0001| SENATE BILL 583
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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| RAYMOND L. KYSAR
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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 PUBLIC FINANCING; AMENDING AND ENACTING SECTIONS OF
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0013| THE NEW MEXICO FINANCE AUTHORITY ACT; DECLARING EMERGENCY.
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0014|
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0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016| Section 1. Section 6-21-3 NMSA 1978 (being Laws 1992,
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0017| Chapter 61, Section 3, as amended) is amended to read:
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0018| "6-21-3. DEFINITIONS.--As used in the New Mexico Finance
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0019| Authority Act:
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0020| A. "authority" means the New Mexico finance
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0021| authority;
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0022| B. "bond" means any bonds, notes, certificates of
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0023| participation or other evidence of indebtedness;
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0024| C. "bondholder" or "holder" means a person who is
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0025| the owner of a bond, whether registered or not;
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0001| D. "partnership project" means the acquisition,
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0002| construction, improvement, alteration or reconstruction of
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0003| assets of a long-term capital nature, including land; buildings;
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0004| water rights; water, sewage and waste disposal systems; or
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0005| machinery, furniture or equipment by a qualified entity that
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0006| controls at least twenty-five percent interest in a public-private partnership. The asset shall be suitable for use in any
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0007| one or combination of the following enterprises:
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0008| (1) an industry for the manufacturing,
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0009| processing or assembling of any agricultural or manufactured
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0010| products;
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0011| (2) commercial storage, warehousing,
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0012| distributing or selling products of agriculture, mining industry
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0013| or distribution to the public of electricity, gas, water or
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0014| telephone or other services commonly classified as public
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0015| utilities;
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0016| (3) a business in which all or part of the
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0017| activities of the business involve the supplying of services to
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0018| the general public or governmental agencies or to a specific
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0019| industry or customer;
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0020| (4) a nursing home;
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0021| (5) a mass-transit system or other
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0022| transportation activity involving the movement of passengers;
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0023| (6) an industrial park;
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0024| (7) business or corporate headquarters;
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0025| (8) a research and development facility; or
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0001| (9) any water distribution or irrigation
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0002| system, including, without limitation, pumps, distribution
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0003| lines, transmission lines, towers, dams and similar facilities
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0004| and equipment, designed to provide water to an agricultural
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0005| venture;
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0006| E. "public-private partnership project bond" means
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0007| a bond issued by the authority, the proceeds of which shall be
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0008| used to fund partnership projects;
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0009| [D.] F. "public project" means the acquisition,
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0010| construction, improvement, alteration or reconstruction of
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0011| assets of a long-term capital nature by a qualified entity,
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0012| including but not limited to land; buildings; water rights;
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0013| water, sewerage and waste disposal systems; streets; rural
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0014| roads; airports; municipal utilities; parking facilities; and
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0015| machinery, furniture and equipment. "Public project" includes
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0016| all proposed expenditures related to the entire undertaking;
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0017| [E.] G. "qualified entity" means the state or
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0018| any agency or institution of the state or any county,
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0019| municipality, school district, special district [or],
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0020| community water association or an Indian nation, tribe or
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0021| pueblo located wholly or partially in New Mexico, including a
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0022| political subdivision or a wholly owned enterprise of an Indian
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0023| nation, tribe or pueblo; and
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0024| [F.] H. "security" or "securities", unless the
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0025| context indicates otherwise, means bonds, notes or other
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0001| evidence of indebtedness issued by a qualified entity or leases
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0002| or certificates or other evidence of participation in the
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0003| lessor's interest in and rights under a lease with a qualified
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0004| entity and that are payable from taxes, revenues, rates,
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0005| charges, assessments or user fees or from the proceeds of
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0006| funding or refunding bonds, notes or other evidences of
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0007| indebtedness of a qualified entity or from certificates or
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0008| evidence of participation in a lease with a qualified entity."
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0009| Section 2. Section 6-21-14 NMSA 1978 (being Laws 1992,
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0010| Chapter 61, Section 14) is amended to read:
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0011| "6-21-14. PUBLICATION OF NOTICE--VALIDATION--LIMITATION OF
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0012| ACTION.--
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0013| A. After adoption of a resolution authorizing
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0014| issuance of bonds, including public-private partnership project
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0015| bonds, the authority shall publish notice of the adoption of
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0016| the resolution once in a newspaper of general statewide
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0017| circulation.
