0001| SENATE BILL 41
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0002| 43RD LEGISLATURE - STATE OF NEW MEXICO - FIRST SPECIAL SESSION, 1998
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0003| INTRODUCED BY
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0004| Shannon Robinson
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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 THE NEW MEXICO FINANCE AUTHORITY; PROVIDING
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0012| LEGISLATIVE AUTHORIZATION TO THE NEW MEXICO FINANCE AUTHORITY
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0013| TO REFINANCE OUTSTANDING OBLIGATIONS OF THE NEW MEXICO STATE
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0014| FAIR; AUTHORIZING THE NEW MEXICO STATE FAIR TO ISSUE REFUNDING
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0015| BONDS AND TO SELL BONDS TO THE NEW MEXICO FINANCE AUTHORITY;
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0016| MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0017|
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0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019| Section 1. AUTHORIZATION OF PROJECT--APPROPRIATION.--
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0020| Pursuant to the provisions of Section 6-21-6 NMSA 1978, the
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0021| legislature authorizes the New Mexico finance authority to
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0022| utilize the public project revolving fund to make a loan to or
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0023| purchase securities of the New Mexico state fair to refinance
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0024| or refund outstanding bonds, notes, loans or other obligations
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0025| of the state fair on terms and conditions established by the
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0001| authority. The net proceeds of the loan or securities are
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0002| appropriated to the New Mexico state fair.
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0003| Section 2. Section 16-6-16 NMSA 1978 (being Laws 1935,
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0004| Chapter 69, Section 4, as amended) is amended to read:
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0005| "16-6-16. ISSUANCE OF NEGOTIABLE BONDS--TERMS.--The New
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0006| Mexico state fair, with the prior approval of the state board
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0007| of finance, is [hereby] authorized from time to time to
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0008| issue negotiable bonds in the aggregate principal amount of
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0009| not to exceed six million dollars ($6,000,000). The bonds
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0010| shall be authorized by resolution of the state fair
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0011| commission. The bonds may be issued in one or more series,
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0012| may bear such date or dates, may be in such denomination or
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0013| denominations, may mature at such time or times not exceeding
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0014| fifty years from the respective dates thereof, may mature in
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0015| such amount or amounts, shall bear interest in accordance with
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0016| the Public Securities Act, may be in such form as the state
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0017| fair commission may determine and may be executed in such
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0018| manner, may be payable in such medium of payment at such place
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0019| or places and may be subject to such terms of redemption with
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0020| or without premium as such resolution or other resolutions may
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0021| provide. The bonds [shall] may be sold at public sale for
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0022| not less than par value and in the manner provided by law for
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0023| the sale of municipal bonds or may be sold at a private sale
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0024| to the New Mexico finance authority. The bonds shall be
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0025| negotiable instruments notwithstanding the form or tenor
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0001| thereof. The New Mexico state fair may issue refunding bonds
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0002| to refund, refinance, pay or discharge outstanding bonds,
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0003| notes, loans or other obligations of the state fair on the
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0004| same terms and conditions as provided for the issuance of
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0005| other bonds by the New Mexico state fair."
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0006| Section 3. EMERGENCY.--It is necessary for the public
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0007| peace, health and safety that this act take effect
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0008| immediately.
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0009|
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