0001| SENATE BILL 691
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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| MANNY M. ARAGON
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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; DISTRIBUTING A PORTION OF THE COMPENSATING
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0013| TAX TO THE PUBLIC PROJECT REVOLVING FUND FOR THE PURPOSE OF
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0014| ISSUING NEW MEXICO FINANCE AUTHORITY BONDS FOR STATE AND LOCAL
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0015| CAPITAL PROJECTS.
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0016|
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0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018| Section 1. A new section of the Tax Administration Act is
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0019| enacted to read:
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0020| "[NEW MATERIAL] DISTRIBUTION--COMPENSATING TAX--PUBLIC
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0021| PROJECT REVOLVING FUND.--
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0022| A. A distribution pursuant to Section 7-1-6.1 NMSA
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0023| 1978 shall be made to the public project revolving fund in an
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0024| amount equal to eighty percent of the net receipts attributable
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0025| to the compensating tax.
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0001| B. The state pledges to and agrees with the holders
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0002| of any bonds or notes issued by the New Mexico finance authority
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0003| and payable from the net receipts attributable to the
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0004| compensating tax distributed to the New Mexico finance authority
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0005| pursuant to this section that the state will not limit, reduce
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0006| or alter the distribution of the net receipts attributable to
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0007| the compensating tax to the New Mexico finance authority or
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0008| limit, reduce or alter the rate of imposition of the
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0009| compensating tax until the bonds or notes together with the
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0010| interest on the bonds are fully met and discharged. The New
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0011| Mexico finance authority is authorized to include this pledge
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0012| and agreement of the state in any agreement with the holders of
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0013| the bonds or notes."
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0014| Section 3. EFFECTIVE DATE.--The effective date of the
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0015| provisions of this act is July 1, 1996.
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0016|
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0017|
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0018| FORTY-SECOND LEGISLATURE
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0019| SECOND SESSION, 1996
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0020|
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0021|
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0022| JANUARY 31, 1996
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0023|
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0024| Mr. President:
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0025|
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0001| Your COMMITTEES' COMMITTEE, to whom has been referred
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0002|
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0003| SENATE BILL 691
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0004|
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0005| has had it under consideration and finds same to be GERMANE, PURSUANT
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0006| TO CONSTITUTIONAL PROVISIONS, and thence referred to the WAYS AND
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0007| MEANS COMMITTEE.
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0008|
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0009| Respectfully submitted,
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0010|
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0011|
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0012|
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0013|
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0014| __________________________________
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0015| SENATOR MANNY M. ARAGON, Chairman
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0016|
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0017|
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0018|
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0019| Adopted_______________________ Not Adopted_______________________
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0020| (Chief Clerk) (Chief Clerk)
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0021|
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0022|
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0023| Date ________________________
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0025|
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0001|
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0002| S0691CC1
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