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0018| B. After the passage of thirty days from the
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0019| publication required by Subsection A of this section, any action
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0020| attacking the validity of the proceedings had or taken by the
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0021| authority preliminary to and in the authorization and issuance
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0022| of the bonds, including public-private partnership project
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0023| bonds, described in the notice is perpetually barred."
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0024| Section 3. Section 6-21-15 NMSA 1978 (being Laws 1992,
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0025| Chapter 61, Section 15) is amended to read:
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0001| "6-21-15. REFUNDING BONDS.--The authority is authorized to
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0002| issue its bonds for the purpose of refunding any bonds,
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0003| including public-private partnership project bonds, then
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0004| outstanding, including the payment of any redemption premiums
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0005| thereon and any interest accrued or to accrue to the date of
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0006| redemption of the outstanding bonds. Until the proceeds of the
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0007| bonds issued for the purpose of refunding outstanding bonds are
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0008| applied to the purchase or retirement of the outstanding bonds
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0009| or the redemption of the outstanding bonds, the proceeds may be
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0010| placed in escrow and be invested and reinvested. The interest,
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0011| income and profits, if any, earned or realized on any such
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0012| investment may, in the discretion of the authority, also be
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0013| applied to the payment of the outstanding bonds to be refunded
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0014| by purchase, retirement or redemption, as the case may be.
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0015| After the terms of the escrow have been fully satisfied and
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0016| carried out, any balance of such proceeds and interest, if any,
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0017| earned or realized on the investments thereof may be returned to
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0018| the authority for use by it in any lawful manner. All such
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0019| bonds shall be issued and secured and shall be subject to the
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0020| provisions of the New Mexico Finance Authority Act in the same
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0021| manner and to the same extent as any other bonds issued pursuant
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0022| to the New Mexico Finance Authority Act."
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0023| Section 4. Section 6-21-17 NMSA 1978 (being Laws 1992,
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0024| Chapter 61, Section 17) is amended to read:
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0025| "6-21-17. REMEDIES OF BONDHOLDERS.--Any holder of bonds,
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0001| including public-private partnership project bonds, issued
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0002| pursuant to the New Mexico Finance Authority Act or a trustee
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0003| under a trust indenture entered into pursuant to that act,
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0004| except to the extent that his rights are restricted by any bond
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0005| resolution or trust indenture authorized pursuant to the bond
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0006| resolution, may protect and enforce, by any suitable form of
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0007| legal proceedings, any rights under the laws of this state or
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0008| granted by the bond resolution or trust indenture authorized
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0009| pursuant to the bond resolution. Such rights include the right
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0010| to compel the performance of all duties of the authority
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0011| required by the New Mexico Finance Authority Act or the bond
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0012| resolution and to enjoin unlawful activities."
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0013| Section 5. Section 6-21-18 NMSA 1978 (being Laws 1992,
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0014| Chapter 61, Section 18) is amended to read:
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0015| "6-21-18. AGREEMENT OF THE STATE.--The state does hereby
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0016| pledge to and agree with the holders of any bonds or notes,
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0017| including public-private partnership project bonds, issued
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0018| under the New Mexico Finance Authority Act that the state will
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0019| not limit or alter the rights hereby vested in the authority to
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0020| fulfill the terms of any agreements made with the holders
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0021| thereof or in any way impair the rights and remedies of those
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0022| holders until the bonds or notes together with the interest
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0023| thereon, with interest on any unpaid installments of interest,
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0024| and all costs and expenses in connection with any action or
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0025| proceedings by or on behalf of those holders, are fully met and
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0001| discharged. The authority is authorized to include this pledge
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0002| and agreement of the state in any agreement with the holders of
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0003| the bonds or notes."
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0004| Section 6. Section 6-21-19 NMSA 1978 (being Laws 1992,
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0005| Chapter 61, Section 19) is amended to read:
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0006| "6-21-19. BONDS--LEGAL INVESTMENTS FOR PUBLIC OFFICERS AND
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0007| FIDUCIARIES.--The bonds, including public-private partnership
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0008| project bonds, issued under the authority of the New Mexico
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0009| Finance Authority Act shall be legal investments in which all
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0010| insurance companies, banks and savings and loan associations
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0011| organized under the laws of the state, public officers and
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0012| public bodies and all administrators, guardians, executors,
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0013| trustees and other fiduciaries may properly and legally invest
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0014| funds."
