0001|                            SENATE BILL 41
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0002|     43RD LEGISLATURE - STATE OF NEW MEXICO - FIRST SPECIAL SESSION, 1998
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0003|                            INTRODUCED BY
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0004|                           Shannon Robinson
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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 NEW MEXICO FINANCE AUTHORITY; PROVIDING
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0012|     LEGISLATIVE AUTHORIZATION TO THE NEW MEXICO FINANCE AUTHORITY
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0013|     TO REFINANCE OUTSTANDING OBLIGATIONS OF THE NEW MEXICO STATE
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0014|     FAIR; AUTHORIZING THE NEW MEXICO STATE FAIR TO ISSUE REFUNDING
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0015|     BONDS AND TO SELL BONDS TO THE NEW MEXICO FINANCE AUTHORITY;
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0016|     MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.  
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|          Section 1.  AUTHORIZATION OF PROJECT--APPROPRIATION.--
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0020|     Pursuant to the provisions of Section 6-21-6 NMSA 1978, the
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0021|     legislature authorizes the New Mexico finance authority to
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0022|     utilize the public project revolving fund to make a loan to or
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0023|     purchase securities of the New Mexico state fair to refinance
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0024|     or refund outstanding bonds, notes, loans or other obligations
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0025|     of the state fair on terms and conditions established by the
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0001|     authority.  The net proceeds of the loan or securities are
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0002|     appropriated to the New Mexico state fair.
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0003|          Section 2.  Section 16-6-16 NMSA 1978 (being Laws 1935,
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0004|     Chapter 69, Section 4, as amended) is amended to read:
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0005|          "16-6-16.  ISSUANCE OF NEGOTIABLE BONDS--TERMS.--The New
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0006|     Mexico state fair, with the prior approval of the state board
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0007|     of finance, is <s>[hereby]</s> authorized from time to time to
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0008|     issue negotiable bonds in the aggregate principal amount of
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0009|     not to exceed six million dollars ($6,000,000).  The bonds
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0010|     shall be authorized by resolution of the <u>state fair</u>
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0011|     commission.  The bonds may be issued in one or more series,
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0012|     may bear such date or dates, may be in such denomination or
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0013|     denominations, may mature at such time or times not exceeding
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0014|     fifty years from the respective dates thereof, may mature in
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0015|     such amount or amounts, shall bear interest in accordance with
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0016|     the Public Securities Act, may be in such form as the state
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0017|     fair commission may determine and may be executed in such
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0018|     manner, may be payable in such medium of payment at such place
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0019|     or places and may be subject to such terms of redemption with
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0020|     or without premium as such resolution or other resolutions may
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0021|     provide.  The bonds <s>[shall]</s> <u>may</u> be sold at public sale for
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0022|     not less than par value and in the manner provided by law for
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0023|     the sale of municipal bonds <u>or may be sold at a private sale
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<u></u>0024| <u>    to the New Mexico finance authority</u>.  The bonds shall be
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0025|     negotiable instruments notwithstanding the form or tenor
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0001|     thereof.  <u>The New Mexico state fair may issue refunding bonds
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<u></u>0002| <u>    to refund, refinance, pay or discharge outstanding bonds,
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<u></u>0003| <u>    notes, loans or other obligations of the state fair on the
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<u></u>0004| <u>    same terms and conditions as provided for the issuance of
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<u></u>0005| <u>    other bonds by the New Mexico state fair.</u>"
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0006|          Section 3.  EMERGENCY.--It is necessary for the public
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0007|     peace, health and safety that this act take effect
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0008|     immediately.
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0009|                              
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