Master FIR (1988)

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F I S C A L I M P A C T R E P O R T

SPONSOR:	Salazar		DATE TYPED:	02/15/99		HB	249
SHORT TITLE:		Reporting Requirements for Issuing Bonds				SB
					ANALYST:		Eaton

APPROPRIATION

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY99

FY2000

FY99

FY2000

NFI

(Parentheses ( ) Indicate Expenditure Decreases)

SOURCES OF INFORMATION

LFC Files

SUMMARY

Synopsis of Bill

This bill would impose annual reporting to the department of finance and administration on municipalities and counties that issue industrial revenue bonds. This bill also cleans up some language on Section 3-32-16 NMSA 1978.

The reported information will be:

•The amount of bonds authorized twelve months prior
•The amount of bonds issued twelve months prior
•A description of the project requiring bonds
•Terms of the bonding
•The name of the company(ies) performing the work on the project and company health care coverage, if any
•Information on bonds outstanding

FISCAL IMPLICATIONS

None.

TECHNICAL ISSUES

The proposed language change strikes language that is no longer in the latest New Mexico Statutes. The latest version of Section 3-32-16 NMSA 1978, Annotated reads:

3-32-16. No notice or publication required.

No notice, consent or approval by any governmental body or public officer shall be required as a prerequisite to the sale or issuance of any bonds or the making of a mortgage under the authority of Sections 3-32-1 through 3-32-16 NMSA 1978, except as provided in these sections.

History: 1953 Comp., § 14-31-13, enacted by Laws 1965, ch. 300.

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