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0015| Section 7. Section 6-21-20 NMSA 1978 (being Laws 1992,
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0016| Chapter 61, Section 20) is amended to read:
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0017| "6-21-20. TAX EXEMPTION.--
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0018| A. It is [hereby] determined that the creation of
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0019| the authority is in all respects for the benefit of the people
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0020| of the state, for the improvement of their health and welfare
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0021| and for the promotion of proposed projects or facilities
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0022| pursuant to the New Mexico Finance Authority Act and that these
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0023| purposes are public purposes and the authority will be
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0024| performing an essential governmental function in the exercise of
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0025| the powers conferred upon it by the New Mexico Finance Authority
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0001| Act. The state covenants with the purchasers and all subsequent
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0002| holders and transferees of bonds issued by the authority, in
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0003| consideration of the acceptance of and payment for the bonds,
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0004| that the bonds, including public-private partnership project
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0005| bonds, issued pursuant to that act and the income from the
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0006| bonds shall at all times be free from taxation by the state,
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0007| except for estate or gift taxes and taxes on transfers.
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0008| B. The property, income and operations of the
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0009| authority shall be exempt from taxation of every kind and
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0010| nature."
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0011| Section 8. Section 6-21-23 NMSA 1978 (being Laws 1992,
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0012| Chapter 61, Section 23, as amended) is amended to read:
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0013| "6-21-23. PROHIBITED ACTIONS.--The authority shall not:
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0014| A. lend money or make a grant other than to a
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0015| qualified entity;
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0016| B. purchase securities other than from a qualified
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0017| entity or other than for investment as provided in the New
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0018| Mexico Finance Authority Act;
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0019| C. lease a public project to any entity other than a
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0020| qualified entity;
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0021| D. deal in securities within the meaning of or
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0022| subject to any securities law, securities exchange law or
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0023| securities dealers law of the United States or of the state or
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0024| of any other state or jurisdiction, domestic or foreign, except
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0025| as authorized in the New Mexico Finance Authority Act;
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0001| E. issue bills of credit or accept deposits of money
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0002| for time on demand deposit or administer trusts or engage in any
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0003| form or manner, or in the conduct of, any private or commercial
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0004| banking business, or act as a savings bank or savings and loan
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0005| association or any other kind of financial institution except as
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0006| authorized in the New Mexico Finance Authority Act; [or]
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0007| F. engage in any form of private or commercial
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0008| banking business except as authorized in the New Mexico Finance
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0009| Authority Act; or
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0010| G. lend money, issue bonds, including public-private partnership project bonds, or make a grant for the
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0011| promotion of gaming or a gaming enterprise or for development of
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0012| infrastructure for a gaming facility."
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0013| Section 9. Section 6-21-27 NMSA 1978 (being Laws 1992,
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0014| Chapter 61, Section 27) is amended to read:
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0015| "6-21-27. CUMULATIVE AUTHORITY.--The New Mexico Finance
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0016| Authority Act shall be deemed to provide an additional and
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0017| alternative method for the doing of things authorized
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0018| [thereby] in that act and shall be regarded as supplemental
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0019| and additional to powers conferred by other laws and shall not
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0020| be regarded as in derogation of any powers now existing;
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0021| provided that the issuance of bonds, including public-private
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0022| partnership project bonds, under the provisions of the New
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0023| Mexico Finance Authority Act need not comply with the
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0024| requirements of any other law applicable to the issuance of
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0025| bonds."
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0001| Section 10. A new section of the New Mexico Finance
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0002| Authority Act is enacted to read:
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0003| "[NEW MATERIAL] PARTNERSHIP PROJECT PROGRAM--DUTIES OF
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0004| AUTHORITY.--The authority has the following duties:
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0005| A. to develop and administer a program to assist a
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0006| qualified entity to enter into public-private partnerships that
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0007| will enhance the economic base of or provide an essential
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0008| service to a qualified entity's community;
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0009| B. to establish a process and procedures for review
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0010| and assessment of partnership projects; and
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0011| C. to work together with the qualified entities of
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0012| the state to develop projects that will benefit the community
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0013| and the state as a whole."
