SENATE BILL 16

47th legislature - STATE OF NEW MEXICO - first special session, 2005

INTRODUCED BY

Shannon Robinson

AN ACT

RELATING TO PUBLIC FINANCE; ENACTING A NEW SECTION OF THE STATEWIDE ECONOMIC DEVELOPMENT FINANCE ACT TO AUTHORIZE THE ISSUANCE OF BONDS UP TO ONE HUNDRED FIFTY MILLION DOLLARS ($150,000,000) FOR THE CONSTRUCTION OF AN OIL REFINERY CONTINGENT ON CERTAIN CONDITIONS.

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

     Section 1. A new section of the Statewide Economic Development Finance Act is enacted to read:

     "[NEW MATERIAL] AUTHORIZATION TO ISSUE BONDS--OIL REFINERY.--In order to provide funds for the construction of an oil refinery to meet New Mexico fuel energy demands and to stimulate the state's economy, the authority shall issue revenue bonds, from time to time, in a principal amount outstanding not to exceed one hundred fifty million dollars ($150,000,000) at any given time. The bonds shall be payable solely from revenue generated by the oil refinery. Authorization for issuance of the bonds is contingent upon a matching investment from the private sector in an amount equal to or exceeding one hundred fifty million dollars ($150,000,000)."

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