0001|                           HOUSE BILL 1200
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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|                        LUCIANO "LUCKY" VARELA
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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|                                AN ACT
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0011|     RELATING TO TRANSPORTATION SERVICES; CREATING A STATE VEHICLES
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0012|     ACQUISITION FUND; AUTHORIZING THE NEW MEXICO FINANCE AUTHORITY
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0013|     TO ISSUE REVENUE BONDS FOR THE PURCHASE OF STATE VEHICLES;
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0014|     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.  A new Section 15-8-8.1 NMSA 1978 is enacted to
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0018|     read:
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0019|          "15-8-8.1.  [<u>NEW MATERIAL</u>]  PAYMENTS TO THE DIVISION--
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0020|     STATE VEHICLES ACQUISITION FUND CREATED.--
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0021|               A.  The division may charge state agencies for use
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0022|     of state vehicles in an amount necessary to pay the costs
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0023|     incurred by the division for the purchase of state vehicles.
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0024|               B.  The "state vehicles acquisition fund" is created
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0025|     in the state treasury.  The fund shall account for charges
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0001|     related to debt retirement paid by state agencies to the
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0002|     division.  All income from investment of the fund shall be
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0003|     credited to the fund, and balances remaining in the fund at the
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0004|     end of any fiscal year shall not revert to the general fund. 
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0005|     Money in the fund shall be used for payment of all principal
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0006|     and interest due on outstanding revenue bonds during each
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0007|     fiscal year.
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0008|               C.  Distribution of all amounts on deposit in the
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0009|     state vehicles acquisition fund shall be made monthly to the
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0010|     New Mexico finance authority for the purpose of paying
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0011|     principal, interest, any premium and expenses and obligations
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0012|     related to revenue bonds issued by the authority for the
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0013|     purpose of purchasing state vehicles by the division."
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0014|          Section 2.  NEW MEXICO FINANCE AUHORITY REVENUE BONDS--
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0015|     PURPOSE--APPROPRIATION.--
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0016|               A.  The New Mexico finance authority may issue and
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0017|     sell revenue bonds in compliance with the New Mexico Finance
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0018|     Authority Act to pay the costs of purchasing state vehicles by
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0019|     the transportation services division of the general services
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0020|     department and paying expenses connected with the sale and
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0021|     issuance of the bonds.
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0022|               B.  The New Mexico finance authority may issue and
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0023|     sell revenue bonds authorized by this section when the
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0024|     secretary of general services certifies the need for the
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0025|     issuance of the bonds.  The proceeds from the sale of the bonds
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0001|     are appropriated to the transportation services division to
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0002|     purchase state vehicles.
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0003|               C.  The money collected by the transportation
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0004|     services division and deposited in the state vehicles
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0005|     acquisition fund pursuant to the provisions of Section 15-8-8.1
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0006|     NMSA 1978 is appropriated to the New Mexico finance authority
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0007|     to be pledged irrevocably for the payment of the principal,
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0008|     interest, any premium and expenses or obligations related to
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0009|     the bonds authorized in Subsection A of this section.
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0010|               D.  The money from the state vehicles acquisition
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0011|     fund distributed monthly to the New Mexico finance authority
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0012|     shall be deposited in a special bond fund or account of the
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0013|     authority.  At the end of each fiscal year, any money remaining
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0014|     in the special bond fund or account from distributions made to
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0015|     the authority during that fiscal year, after all principal,
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0016|     interest, any premium and expenses or obligations related to
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0017|     outstanding bonds and payable in that fiscal year are fully
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0018|     paid, shall be transferred by the authority to the
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0019|     transportation services division for purchase of state
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0020|     vehicles.  Upon payment of all principal, interest and premium
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0021|     and any other expenses or obligations related to the bonds, the
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0022|     authority shall certify to the transportation services division
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0023|     that all obligations for outstanding bonds issued pursuant to
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0024|     this section have been fully discharged and direct the general
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0025|     services department to cease distributing money pursuant to
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0001|     Section 15-8-8.1 NMSA 1978 to the authority.
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0002|               E.  The legislature shall not repeal, amend or
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0003|     otherwise modify any law that affects or impairs the collection
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0004|     of charges for deposit in the state vehicles acquisition fund
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0005|     by the transportation services division; the distribution of
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0006|     money from the state vehicles acquisition fund to the New
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0007|     Mexico finance authority; or any revenue bonds of the authority
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0008|     secured by a pledge of money collected by the division and
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0009|     distributed to the authority pursuant to Section 15-8-8.1 NMSA
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0010|     1978 until the bonds are fully paid and discharged or
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0011|     provisions have been made for their full payment and discharge.
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0012|          Section 3.  EMERGENCY.--It is necessary for the public
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0013|     peace, health and safety that this act take effect immediately.
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0014|                                                         State of New Mexico
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0015|                      House of Representatives
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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|                                               February 27, 1997
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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 TRANSPORTATION COMMITTEE, to whom has been
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0002|   referred
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0003|   
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0004|                       HOUSE BILL 1200
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0005|                               
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0006|   has had it under consideration and reports same with
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0007|   recommendation that it DO PASS, and thence referred to the
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0008|   TAXATION AND REVENUE 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|                                 <u>                                
</u>    |
<u></u>0015| <u>  
</u>    |
<u></u>0016| <u>                                </u>                             Daniel P. Silva, Chairman
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0017|   
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0018|   
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0019|   Adopted <u>                    </u>     Not Adopted <u>                    
</u>    |
<u></u>0020| <u>   </u>
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0021|             (Chief Clerk)                       (Chief Clerk)
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0022|   
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0023|                        Date <u>            </u>
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0024|   
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0025|   The roll call vote was<u> 11 </u> For<u> 0 </u> Against
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0001|   Yes:      11
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0002|             Excused:  None
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0003|             Absent:   W.C. Williams
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0004|   
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0005|   
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0006|   G:\BILLTEXT\BILLW_97\H1200
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