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0014| Section 11. A new section of the New Mexico Finance
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0015| Authority Act is enacted to read:
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0016| "[NEW MATERIAL] PARTNERSHIP PROJECTS--PROGRAM CREATED--LOANS.--The "public-private partnership program" is created to
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0017| provide needed capital for qualified entities that have created
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0018| partnerships with private sector entities to participate in
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0019| economic development opportunities or to provide needed services
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0020| for the community. The qualified entity shall control no less
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0021| than twenty-five percent of the partnership, shall be a managing
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0022| partner and shall hold the title to all facilities and
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0023| improvements in a percentage equal to that percentage of the
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0024| cost to develop the entire facility and improvements represented
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0025| by the amount of funding provided by the New Mexico finance
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0001| authority pursuant to the public-private partnership program;
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0002| provided, however, that the percentage ownership of the
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0003| facilities is no less than twenty-five percent of the ownership
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0004| interest in the facilities and improvements funded. To further
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0005| the purposes of the public-private partnership program, the
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0006| authority may:
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0007| A. make loans to qualified entities who are seeking
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0008| funds for partnership projects that may be profit-generating
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0009| ventures;
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0010| B. make, enter into and enforce all contracts or
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0011| agreements necessary, convenient or desirable for the purposes
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0012| of the authority or pertaining to:
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0013| (1) a loan to a qualified entity that is a
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0014| partner in a public-private partnership; or
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0015| (2) the performance of its duties and execution
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0016| of its powers under the New Mexico Finance Authority Act;
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0017| C. prescribe the form of application or procedure
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0018| required of a qualified entity for a loan, fix the terms and
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0019| conditions of the loan and enter into agreements with qualified
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0020| entities with respect to loans;
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0021| D. charge for the costs and services in review or
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0022| consideration of a proposed partnership project incurred by the
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0023| authority; or
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0024| E. issue public-private partnership project bonds in
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0025| amounts necessary to provide funding for partnership projects."
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0001|
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0002| Section 12. A new section of the New Mexico Finance
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0003| Authority Act is enacted to read:
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0004| "[NEW MATERIAL] PRIVATE-PUBLIC PARTNERSHIP PROJECT
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0005| BONDS--EXPRESS STATEMENT.--No provision of the New Mexico
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0006| Finance Authority Act regarding bonds issued by the authority
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0007| applies to public-private partnership project bonds unless the
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0008| section of that act expressly references public-private
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0009| partnership project bonds."
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0010| Section 13. A new section of the New Mexico Finance
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0011| Authority Act is enacted to read:
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0012| "[NEW MATERIAL] PUBLIC-PRIVATE PARTNERSHIP PROJECT
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0013| BONDS--AUTHORITY TO ISSUE--PROVISIONS.--
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0014| A. Public-private partnership project bonds may be
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0015| issued by the authority to fund partnership projects.
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0016| B. Public-private partnership project bonds issued
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0017| by the authority shall not be the general obligation of the
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0018| state or the authority.
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0019| C. Public-private partnership project bonds shall be
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0020| repaid solely out of the revenue derived from the partnership
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0021| projects that are funded by the proceeds derived from the sale
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0022| of those bonds or other revenues pledged by the qualified
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0023| entity.
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0024| D. Public-private partnership project bonds and
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0025| interest coupons, if any, issued by the authority, shall not
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0001| constitute an indebtedness of the authority or the public
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0002| project revolving fund or give rise to a financial liability of
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0003| the authority or the public project revolving fund. Each
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0004| public-private partnership project bond shall clearly state on
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0005| its face that the bonds do not constitute an indebtedness of the
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0006| authority or the public project revolving fund.
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0007| E. The authority shall set forth in a resolution
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0008| authorizing the issuance and sale of each issue of
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0009| public-private partnership project bonds, the following
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0010| requirements:
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0011| (1) the series, time, form and denomination in
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0012| which the bonds are to be executed and delivered;
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0013| (2) the maturity schedule that shall not exceed
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0014| thirty years from the date of issue;
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0015| (3) interest rates of the bonds; and
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0016| (4) whether the bonds will be sold by public or
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0017| private sale.
