0001| SENATE BILL 373
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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| BEN D. ALTAMIRANO
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0006|
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0007|
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0008|
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0009| FOR THE NEW MEXICO FINANCE AUTHORITY OVERSIGHT COMMITTEE
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0010|
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0011| AN ACT
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0012| RELATING TO INSURANCE FEES; AUTHORIZING THE ASSESSMENT OF A
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0013| SURCHARGE ON CERTAIN INSURANCE FEES; PROVIDING FOR THE
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0014| DISTRIBUTION OF PROCEEDS OF THE SURCHARGE; AUTHORIZING THE NEW
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0015| MEXICO FINANCE AUTHORITY TO ISSUE CERTAIN BONDS; AMENDING AND
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0016| ENACTING CERTAIN SECTIONS OF THE NMSA 1978; MAKING AN
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0017| APPROPRIATION; 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. A new section of the Insurance Code, Section
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0021| 59A-6-1.1 NMSA 1978, is enacted to read:
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0022| "59A-6-1.1. [NEW MATERIAL] SURCHARGE IMPOSED--APPROPRIATION.--A three-dollar ($3.00) surcharge shall be
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0023| assessed for the period beginning March 1, 1996 and ending March
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0024| 1, 2006 on the annual continuation of appointment fees imposed
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0025| in Subsections E, F, M, R, V and W of Section 59A-6-1 NMSA 1978.
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0001| The surcharge collected shall be appropriated and distributed
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0002| monthly to the New Mexico finance authority to be pledged
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0003| irrevocably for the payment of principal, interest and any other
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0004| expenses or obligations related to the bonds issued by the
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0005| authority to finance information and communication equipment,
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0006| including computer hardware and software, for the insurance
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0007| department."
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0008| Section 2. Section 59A-6-5 NMSA 1978 (being Laws 1984,
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0009| Chapter 127, Section 105, as amended) is amended to read:
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0010| "59A-6-5. DISTRIBUTION OF INSURANCE DEPARTMENT
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0011| COLLECTIONS.--
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0012| A. All money received by the insurance department or
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0013| insurance board for fees, licenses, penalties and taxes [except
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as provided by the Law Enforcement Protection Fund Act] shall
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0015| be paid daily by the superintendent to the state treasurer and
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0016| by him credited to the "insurance department suspense fund"
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0017| heretofore created and now existing except as provided by:
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0018| (1) the Law Enforcement Protection Fund Act;
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0019| and
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0020| (2) Section 59A-6-1.1 NMSA 1978.
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0021| B. The superintendent, with approval of the
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0022| corporation commission or insurance board, as the case may be
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0023| related to the money involved, may authorize refund of money
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0024| erroneously paid as fees, licenses, penalties or taxes from the
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0025| insurance department suspense fund under request for refund made
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0001| within three years after the erroneous payment.
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0002| C. At the end of every month the treasurer shall
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0003| transfer to the "fire protection fund" the balance remaining in
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0004| the insurance department suspense fund after applicable refunds
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0005| made therefrom under Subsection B of this section, and derived
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0006| from property and vehicle insurance business, and transfer to
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0007| the general fund the balance remaining in the insurance
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0008| department suspense fund derived from all other kinds of
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0009| insurance business."
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0010| Section 3. [NEW MATERIAL] NEW MEXICO FINANCE AUTHORITY
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0011| REVENUE BONDS--PURPOSE--APPROPRIATION.--
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0012| A. The New Mexico finance authority may issue and
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0013| sell revenue bonds in compliance with the New Mexico Finance
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0014| Authority Act in installments or at one time in an amount not
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0015| exceeding one million dollars ($1,000,000) for the purpose of
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0016| financing information and communication equipment, including
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0017| computer hardware and software, for the department of insurance.
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0018| B. The proceeds from the surcharge distributed
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0019| monthly to the New Mexico finance authority pursuant to Section
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0020| 59A-6-1.1 NMSA 1978 are appropriated to the authority to be
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0021| pledged irrevocably for the payment of the principal, interest
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0022| and any other expenses or obligations related to the bonds.
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0023| C. The surcharge proceeds appropriated to the New
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0024| Mexico finance authority shall be deposited in a separate fund
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0025| or account of the authority. At the end of each fiscal year,
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0001| any money remaining in the separate fund or account from
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0002| distributions made to the authority during that fiscal year,
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0003| after all principal, interest and any other expenses or
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0004| obligations related to the bonds in that fiscal year are fully
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0005| paid, shall be made available to the department of insurance for
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0006| acquisition of information and communication equipment,
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0007| including computer hardware and software. Upon payment of all
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0008| principal, interest and any other expenses or obligations
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0009| related to the bonds, the authority shall certify to the
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0010| department of insurance that all obligations for the bonds
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0011| issued pursuant to this section have been fully discharged and
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0012| direct the department to cease distributing money pursuant to
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0013| Section 59A-6-1.1 NMSA 1978 to the authority.
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0014| D. Any law authorizing the imposition or
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0015| distribution of the surcharge or that affects the surcharge
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0016| shall not be amended, repealed or otherwise directly or
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0017| indirectly modified so as to impair any outstanding revenue
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0018| bonds that may be secured by a pledge of the surcharge
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0019| collections, unless the revenue bonds have been discharged in
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0020| full or provisions have been made for a full discharge.
