0001| SENATE BILL 111 | 0002| 43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998 | 0003| INTRODUCED BY | 0004| CARLOS R. CISNEROS | 0005| | 0006| | 0007| | 0008| FOR THE REVENUE STABILIZATION AND TAX POLICY COMMITTEE | 0009| | 0010| AN ACT | 0011| RELATING TO INDUSTRIAL REVENUE BONDS; IMPOSING CERTAIN | 0012| REPORTING REQUIREMENTS ON MUNICIPALITIES AND COUNTIES THAT | 0013| ISSUE INDUSTRIAL REVENUE BONDS; AMENDING AND ENACTING SECTIONS | 0014| OF THE NMSA 1978. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. A new section of the Industrial Revenue Bond | 0018| Act is enacted to read: | 0019| "[|NEW MATERIAL|] REPORTING REQUIREMENTS.-- | 0020| A. Every municipality issuing bonds pursuant to | 0021| the Industrial Revenue Bond Act shall report annually to the | 0022| local government division of the department of finance and | 0023| administration the following information: | 0024| (1) the amount of bonds authorized in the | 0025| twelve months prior to the report, the date of each | - 1 - 0001| authorization and the name of each company and a brief | 0002| description of the project for which the bonds were | 0003| authorized; and | 0004| (2) the amount of bonds issued in the twelve | 0005| months prior to the report and for each bond issuance, the | 0006| date of issuance, the name of the company and a brief | 0007| description of the project, the term of the bonds, whether the | 0008| bonds are tax-exempt and the provisions of any payment-in- | 0009| lieu-of-taxes agreement. | 0010| B. For bonds issued by a municipality after | 0011| January 1, 1998 for economic development projects, the | 0012| municipality issuing the bonds shall submit annually for the | 0013| period the bonds are outstanding a reasonably detailed report | 0014| on each project's employment for the preceding year. The | 0015| report shall be made to the local government division on a | 0016| form and in such detail as the division, in consultation with | 0017| the state board of finance, deems appropriate, including | 0018| information on the number of full-time, part-time and | 0019| temporary employees; aggregate data on city and county of | 0020| residency of those employees; and some classification of the | 0021| employees by type of position or work. | 0022| C. The reports required in this section shall be | 0023| submitted to the local government division on or before July 1 | 0024| of each year. | 0025| D. As used in this section, "economic development | - 2 - 0001| project" means "project" as defined in the Private Activity | 0002| Bond Act, the Industrial Revenue Bond Act and the County | 0003| Industrial Revenue Bond Act, but does not include projects for | 0004| health care, nursing home or education facilities." | 0005| Section 2. Section 3-32-16 NMSA 1978 (being Laws 1965, | 0006| Chapter 300, Section 14-31-13) is amended to read: | 0007| "3-32-16. NO NOTICE OR PUBLICATION REQUIRED.--No notice, | 0008| consent or approval by any governmental body or public officer | 0009| shall be required as a prerequisite to the sale or issuance of | 0010| any bonds or the making of a mortgage under the authority of | 0011| ~[Sections 14-31-1 through 14-31-13 New Mexico Statutes | 0012| Annotated, 1953 Compilation]~ |the Industrial Revenue Bond | 0013| Act| except as provided in ~[these sections]~ |that act|." | 0014| Section 3. A new section of the County Industrial | 0015| Revenue Bond Act is enacted to read: | 0016| "[|NEW MATERIAL|] REPORTING REQUIREMENTS.-- | 0017| A. Every county issuing bonds pursuant to the | 0018| County Industrial Revenue Bond Act shall report annually to | 0019| the local government division of the department of finance and | 0020| administration the following information: | 0021| (1) the amount of bonds authorized in the | 0022| twelve months prior to the report, the date of each | 0023| authorization and the name of each company and the nature of | 0024| each project for which the bonds were authorized; and | 0025| (2) the amount of bonds issued in the twelve | - 3 - 0001| months prior to the report and for each bond issuance, the | 0002| date of issuance, the name of the company and nature of the | 0003| project, the term of the bonds, whether the bonds are tax- | 0004| exempt and the provisions of any payment-in-lieu-of-taxes | 0005| agreement. | 0006| B. For bonds issued by a county after January 1, | 0007| 1998 for economic development projects, the county issuing the | 0008| bonds shall submit annually for the period the bonds are | 0009| outstanding a reasonably detailed report on each project's | 0010| employment for the preceding year. The report shall be made | 0011| to the local government division on a form and in such detail | 0012| as the division, in consultation with the state board of | 0013| finance, deems appropriate, including information on the | 0014| number of full-time, part-time and temporary employees; | 0015| aggregate data on city and county of residency of those | 0016| employees; and some classification of the employees by type of | 0017| position or work. | 0018| C. The reports required in this section shall be | 0019| submitted to the local government division on or before | 0020| July 1 of each year." | 0021|  |