0001|              SENATE JUDICIARY COMMITTEE SUBSTITUTE FOR
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0002|                           SENATE BILL 1261
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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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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 THE PUBLIC PEACE, HEALTH, SAFETY AND WELFARE;
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0013|     CREATING THE REVOLVING ECONOMIC DEVELOPMENT AND INITIATIVE LOAN
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0014|     FUND; MAKING AN APPROPRIATION.
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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.  ECONOMIC DEVELOPMENT ASSISTANCE.--The state
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0018|     board of finance shall provide assistance to encourage economic
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0019|     development and shall, for this purpose, make low-interest
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0020|     loans to qualifying businesses.  The state board of finance
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0021|     shall establish procedures for making loans from the revolving
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0022|     economic development and initiative loan fund and shall
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0023|     establish criteria for qualification, application, payment and
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0024|     repayment of loans.  The state board of finance shall
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0025|     promulgate rules concerning: the submission of business plans
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0001|     prior to the approval of economic development loans; regular
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0002|     performance monitoring and reporting systems for participating
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0003|     businesses to assure compliance with their business plans and
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0004|     terms of repayment; and cooperation between state agencies and
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0005|     applicant businesses for nonfinancial services, including
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0006|     marketing assistance, research assistance and assistance in
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0007|     complying with federal, state and local laws and regulations.
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0008|          Section 2.  REVOLVING ECONOMIC DEVELOPMENT AND INITIATIVE
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0009|     LOAN FUND.--There is created in the state treasury the
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0010|     "revolving economic development and initiative loan fund". 
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0011|     Money appropriated to the fund or accruing to it through gifts,
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0012|     grants, repayments of loans or interest shall not be
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0013|     transferred to any other fund or be encumbered or disbursed in
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0014|     any manner except as provided in this subsection.  Money in the
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0015|     fund shall not revert at the end of any fiscal year.  Money in
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0016|     the fund shall be administered by the state board of finance
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0017|     for the purpose of making low-interest loans to promote
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0018|     economic development.
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0019|          Section 3.  APPROPRIATION.--One million dollars
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0020|     ($1,000,000) is appropriated from the general fund to the
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0021|     revolving economic development and initiative loan fund for
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0022|     expenditure in fiscal year 1998 and subsequent fiscal years for
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0023|     the purpose of making low-interest loans.  Any unexpended or
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0024|     unencumbered balance remaining at the end of fiscal year 1998
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0025|     shall not revert to the general fund.
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