0001|      HOUSE APPROPRIATIONS AND FINANCE COMMITTEE SUBSTITUTE FOR
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0002|                           HOUSE BILL 1093
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0003|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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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|                                   
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0010|     
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0011|                                AN ACT
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0012|     RELATING TO ECONOMIC DEVELOPMENT; AUTHORIZING THE ISSUANCE OF
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0013|     CREDIT FOR AN AEROSPACE MANUFACTURING FACILITY IN TORRANCE
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0014|     COUNTY; DECLARING AN EMERGENCY.
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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.  STANDBY LETTER OF CREDIT.--The state board of
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0018|     finance may issue a standby letter of credit in an amount not
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0019|     exceeding one hundred fifty million dollars ($150,000,000) for
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0020|     the purpose of securing a loan from a commercial bank or
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0021|     financial institution to be used for obtaining federal funding
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0022|     for constructing facilities and establishing corporate
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0023|     headquarters for the IOSTAR-INTRASPACE corporation to be
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0024|     located in Torrance county and for design, development,
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0025|     construction and initial operations of the IOSTAR SPACE TUG
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0001|     when the state board of finance determines that the following
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0002|     conditions have been met:
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0003|               A.  the IOSTAR SPACE TUG has been developed
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0004|     sufficiently to justify the issuance of the standby letter of
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0005|     credit and that the IOSTAR SPACE TUG can proceed to full
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0006|     operation and contract within a reasonable time;
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0007|               B.  the parent corporation, IOSTAR, and the
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0008|     INTRASPACE corporation have relocated their headquarters and
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0009|     operations in New Mexico;
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0010|               C.  the standby letter of credit can be issued in 
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0011|     conformance with banking laws;
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0012|               D.  the federal funding for the project has been
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0013|     negotiated and structured in a manner determined by the state
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0014|     board of finance to minimize the financial risk to the state of
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0015|     New Mexico as a result of default under the loan secured by the
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0016|     standby letter of credit; and
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0017|               E.  the duration of the standby letter of credit
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0018|     will not exceed two years.
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0019|          Section 2.  EMERGENCY.--It is necessary for the public
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0020|     peace, health and safety that this act take effect immediately.
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0021|                              
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