AUTHORIZING THE NEW MEXICO FINANCE AUTHORITY TO ISSUE ADDITIONAL REVENUE BONDS AND TO MAKE AN INTERIM CASH LOAN PRIOR TO ISSUANCE OF THE BONDS TO IMPLEMENT THE TAXATION AND REVENUE INFORMATION MANAGEMENT SYSTEMS PROJECT; DECLARING AN EMERGENCY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Laws 1997, Chapter 125, Section 12 is amended to read:

"Section 12. NEW MEXICO FINANCE AUTHORITY REVENUE BONDS--PURPOSE--APPROPRIATION.--

A. The New Mexico finance authority may issue and sell revenue bonds in compliance with the New Mexico Finance Authority Act in installments or at one time in a total amount not exceeding thirty-three million seven hundred nine thousand eight hundred dollars ($33,709,800) for the purpose of financing the taxation and revenue information management systems project.

B. The New Mexico finance authority may issue and sell revenue bonds authorized by this section from time to time when the secretary of taxation and revenue, with the concurrence of the legislative finance committee, certifies the need for issuance of the bonds. The net proceeds from the sale of the bonds are appropriated to the taxation and revenue department for the purpose of financing the taxation and revenue information management systems project.

C. The revenue from administrative fees distributed monthly to the New Mexico finance authority shall be pledged irrevocably for the payment of the principal, interest and any expenses or other obligations related to the bonds.

D. The administrative fees distributed to the New Mexico finance authority shall be deposited in a separate fund or account of the authority. Upon payment of all principal, interest and any other expenses or obligations related to the bonds, the authority shall certify to the taxation and revenue department that all obligations for the bonds issued pursuant to this section have been fully discharged or provision has been made for their discharge and direct the department to cease the distributions to the authority of administrative fees pursuant to Section 1 of this act.

E. Any law authorizing the imposition or distribution of the administrative fees or that affects the administrative fees shall not be amended, repealed or otherwise directly or indirectly modified so as to impair any outstanding revenue bonds that may be secured by a pledge of the administrative fees, unless the revenue bonds have been discharged in full or provision has been made for a full discharge.

F. The New Mexico finance authority is authorized to make an interim cash loan from the public project revolving fund in an amount not to exceed two million five hundred thousand dollars ($2,500,000) prior to issuance of the bonds pursuant to this section.

G. The New Mexico finance authority is authorized to make an interim cash loan in fiscal year 1999 from the public project revolving fund in an amount not to exceed five million dollars ($5,000,000) to the taxation and revenue department for the purpose of implementing the taxation and revenue information management systems project."

Section 2. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.