0001|                           SENATE BILL 111
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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|                          CARLOS R. CISNEROS
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0005|     
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0006|                                   
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0007|     
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0008|        FOR THE REVENUE STABILIZATION AND TAX POLICY COMMITTEE
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO INDUSTRIAL REVENUE BONDS; IMPOSING CERTAIN
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0012|     REPORTING REQUIREMENTS ON MUNICIPALITIES AND COUNTIES THAT
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0013|     ISSUE INDUSTRIAL REVENUE BONDS; AMENDING AND ENACTING SECTIONS
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0014|     OF THE NMSA 1978.
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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.  A new section of the Industrial Revenue Bond
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0018|     Act is enacted to read:
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0019|          "[<u>NEW MATERIAL</u>] REPORTING REQUIREMENTS.--
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0020|               A.  Every municipality issuing bonds pursuant to
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0021|     the Industrial Revenue Bond Act shall report annually to the
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0022|     local government division of the department of finance and
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0023|     administration the following information:
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0024|                    (1)  the amount of bonds authorized in the
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0025|     twelve months prior to the report, the date of each
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<center>- 1 -</center>

0001|     authorization and the name of each company and a brief
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0002|     description of the project for which the bonds were
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0003|     authorized; and
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0004|                    (2)  the amount of bonds issued in the twelve
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0005|     months prior to the report and for each bond issuance, the
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0006|     date of issuance, the name of the company and a brief
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0007|     description of the project, the term of the bonds, whether the
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0008|     bonds are tax-exempt and the provisions of any payment-in-
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0009|     lieu-of-taxes agreement. 
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0010|               B.  For bonds issued by a municipality after
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0011|     January 1, 1998 for economic development projects, the
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0012|     municipality issuing the bonds shall submit annually for the
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0013|     period the bonds are outstanding a reasonably detailed report
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0014|     on each project's employment for the preceding year.  The
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0015|     report shall be made to the local government division on a
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0016|     form and in such detail as the division, in consultation with
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0017|     the state board of finance, deems appropriate, including
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0018|     information on the number of full-time, part-time and
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0019|     temporary employees; aggregate data on city and county of
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0020|     residency of those employees; and some classification of the
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0021|     employees by type of position or work.   
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0022|               C.  The reports required in this section shall be
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0023|     submitted to the local government division on or before July 1
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0024|     of each year.
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0025|               D.  As used in this section, "economic development
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0001|     project" means "project" as defined in the Private Activity
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0002|     Bond Act, the Industrial Revenue Bond Act and the County
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0003|     Industrial Revenue Bond Act, but does not include projects for
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0004|     health care, nursing home or education facilities."
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0005|          Section 2.  Section 3-32-16 NMSA 1978 (being Laws 1965,
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0006|     Chapter 300, Section 14-31-13) is amended to read:
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0007|          "3-32-16.  NO NOTICE OR PUBLICATION REQUIRED.--No notice,
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0008|     consent or approval by any governmental body or public officer
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0009|     shall be required as a prerequisite to the sale or issuance of
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0010|     any bonds or the making of a mortgage under the authority of
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0011|     <s>[Sections 14-31-1 through 14-31-13 New Mexico Statutes
</s>    |
<s></s>0012| <s>    Annotated, 1953 Compilation]</s> <u>the Industrial Revenue Bond
</u>    |
<u></u>0013| <u>    Act</u> except as provided in <s>[these sections]</s> <u>that act</u>."
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0014|          Section 3.  A new section of the County Industrial
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0015|     Revenue Bond Act is enacted to read:
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0016|          "[<u>NEW MATERIAL</u>] REPORTING REQUIREMENTS.--
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0017|               A.  Every county issuing bonds pursuant to the
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0018|     County Industrial Revenue Bond Act shall report annually to
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0019|     the local government division of the department of finance and
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0020|     administration the following information:
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0021|                    (1)  the amount of bonds authorized in the
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0022|     twelve months prior to the report, the date of each
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0023|     authorization and the name of each company and the nature of
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0024|     each project for which the bonds were authorized; and
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0025|                    (2)  the amount of bonds issued in the twelve
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<center>- 3 -</center>

0001|     months prior to the report and for each bond issuance, the
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0002|     date of issuance, the name of the company and nature of the
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0003|     project, the term of the bonds, whether the bonds are tax-
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0004|     exempt and the provisions of any payment-in-lieu-of-taxes
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0005|     agreement.
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0006|               B.  For  bonds issued by a county after January 1,
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0007|     1998 for economic development projects, the county issuing the
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0008|     bonds shall submit annually for the period the bonds are
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0009|     outstanding a reasonably detailed report on each project's
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0010|     employment for the preceding year.  The report shall be made
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0011|     to the local government division on a form and in such detail
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0012|     as the division, in consultation with the state board of
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0013|     finance, deems appropriate, including information on the
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0014|     number of full-time, part-time and temporary employees;
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0015|     aggregate data on city and county of residency of those
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0016|     employees; and some classification of the employees by type of
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0017|     position or work.   
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0018|               C.  The reports required in this section shall be
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0019|     submitted to the local government division on or before 
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0020|     July 1 of each year."
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0021|                              
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