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0018| F. Public-private partnership project bonds issued
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0019| by the authority are negotiable instruments for all purposes of
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0020| the Uniform Commercial Code, subject only to the provisions of
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0021| the bonds for registration.
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0022| G. Any resolution for the issuance of public-private
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0023| partnership project bonds shall provide that each bond
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0024| authorized shall recite that it is issued by the authority. The
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0025| recital shall clearly state that the bonds are in full
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0001| compliance with all the provisions of the New Mexico Finance
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0002| Authority Act."
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0003| Section 14. A new section of the New Mexico Finance
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0004| Authority Act is enacted to read:
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0005| "[NEW MATERIAL] PUBLIC-PRIVATE PARTNERSHIP PROJECT
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0006| BONDS--SECURITY.--
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0007| A. The principal of and interest on public-private
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0008| partnership project bonds issued by the authority shall be
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0009| secured by a pledge of the revenues derived from the revenue-generating enterprise anticipated by the partnership project.
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0010| The principal of and interest on public-private partnership
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0011| project bonds may in addition be secured by a mortgage covering
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0012| all or any part of the partnership project from which the
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0013| revenues pledged may be derived or may be secured by a pledge of
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0014| the lease of the partnership project.
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0015| B. The resolution of the authority authorizing the
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0016| issuance and sale of public-private partnership project bonds
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0017| may contain agreements and provisions customarily contained in
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0018| instruments securing bonds, including terms to be incorporated
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0019| in a lease of the partnership project, creation and maintenance
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0020| of special funds from the revenues from the partnership project
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0021| and the rights and remedies available in the event of a default
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0022| to the bondholders or to the trustee under a mortgage and any
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0023| other provisions that the authority deems necessary and are not
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0024| in conflict with the New Mexico Finance Authority Act."
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0025| Section 15. A new section of the New Mexico Finance
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0001| Authority Act is enacted to read:
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0002| "[NEW MATERIAL] PUBLIC-PRIVATE PARTNERSHIP PROJECT
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0003| BONDS--USE OF PROCEEDS.--
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0004| A. The proceeds from the sale of public-private
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0005| partnership project bonds shall be applied only for the purpose
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0006| for which the bonds were issued; provided, however, that:
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0007| (1) any accrued interest received in a sale of
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0008| those bonds shall be applied to the payment of the interest on
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0009| the bonds sold; or
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0010| (2) if, for any reason, any portion of the
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0011| proceeds is not needed for the purpose for which the bonds were
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0012| issued, then the balance of the proceeds shall be applied to the
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0013| payment of the principal of or interest on the bonds.
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0014| B. The cost of funding a partnership project shall
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0015| be deemed to include the following:
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0016| (1) the actual cost of the construction of any
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0017| part of a partnership project, including architects', attorneys'
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0018| and engineers' fees;
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0019| (2) the purchase price of any part of a project
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0020| that may be acquired by purchase;
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0021| (3) the actual cost of the extension of
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0022| utilities to the project site or the development of other
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0023| infrastructure for the project;
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0024| (4) all expenses in connection with the
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0025| authorization, sale and issuance of the bonds to finance the
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0001| partnership project;
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0002| (5) the interest on the bonds for a reasonable
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0003| time prior to construction, during construction and not
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0004| exceeding six months after completion of construction; and
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0005| (6) working capital."
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0006| Section 17. EMERGENCY.--It is necessary for the public
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0007| peace, health and safety that this act take effect immediately.
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0008| - 16 -
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0017|
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0018|
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0019| FORTY-SECOND LEGISLATURE
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0020| SECOND SESSION, 1996
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0021|
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0022|
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0023| JANUARY 31, 1996
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0024|
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0025| Mr. President:
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0001|
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0002| Your COMMITTEES' COMMITTEE, to whom has been referred
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0003|
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0004| SENATE BILL 583
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0005|
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0006| has had it under consideration and finds same to be GERMANE, PURSUANT
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0007| TO CONSTITUTIONAL PROVISIONS, and thence referred to the
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0008| CORPORATIONS AND TRANSPORTATION COMMITTEE.
