0001| SENATE FINANCE COMMITTEE SUBSTITUTE FOR | 0002| SENATE BILL 1054 | 0003| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0004| | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO REVENUES; AUTHORIZING THE ISSUANCE OF SEVERANCE TAX | 0013| BONDS AND NEW MEXICO FINANCE AUTHORITY REVENUE BONDS FOR | 0014| ACQUISITION OF CORRECTIONAL FACILITIES; REMOVING A CREDIT | 0015| AGAINST THE GROSS RECEIPTS TAX FOR MUNICIPAL GROSS RECEIPTS | 0016| TAXES PAID; CREATING FUNDS; MAKING DISTRIBUTIONS; EXPANDING THE | 0017| GOVERNMENTAL GROSS RECEIPTS TAX; AMENDING, REPEALING AND | 0018| ENACTING SECTIONS OF THE NMSA 1978; MAKING APPROPRIATIONS; | 0019| DECLARING AN EMERGENCY. | 0020| | 0021| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0022| Section 1. [NEW MATERIAL] CORRECTIONAL FACILITIES | 0023| ACQUISITION FUND CREATED.-- | 0024| A. The "correctional facilities acquisition fund" | 0025| is created in the state treasury. The fund shall consist of | 0001| severance tax bond proceeds and New Mexico finance authority | 0002| revenue bond proceeds deposited in the fund and appropriations | 0003| to the fund. Except as provided in Subsection C of this | 0004| section, balances in the fund at the end of any fiscal year | 0005| shall remain in the fund. Earnings from investment of the fund | 0006| shall be credited to the fund. | 0007| B. Money in the correctional facilities acquisition | 0008| fund is available for appropriation by the legislature for the | 0009| acquisition of correctional facilities. | 0010| C. Upon certification by the secretary of | 0011| corrections and the secretary of general services to the | 0012| department of finance and administration that no additional | 0013| money is needed from the correctional facilities acquisition | 0014| fund for the acquisition of correctional facilities, any | 0015| balance remaining in the fund shall be transferred to the | 0016| general fund. | 0017| Section 2. [NEW MATERIAL] PUBLIC HEALTH, SAFETY AND | 0018| WELFARE FUND CREATED.--The "public health, safety and welfare | 0019| fund" is created in the state treasury. The fund shall consist | 0020| of money distributed to the fund pursuant to Section 7-9-82 | 0021| NMSA 1978. Money in the fund may be appropriated by the | 0022| legislature for any general governmental purpose. Balances in | 0023| the fund at the end of any fiscal year shall remain in the | 0024| fund. Earnings from investment of the fund shall be credited | 0025| to the fund. | 0001| Section 3. A new section of the New Mexico Finance | 0002| Authority Act is enacted to read: | 0003| "[NEW MATERIAL] CORRECTIONAL FACILITIES DEBT SERVICE FUND | 0004| CREATED.-- | 0005| A. The "correctional facilities debt service fund" is | 0006| created within the authority. The fund shall be administered by | 0007| the authority as a separate account. The authority may create | 0008| such subaccounts as the authority deems necessary to carry out the | 0009| purposes of the fund. The authority is authorized to establish | 0010| procedures as required to administer the fund in accordance with | 0011| the New Mexico Finance Authority Act. | 0012| B. The correctional facilities debt service fund shall | 0013| consist of money distributed to the fund for the purpose of | 0014| acquiring correctional facilities. | 0015| C. Money appropriated to pay administrative costs and | 0016| money available for administrative costs from other sources shall | 0017| not be deposited in the correctional facilities debt service fund | 0018| but shall be deposited in a separate account of the authority and | 0019| may be used by the authority to meet administrative costs of the | 0020| authority. The authority is authorized to deduct administrative | 0021| costs annually from the fund prior to making the transfer required | 0022| by Subsection F of this section. | 0023| D. Money in the correctional facilities debt service | 0024| fund not needed for immediate disbursement, including any money | 0025| held in reserve, may be deposited with the state treasurer for | 0001| short-term investment pursuant to Section 6-10-10.1 NMSA 1978 or | 0002| may be invested in direct and general obligations of or | 0003| obligations fully and unconditionally guaranteed by the United | 0004| States, obligations issued by agencies of the United States, | 0005| obligations of this state or any political subdivision of the | 0006| state, interest-bearing time deposits, commercial paper issued by | 0007| corporations organized and operating in the United States and | 0008| rated "prime" quality by a national rating service or as otherwise | 0009| provided by the trust indenture or bond resolution, if money in | 0010| the fund is pledged for or to secure payment of bonds issued by | 0011| the authority. | 0012| E. The authority shall establish fiscal controls and | 0013| accounting procedures that are sufficient to assure proper | 0014| accounting for correctional facilities debt service fund payments, | 0015| disbursements and balances. |