0001| HOUSE BILL 225
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0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003| INTRODUCED BY
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0004| PAULINE K. GUBBELS
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0005|
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0006|
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0007|
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0008| FOR THE LEGISLATIVE EDUCATION STUDY COMMITTEE
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0009|
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0010| AN ACT
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0011| RELATING TO PUBLIC FINANCES; EXTENDING THE TIME LIMIT FOR
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0012| ISSUANCE OF GENERAL OBLIGATION BONDS BY A SCHOOL DISTRICT,
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0013| COUNTY OR MUNICIPALITY TO FOUR YEARS; AMENDING SECTIONS OF THE
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0014| NMSA 1978.
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0015|
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0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017| Section 1. Section 6-15-9 NMSA 1978 (being Laws 1933,
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0018| Chapter 114, Section 1, as amended) is amended to read:
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0019| "6-15-9. BONDS AUTHORIZED AT ELECTION--TIME LIMIT ON
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0020| ISSUANCE--EXCEPTIONS.--No bonds shall be issued [or sold] by
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0021| any school district, county or municipality after the
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0022| expiration of [three] four years from the date of
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0023| [initiation of proceedings for] the election authorizing the
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0024| issue, except for the purpose of refunding previous bond issues
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0025| or in payment of judgments or if the issuance of the bonds has
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0001| been authorized at a regular election for officers of [any
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such] a school district, county or municipality or, where
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0003| authorized by statute, at a special election held for that pur-
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0004|
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0005| pose [such]. The bonds may be [sold to the United States
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or to the state in any case in which the state has made]
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0007| issued after the expiration of the four-year period if the
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0008| school district, county or municipality has received an offer
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0009| to purchase the bonds and the offer was accepted prior to the
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0010| expiration of the [three-year] four-year period. Any pe-
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0011|
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0012| riod of time when the validity of bonds or the election
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0013| [therefor] authorizing the issue is in litigation shall be
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0014| excluded from the [three-year] four-year period."
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0015| Section 2. Section 6-15-10 NMSA 1978 (being Laws 1933,
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0016| Chapter 114, Section 2, as amended) is amended to read:
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0017| "6-15-10. UNISSUED BONDS AUTHORIZED AT ELECTION--WHEN
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0018| VOID--EXCEPTIONS.--In all cases where bond issues by the school
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0019| districts, counties or municipalities have been authorized by
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0020| special election and the bonds have not been issued [and
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sold] within [three] four years from the date of the
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0022| [initiation of proceedings for the] special election autho-
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0023|
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0024| rizing the proposed issue, the proposed bond issue is void, ex-
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0025|
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0001| cept where issued for refunding bonded debt or for payment of
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0002| judgments against the school district, county or municipality
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0003| and, except where the issuance of the bonds has been authorized
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0004| at a regular election for officers of any school district,
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0005| county or municipality or, where authorized by statute, at a
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0006| special election held for those purposes. [Such] The bonds
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0007| may be [sold to the United States or to the state in any case
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in which the state has made] issued after the expiration of
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0009| the four-year period if the school district, county or
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0010| municipality has received an offer to purchase the bonds and
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0011| the offer was accepted prior to the expiration of the [three-
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year] four-year period."
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0013| State of New Mexico
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0014| House of Representatives
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0015|
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0016| FORTY-THIRD LEGISLATURE
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0017| FIRST SESSION, 1997
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0018|
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0019|
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0020| February 14, 1997
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0021|
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0022|
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0023| Mr. Speaker:
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0024|
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0025| Your EDUCATION COMMITTEE, to whom has been referred
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0001|
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0002| HOUSE BILL 225
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0003|
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0004| has had it under consideration and reports same with
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0005| recommendation that it DO PASS, and thence referred to the
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0006| TAXATION AND REVENUE COMMITTEE.
