0001| HOUSE BILL 62
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0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003| 1996
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0004| INTRODUCED BY
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0005| PAULINE K. GUBBELS
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0006|
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0007|
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0008|
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0009| FOR THE LEGISLATIVE EDUCATION STUDY COMMITTEE
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0010|
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0011| AN ACT
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0012| RELATING TO PUBLIC FINANCES; EXTENDING THE TIME LIMIT FOR
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0013| ISSUANCE OF GENERAL OBLIGATION BONDS BY A SCHOOL DISTRICT,
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0014| COUNTY OR MUNICIPALITY TO FOUR YEARS; AMENDING SECTIONS OF THE
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0015| NMSA 1978.
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0016|
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0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018| Section 1. Section 6-15-9 NMSA 1978 (being Laws 1933,
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0019| Chapter 114, Section 1, as amended) is amended to read:
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0020| "6-15-9. BONDS AUTHORIZED AT ELECTION--TIME LIMIT ON
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0021| ISSUANCE--EXCEPTIONS.--No bonds shall be issued [or sold] by
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0022| any school district, county or municipality after the expiration
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0023| of [three] four years from the date of [initiation of
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proceedings for] the election authorizing the issue, except for
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0025| the purpose of refunding previous bond issues or in payment of
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0001| judgments or if the issuance of the bonds has been authorized at
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0002| a regular election for officers of [any such] a school
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0003| district, county or municipality or, where authorized by
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0004| statute, at a special election held for that purpose [such].
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0005| The bonds may be [sold to the United States or to the state
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in any case in which the state has made] issued after the
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0007| expiration of the four-year period if the school district,
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0008| county or municipality has received an offer to purchase the
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0009| bonds and the offer was accepted prior to the expiration of the
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0010| [three-year] four-year period. Any period of time when the
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0011| validity of bonds or the election [therefor] authorizing the
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0012| issue is in litigation shall be excluded from the [three-year] four-year period."
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0013| Section 2. Section 6-15-10 NMSA 1978 (being Laws 1933,
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0014| Chapter 114, Section 2, as amended) is amended to read:
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0015| "6-15-10. UNISSUED BONDS AUTHORIZED AT ELECTION--WHEN
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0016| VOID--EXCEPTIONS.--In all cases where bond issues by the school
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0017| districts, counties or municipalities have been authorized by
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0018| special election and the bonds have not been issued [and sold]
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0019| within [three] four years from the date of the [initiation
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of proceedings for the] special election authorizing the
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0021| proposed issue, the proposed bond issue is void, except where
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0022| issued for refunding bonded debt or for payment of judgments
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0023| against the school district, county or municipality and except
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0024| where the issuance of the bonds has been authorized at a regular
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0025| election for officers of any school district, county or
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0001| municipality or, where authorized by statute, at a special
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0002| election held for those purposes. [Such] The bonds may be
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0003| [sold to the United States or to the state in any case in which
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the state has made] issued after the expiration of the four-year period if the school district, county or municipality has
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0005| received an offer to purchase the bonds and the offer was
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0006| accepted prior to the expiration of the [three-year] four-year period."
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0007| - 3 -
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0008|
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0009|
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0010|
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0011|
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0012|
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0013|
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0014| State of New Mexico
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0015| House of Representatives
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0016|
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0017| FORTY-SECOND LEGISLATURE
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0018| SECOND SESSION, 1996
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0019|
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0020| January 23, l996
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0021|
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0022|
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0023| Mr. Speaker:
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0024|
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0025| Your RULES AND ORDER OF BUSINESS COMMITTEE, to
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0001| whom has been referred
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0002|
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0003| HOUSE BILL 62
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0004|
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0005| has had it under consideration and finds same to be
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0006| GERMANE in accordance with constitutional provisions.
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0007|
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0008| Respectfully submitted,
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0009|
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0010|
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0011|
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0012|
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0013| Barbara A. Perea Casey,
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0014| Chairperson
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0015|
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0016|
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0017| Adopted Not Adopted
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0018|
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0019| (Chief Clerk) (Chief Clerk)
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0020|
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0021| Date
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0022|
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0023| The roll call vote was 8 For 0 Against
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0024| Yes: 8
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0025| Excused: Lujan, Olguin, Pederson, Ryan, Taylor, Wallach,
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0001| S. Williams
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0002| Absent: None
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0003|
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0004| H0062RC1 State of New Mexico
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0005| House of Representatives
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0006|
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0007| FORTY-SECOND LEGISLATURE
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0008| SECOND SESSION, 1996
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0009|
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0010|
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0011| January 31, 1996
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0012|
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0013|
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0014| Mr. Speaker:
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0015|
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0016| Your EDUCATION COMMITTEE, to whom has been referred
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0017|
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0018| HOUSE BILL 62
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0019|
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0020| has had it under consideration and reports same with
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0021| recommendation that it DO PASS, and thence referred to the
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0022| TAXATION AND REVENUE COMMITTEE.
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0023|
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0024| Respectfully submitted,
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0025|
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0001|
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0002|
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0003|
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0004| Samuel F. Vigil, Chairman
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0005|
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0006|
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0007| Adopted Not Adopted
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0008|
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0009| (Chief Clerk) (Chief Clerk)
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0010|
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0011| Date
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0012|
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0013| The roll call vote was 11 For 0 Against
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0014| Yes: 11
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0015| Excused: Wright
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0016| Absent: None
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0017|
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0018|
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0019|
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0020| H0062EC1 State of New Mexico
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0021| House of Representatives
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0022|
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0023| FORTY-SECOND LEGISLATURE
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0024| SECOND SESSION, 1996
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0025|
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0001|
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0002| February 9, 1996
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0003|
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0004|
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0005| Mr. Speaker:
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0006|
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0007| Your TAXATION AND REVENUE COMMITTEE, to whom has
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0008| been referred
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0009|
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0010| HOUSE BILL 62
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0011|
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0012| has had it under consideration and reports same with
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0013| recommendation that it DO PASS.
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0014|
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0015| Respectfully submitted,
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0016|
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0017|
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0018|
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0019|
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0020| Jerry W. Sandel, Chairman
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0021|
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0022|
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0023| Adopted Not Adopted
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0024|
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0025| (Chief Clerk) (Chief Clerk)
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0001|
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0002| Date
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0003|
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0004| The roll call vote was 12 For 0 Against
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0005| Yes: 12
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0006| Excused: Gallegos
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0007| Absent: None
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0008|
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0009|
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0010|
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0011| H0062TR1
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0012|
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0013| FORTY-SECOND LEGISLATURE
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0014| SECOND SESSION, 1996
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0015|
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0016|
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0017| February 13, 1996
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0018|
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0019| Mr. President:
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0020|
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0021| Your WAYS AND MEANS COMMITTEE, to whom has been
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0022| referred
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0023|
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0024| HOUSE BILL 62
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0025|
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0001| has had it under consideration and reports same with
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0002| recommendation that it DO PASS.
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0003|
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0004| Respectfully submitted,
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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| TITO D. CHAVEZ, Chairman
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0010|
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0011|
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0012|
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0013| Adopted_______________________ Not Adopted_______________________
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0014| (Chief Clerk) (Chief Clerk)
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0015|
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0016|
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0017|
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0018| Date ________________________
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0019|
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0020|
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0021| The roll call vote was 5 For 0 Against
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0022| Yes: 5
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0023| No: 0
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0024| Excused: Campos, Rhodes, Romero
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0025| Absent: None
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0001|
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0002|
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0003| H0062WM1
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0004|
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