0001|                         HOUSE BILL 793
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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|                        DAVID M. PARSONS
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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|     
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0011|                             AN ACT
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0012|     RELATING TO REVENUES; REPEALING THE AUTHORIZATION TO ISSUE NEW
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0013|     MEXICO FINANCE AUTHORITY REVENUE BONDS FOR LAND ACQUISITION AND
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0014|     SITE IMPROVEMENTS FOR A BUILDING FOR THE WORKERS' COMPENSATION
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0015|     ADMINISTRATION IN ALBUQUERQUE IN BERNALILLO COUNTY; MAKING AN
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0016|     APPROPRIATION FOR LAND ACQUISITION AND SITE IMPROVEMENTS FROM
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0017|     THE SUBSEQUENT INJURY FUND; DECLARING AN EMERGENCY.
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0018|     
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0019|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0020|       Section 1.  Law 1993, Chapter 367, Section 73, as amended
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0021|     by Laws 1994, Chapter 91, Section 1 is amended to read:
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0022|       "Section 73.  NEW MEXICO FINANCE AUTHORITY REVENUE BONDS--PURPOSE--APPROPRIATION.--
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0023|            A.  The New Mexico finance authority may issue and
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0024|     sell revenue bonds in compliance with the New Mexico Finance
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0025|     Authority Act in an amount not to exceed three million five
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0001|     hundred thousand dollars ($3,500,000) for the purpose of
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0002|     planning, designing, constructing, equipping and furnishing a
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0003|     state office building for the workers' compensation
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0004|     administration that complies with the federal Americans with
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0005|     Disabilities Act of 1990.
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0006|            <s>[B.  The New Mexico finance authority may issue and
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<s></s>0007| <s>    sell revenue bonds in compliance with the New Mexico Finance
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<s></s>0008| <s>    Authority Act in an amount not to exceed two million five
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<s></s>0009| <s>    hundred thousand dollars ($2,500,000) when the property control
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<s></s>0010| <s>    division of the general services department certifies the need
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<s></s>0011| <s>    for the issuance of the bonds.  The proceeds from the sale of
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<s></s>0012| <s>    the bonds are appropriated to the property control division of
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<s></s>0013| <s>    the general services department for acquiring land and making
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<s></s>0014| <s>    site improvements for a state office building for the workers'
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<s></s>0015| <s>    compensation administration in Albuquerque.
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<s></s>0016| <s>           C.]</s> <u>B.</u>  The first forty cents ($.40) of the
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0017|     workers' compensation assessments imposed pursuant to Section
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0018|     52-5-19 NMSA 1978 that is distributed to the New Mexico finance
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0019|     authority is appropriated to the authority to be pledged
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0020|     irrevocably for the payment of the principal, interest, any
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0021|     premium and expenses related to the issuance and sale of the
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0022|     bonds authorized pursuant to this section.
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0023|            <s>[D.]</s> <u>C.</u>  The revenues distributed to the New
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0024|     Mexico finance authority shall be deposited in a special bond
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0025|     fund or account of the authority.  At the end of each calendar
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0001|     quarter, any money remaining in the special bond fund or
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0002|     account, after all current obligations for the bonds and any
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0003|     sinking fund are fully met, shall be transferred by the
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0004|     authority to the state treasurer for deposit in the workers'
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0005|     compensation administration fund.  Upon payment of all principal
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0006|     and interest and any other expenses or obligations related to
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0007|     the issuance of the bonds, the New Mexico finance authority
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0008|     shall certify to the taxation and revenue department that all
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0009|     obligations for the bonds issued pursuant to this section have
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0010|     been fully discharged and direct the department to cease
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0011|     payments of workers' compensation assessment fee revenue to the
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0012|     authority.
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0013|            <s>[E.]</s> <u>D.</u>  The legislature shall not repeal, amend
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0014|     or otherwise modify any law that affects or impairs any revenue
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0015|     bonds of the New Mexico finance authority secured by a pledge of
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0016|     revenues from the workers' compensation assessments assessed
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0017|     pursuant to Section 52-5-19 NMSA 1978."
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0018|       Section 2.  APPROPRIATION.--Two million five hundred
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0019|     thousand dollars ($2,500,000) is appropriated from the
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0020|     subsequent injury fund to the property control division of the
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0021|     general services department for expenditure in fiscal years 1996
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0022|     and 1997 for the purposes of acquiring land and making site
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0023|     improvements for a state office building for the workers'
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0024|     compensation administration in Albuquerque.  Any unexpended or
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0025|     unencumbered balance remaining at the end of fiscal year 1997
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0001|     shall revert to the subsequent injury fund.
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0002|       Section 3.  EMERGENCY.--It is necessary for the public
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0003|     peace, health and safety that this act take effect immediately.
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0004|                              
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