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0007|
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0008| Respectfully submitted,
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0009|
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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| Samuel F. Vigil, Chairman
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0015|
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0016|
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0017| Adopted Not Adopted
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0018|
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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 8 For 0 Against
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0024| Yes: 8
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0025| Excused: McSherry, Miera, Nicely, Weeks, S.M. Williams
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0001| Absent: None
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0002|
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0003|
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0004| G:\BILLTEXT\BILLW_97\H0225 State of New Mexico
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0005| House of Representatives
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0006|
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0007| FORTY-THIRD LEGISLATURE
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0008| FIRST SESSION, 1997
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0009|
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0010|
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0011| February 24, 1997
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0012|
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0013|
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0014| Mr. Speaker:
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0015|
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0016| Your TAXATION AND REVENUE COMMITTEE, to whom has
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0017| been referred
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0018|
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0019| HOUSE BILL 225
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0020|
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0021| has had it under consideration and reports same with
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0022| recommendation that it DO PASS.
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0023|
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0024| Respectfully submitted,
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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| Jerry W. Sandel, Chairman
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0006|
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0007|
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0008| Adopted Not Adopted
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0009|
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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 10 For 0 Against
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0015| Yes: 10
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0016| Excused: Russell, Sandel, Sandoval
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0017| Absent: None
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0018|
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0019|
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0020| G:\BILLTEXT\BILLW_97\H0225
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0021|
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0022| FORTY-THIRD LEGISLATURE
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0023| FIRST SESSION, 1997
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0024|
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0025|
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0001| March 15, 1997
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0002|
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0003| Mr. President:
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0004|
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0005| Your EDUCATION COMMITTEE, to whom has been referred
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0006|
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0007| HOUSE BILL 225
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0008|
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0009| has had it under consideration and reports same with
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0010| recommendation that it DO PASS, and thence referred to the
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0011| WAYS AND MEANS COMMITTEE.
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0012|
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0013| Respectfully submitted,
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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| Cynthia Nava, Chairman
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0020|
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0021|
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0022|
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0023| Adopted_______________________ Not
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0024| Adopted_______________________
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0025| (Chief Clerk) (Chief Clerk)
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0001|
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0002|
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0003| Date ________________________
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0004|
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0005|
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0006| The roll call vote was 7 For 0 Against
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0007| Yes: 7
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0008| No: 0
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0009| Excused: Boitano, Duran, Gorham
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0010| Absent: None
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0011|
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0012|
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0013| H0225ED1
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0014|
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0015|
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0016|
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0017| FORTY-THIRD LEGISLATURE
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0018| FIRST SESSION, 1997
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0019|
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0020|
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0021| March 19, 1997
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0022|
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0023| Mr. President:
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0024|
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0025| Your WAYS AND MEANS COMMITTEE, to whom has been
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0001| referred
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0002|
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0003| HOUSE BILL 225
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0004|
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0005| has had it under consideration and reports same with
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0006| recommendation that it DO PASS, and thence referred to the
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0007| FINANCE 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| Carlos R. Cisneros, Chairman
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0016|
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0017|
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0018|
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0019| Adopted_______________________ Not
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0020| 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| The roll call vote was 8 For 0 Against
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0003| Yes: 8
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0004| No: 0
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0005| Excused: McSorley
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0006| Absent: None
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0007|
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0008|
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0009| H0225WM1
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0010|
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0011|
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0012|
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0013| FORTY-THIRD LEGISLATURE
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0014| FIRST SESSION, 1997
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0015|
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0016|
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0017| March 20, 1997
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0018|
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0019| Mr. President:
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0020|
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0021| Your FINANCE COMMITTEE, to whom has been referred
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0022|
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0023| HOUSE BILL 225
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0024|
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0025| has had it under consideration and reports same with
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0001| recommendation that it DO PASS.
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0002|
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0003| Respectfully submitted,
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0004|
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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| Ben D. Altamirano, Chairman
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0010|
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0011|
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0012|
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0013| Adopted_______________________ Not
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0014| Adopted_______________________
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0015| (Chief Clerk) (Chief Clerk)
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0016|
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0017|
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0018|
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0019| Date ________________________
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0020|
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0021|
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0022| The roll call vote was 6 For 1 Against
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0023| Yes: 6
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0024| No: Lyons
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0025| Excused: Aragon, Ingle, McKibben, Smith
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0001| Absent: None
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0002|
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0003|
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0004| H0225FC1
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