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0009|
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0010| Respectfully submitted,
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0011|
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0012|
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0013|
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0014|
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0015| __________________________________
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0016| SENATOR MANNY M. ARAGON, Chairman
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0017|
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0018|
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0019|
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0020| Adopted_______________________ Not Adopted_______________________
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0021| (Chief Clerk) (Chief Clerk)
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0022|
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0023|
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0024| Date ________________________
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0025|
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0001|
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0002|
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0003| S0583CC1
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0004|
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0005|
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0006| FORTY-SECOND LEGISLATURE
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0007| SECOND SESSION, 1996
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0008|
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0009|
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0010| February 6, 1996
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0011|
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0012| Mr. President:
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0013|
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0014| Your CORPORATIONS & TRANSPORTATION COMMITTEE, to whom
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0015| has been referred
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0016|
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0017| SENATE BILL 583
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0018|
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0019| has had it under consideration and reports same with recommendation that
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0020| it DO PASS, amended as follows:
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0021|
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0022| 1. On page 2, line 4, strike ", furniture or equipment".
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0023|
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0024| 2. On page 2, line 12, strike ", mining industry" and strike lines
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0025| 13 through 24 in their entirety.
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0001|
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0002| 3. On page 2, strike line 25 through "facility".
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0003|
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0004| 4. Renumber the succeeding paragraph accordingly.
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0005|
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0006| 5. On page 3, lines 13 and 14, strike "rural roads;".
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0007|
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0008| 6. On page 10, line 21, after "partnership" strike the comma,
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0009| strike the remainder of line 21 and lines 21 through 25 in their
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0010| entirety and insert in lieu thereof a period.
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0011|
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0012| 7. On page 11, strike lines 1 through 3 in their entirety and
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0013| strike line 4 through the period,
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0014|
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0015| and further recommends that it be referred to the WAYS AND MEANS
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0016| 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| Roman M. Maes, III, Chairman
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0024|
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0025|
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0001|
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0002| Adopted_______________________ Not Adopted_______________________
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0003| (Chief Clerk) (Chief Clerk)
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0004|
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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| The roll call vote was 7 For 1 Against
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0011| Yes: 7
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0012| No: Kidd
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0013| Excused: Riley
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0014| Absent: None
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0015|
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0016|
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0017| S0583CT1 .111824.2/A
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0018|
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0019|
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0020| FORTY-SECOND LEGISLATURE
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0021| SECOND SESSION, 1996
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0022|
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0023|
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0024| February 12, 1996
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0025|
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0001| Mr. President:
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0002|
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0003| Your WAYS AND MEANS COMMITTEE, to whom has been referred
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0004|
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0005| SENATE BILL 583, as amended
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0006|
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0007| has had it under consideration and reports same with recommendation that
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0008| it DO NOT PASS, but that
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0009|
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0010| SENATE WAYS AND MEANS COMMITTEE SUBSTITUTE FOR
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0011| SENATE BILL 583
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0012|
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0013| DO PASS, and thence referred to the FINANCE COMMITTEE.
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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| TITO D. CHAVEZ, Chairman
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0021|
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0022|
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0023| Adopted_______________________ Not Adopted_______________________
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0024| (Chief Clerk) (Chief Clerk)
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0025|
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0001| Date ________________________
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0002|
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0003|
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0004| The roll call vote was 5 For 0 Against
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0005| Yes: 5
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0006| No: 0
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0007| Excused: Riley, Romero, Wiener
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0008| Absent: None
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0009|
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0010| S0583WM1 SENATE WAYS AND MEANS COMMITTEE SUBSTITUTE FOR
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0011| SENATE BILL 583
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0012| 42nd legislature - STATE OF NEW MEXICO - second session, 1996
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0013|
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0014|
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0015|
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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| AN ACT
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0021| RELATING TO PUBLIC FINANCING; AMENDING SECTIONS OF THE NEW
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0022| MEXICO FINANCE AUTHORITY ACT; DECLARING AN EMERGENCY.
