualified entity or from
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0005|     certificates or evidence of participation in a lease with a
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0006|     qualified entity."
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0007|                              
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