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0021| Section 4. EMERGENCY.--It is necessary for the public
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0022| peace, health and safety that this act take effect immediately.
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0023|
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0024|
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0025|
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0001|
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0002| FORTY-SECOND LEGISLATURE
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0003| SECOND SESSION, 1996
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0004|
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0005|
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0006| JANUARY 29, 1996
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0007|
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0008| Mr. President:
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0009|
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0010| Your COMMITTEES' COMMITTEE, to whom has been referred
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0011|
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0012| SENATE BILL 373
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0013|
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0014| has had it under consideration and finds same to be GERMANE, PURSUANT
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0015| TO CONSTITUIONAL PROVISIONS, and thence referred to the WAYS AND
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0016| MEANS COMMITTEE.
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0017|
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0018| Respectfully submitted,
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0019|
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0020|
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0021|
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0022|
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0023| __________________________________
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0024| SENATOR MANNY M. ARAGON, Chairman
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0025|
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0001|
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0002|
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0003| Adopted_______________________ Not Adopted_______________________
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0004| (Chief Clerk) (Chief Clerk)
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0005|
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0006|
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0007| Date ________________________
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0008|
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0009|
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0010|
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0011| S0373CC1
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0012|
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0013| FORTY-SECOND LEGISLATURE SB 373/a
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0014| SECOND SESSION, 1996
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0015|
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0016|
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0017| January 31, 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 referred
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0022|
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0023| SENATE BILL 373
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0024|
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0025| has had it under consideration and reports same with recommendation that
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0001| it DO PASS, amended as follows:
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0002|
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0003| l. On page 2, line 1, strike "appropriated and".
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0004|
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0005| 2. On page 3, between lines 17 and 18, insert the following new
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0006| subsection:
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0007|
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0008| "B. The New Mexico finance authority may issue and sell
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0009| revenue bonds authorized by this section when the superintendent of
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0010| insurance certifies the need for issuance of the bonds. The net
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0011| proceeds from the sale of the bonds are appropriated to the department
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0012| of insurance for the purposes described in Subsection A of this
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0013| section.".
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0014|
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0015| 3. Reletter the succeeding subsections accordingly.
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0016|
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0017| 4. On page 3, line 18, after "surcharge" insert "shall be".
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0018|
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0019| 5. On page 3, line 20, strike "are appropriated to the authority".
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0020|
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0021| 6. On page 3, line 23, strike "appropriated" and insert in lieu
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0022| thereof "distributed".
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0023|
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0024| 7. On page 4, line 5, strike "shall be made available" and insert
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0025| in lieu thereof "may be appropriated by the legislature".,
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0001|
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0002| and thence referred to the FINANCE COMMITTEE.
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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| Date ________________________
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0018|
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0019|
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0020| The roll call vote was 6 For 1 Against
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0021| Yes: 6
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0022| No: Rawson
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0023| Excused: Wiener
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0024| Absent: 0
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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|
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0005| S0373WM1 .111016.1 State of New Mexico
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0006| House of Representatives
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0007|
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0008| FORTY-SECOND LEGISLATURE
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0009| SECOND SESSION, 1996
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0010|
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0011|
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0012| February 9, 1996
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0013|
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0014|
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0015| Mr. Speaker:
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0016|
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0017| Your TAXATION AND REVENUE COMMITTEE, to whom has been
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0018| referred
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0019|
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0020| SENATE BILL 373, as ammended
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0021|
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0022| has had it under consideration and reports same with
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0023| recommendation that it DO PASS, and thence referred to the
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0024| APPROPRIATIONS AND FINANCE COMMITTEE.
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0025|
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0001| Respectfully submitted,
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0002|
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0003|
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0004|
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0005|
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0006| Jerry W. Sandel, Chairman
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0007|
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0008|
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0009| Adopted Not Adopted
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0010| (Chief Clerk) (Chief Clerk)
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0011|
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0012| Date
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0013|
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0014| The roll call vote was 11 For 0 Against
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0015| Yes: 11
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0016| Excused: Crook, Hawkins
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0017| Absent: None
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0018|
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0019|
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0020|
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0021|
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0022| S0373TR1 State of New Mexico
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0023| House of Representatives
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0024|
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0025| FORTY-SECOND LEGISLATURE
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0001| SECOND SESSION, 1996
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0002|
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0003|
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0004| February 12, 1996
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0005|
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0006|
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0007| Mr. Speaker:
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0008|
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0009| Your APPROPRIATIONS AND FINANCE COMMITTEE, to whom has
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0010| been referred
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0011|
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0012| SENATE BILL 373, as amended
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0013|
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0014| has had it under consideration and reports same with
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0015| recommendation that it DO PASS.
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0016|
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0017| Respectfully submitted,
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0018|
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0019|
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0020|
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0021|
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0022| Max Coll, Chairman
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0023|
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0024|
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0025| Adopted Not Adopted
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0001| (Chief Clerk) (Chief Clerk)
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0002|
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0003| Date
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0004|
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0005| The roll call vote was 12 For 0 Against
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0006| Yes: 12
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0007| Excused: Buffett, Casey, Knowles, Light, Taylor, Varela
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0008| Absent: None
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0009|
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0010|
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0011|
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0012| S0373AF1
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