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0023|
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0024| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0025| Section 1. Section 6-21-3 NMSA 1978 (being Laws 1992,
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0001| Chapter 61, Section 3, as amended) is amended to read:
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0002| "6-21-3. DEFINITIONS.--As used in the New Mexico Finance
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0003| Authority Act:
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0004| A. "authority" means the New Mexico finance authority;
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0005| B. "bond" means any bonds, notes, certificates of
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0006| participation or other evidence of indebtedness;
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0007| C. "bondholder" or "holder" means a person who is the
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0008| owner of a bond, whether registered or not;
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0009| D. "public project" means the acquisition,
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0010| construction, improvement, alteration or reconstruction of
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0011| assets of a long-term capital nature by a qualified entity,
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0012| including but not limited to land; buildings; water rights;
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0013| water, sewerage and waste disposal systems; streets; airports;
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0014| municipal utilities; parking facilities; and machinery,
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0015| furniture and equipment. "Public project" includes all proposed
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0016| expenditures related to the entire undertaking;
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0017| E. "qualified entity" means the state or any agency or
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0018| institution of the state or any county, municipality, school
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0019| district, special district [or], community water association
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0020| or an Indian nation, tribe or pueblo located wholly or
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0021| partially in New Mexico, including a political subdivision or a
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0022| wholly owned enterprise of an Indian nation, tribe or pueblo;
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0023| and
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0024| F. "security" or "securities", unless the context
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0025| indicates otherwise, means bonds, notes or other evidence of
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0001| indebtedness issued by a qualified entity or leases or
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0002| certificates or other evidence of participation in the lessor's
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0003| interest in and rights under a lease with a qualified entity and
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0004| that are payable from taxes, revenues, rates, charges,
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0005| assessments or user fees or from the proceeds of funding or
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0006| refunding bonds, notes or other evidences of indebtedness of a
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0007| qualified entity or from certificates or evidence of
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0008| participation in a lease with a qualified entity."
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0009| Section 2. Section 6-21-23 NMSA 1978 (being Laws 1992,
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0010| Chapter 61, Section 23, as amended) is amended to read:
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0011| "6-21-23. PROHIBITED ACTIONS.--The authority shall not:
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0012| A. lend money or make a grant other than to a
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0013| qualified entity;
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0014| B. purchase securities other than from a qualified entity
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0015| or other than for investment as provided in the New Mexico Finance
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0016| Authority Act;
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0017| C. lease a public project to any entity other than a
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0018| qualified entity;
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0019| D. deal in securities within the meaning of or subject to
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0020| any securities law, securities exchange law or securities dealers
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0021| law of the United States or of the state or of any other state or
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0022| jurisdiction, domestic or foreign, except as authorized in the New
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0023| Mexico Finance Authority Act;
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0024| E. issue bills of credit or accept deposits of money for
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0025| time on demand deposit or administer trusts or engage in any form
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0001| or manner, or in the conduct of, any private or commercial banking
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0002| business, or act as a savings bank or savings and loan association
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0003| or any other kind of financial institution except as authorized in
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0004| the New Mexico Finance Authority Act; [or]
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0005| F. engage in any form of private or commercial banking
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0006| business except as authorized in the New Mexico Finance Authority
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0007| Act; or
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0008| G. lend money, issue bonds, including public-private
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0009| partnership project bonds, or make a grant for the promotion of
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0010| gaming or a gaming enterprise or for development of infrastructure
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0011| for a gaming facility."
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0012| Section 3. EMERGENCY.--It is necessary for the public peace,
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0013| health and safety that this act take effect immediately.
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0014| - 4 - 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|
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0021| February 14, 1996
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0022|
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0023|
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0024| Mr. Speaker:
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0025|
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0001| Your BUSINESS AND INDUSTRY COMMITTEE, to whom has
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0002| been referred
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0003|
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0004| SENATE WAYS AND MEANS COMMITTEE SUBSTITUTE FOR
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0005| SENATE BILL 583
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0006|
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0007| has had it under consideration and reports same with
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0008| recommendation that it DO PASS.
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0009|
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0010| Respectfully submitted,
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0011|
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0012|
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0013|
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0014|
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0015| Fred Luna, Chairman
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0016|
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0017|
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0018| Adopted Not Adopted
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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 12 For 0 Against
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0024| Yes: 12
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0025| Excused: None
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0001| Absent: None
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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| H0583BI1
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