0001| SENATE BILL 691 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| MANNY M. ARAGON | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO REVENUES; DISTRIBUTING A PORTION OF THE COMPENSATING | 0013| TAX TO THE PUBLIC PROJECT REVOLVING FUND FOR THE PURPOSE OF | 0014| ISSUING NEW MEXICO FINANCE AUTHORITY BONDS FOR STATE AND LOCAL | 0015| CAPITAL PROJECTS. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. A new section of the Tax Administration Act is | 0019| enacted to read: | 0020| "[NEW MATERIAL] DISTRIBUTION--COMPENSATING TAX--PUBLIC | 0021| PROJECT REVOLVING FUND.-- | 0022| A. A distribution pursuant to Section 7-1-6.1 NMSA | 0023| 1978 shall be made to the public project revolving fund in an | 0024| amount equal to eighty percent of the net receipts attributable | 0025| to the compensating tax. | 0001| B. The state pledges to and agrees with the holders | 0002| of any bonds or notes issued by the New Mexico finance authority | 0003| and payable from the net receipts attributable to the | 0004| compensating tax distributed to the New Mexico finance authority | 0005| pursuant to this section that the state will not limit, reduce | 0006| or alter the distribution of the net receipts attributable to | 0007| the compensating tax to the New Mexico finance authority or | 0008| limit, reduce or alter the rate of imposition of the | 0009| compensating tax until the bonds or notes together with the | 0010| interest on the bonds are fully met and discharged. The New | 0011| Mexico finance authority is authorized to include this pledge | 0012| and agreement of the state in any agreement with the holders of | 0013| the bonds or notes." | 0014| Section 3. EFFECTIVE DATE.--The effective date of the | 0015| provisions of this act is July 1, 1996. | 0016|  | 0017| | 0018| FORTY-SECOND LEGISLATURE | 0019| SECOND SESSION, 1996 | 0020| | 0021| | 0022| JANUARY 31, 1996 | 0023| | 0024| Mr. President: | 0025| | 0001| Your COMMITTEES' COMMITTEE, to whom has been referred | 0002| | 0003| SENATE BILL 691 | 0004| | 0005| has had it under consideration and finds same to be GERMANE, PURSUANT | 0006| TO CONSTITUTIONAL PROVISIONS, and thence referred to the WAYS AND | 0007| MEANS COMMITTEE. | 0008| | 0009| Respectfully submitted, | 0010| | 0011| | 0012| | 0013| | 0014| __________________________________ | 0015| SENATOR MANNY M. ARAGON, Chairman | 0016| | 0017| | 0018| | 0019| Adopted_______________________ Not Adopted_______________________ | 0020| (Chief Clerk) (Chief Clerk) | 0021| | 0022| | 0023| Date ________________________ | 0024| | 0025| | 0001| | 0002| S0691CC1 |