reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 5 - FINANCING APPROVALS › Section 2.61.5.10 - FINANCING PLAN FOR STATE EDUCATIONAL INSTITUTION BONDS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Pursuant to
				6-17-9
				NMSA 1978, in order to obtain board approval of the issuance of state
				educational institution bonds, the board of regents of a state educational
				institution must demonstrate to the satisfaction of the board that the
				building, facility or improvement is needed and that the cost of the building,
				facility or improvement is reasonable and should and probably will return
				sufficient net income to repay the money borrowed with interest as the same is
				due and payable. The board of regents of a state educational institution may
				seek approval of the issuance of state educational institution bonds by
				preparing a financing plan for presentation to the board at a meeting of the
				board prior to the sale of state educational institution bonds. The financing
				plan for state educational institution bonds shall address the following:
(1) Where Section
				6-17-14
				NMSA 1978 Is Not Relied Upon By Issuing Authority
(a) Project information
(i) The need for the project in relation to
				the state educational institution's long-term strategic plan.
(ii) Estimated amount of net income to be
				generated from the project.
(iii)
				Estimated construction or acquisition costs of the building.
The basis for any projections or forecasts of future year
				  revenue should be explained, and if future revenue needed to support debt
				  service is to be derived solely from new facilities or projects, a feasibility
				  study reflecting the likelihood of such revenue should be furnished. The study
				  should clearly set forth any assumptions upon which the feasibility study is
				  based.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 5 - FINANCING APPROVALS › Section 2.61.5.11 - FINANCING PLAN FOR STATE AGENCY AND COMMISSION BONDS

Current through Register Vol. 35, No. 13, July 16, 2024
A. In order to obtain approval of the
				issuance of state agency and commission bonds, the board will require the
				issuing authority to prepare a financing plan for presentation to the board at
				a meeting of the board prior to the sale of the state agency and commission
				bonds. The financing plan for state agency and commission bonds shall address
				the following:
(1) Debt management
(a) current outstanding debt and relation of
				the proposed issue to financial and parity bond limits.
(b) five-year history and five-year forecast
				of pledged revenue used for proposed debt service. Historical data should be
				from fiscal year audited financial statements.
(c) current and five-year projected coverage
				ratios on annual debt service requirements by:
(i) pledged revenue.
(ii) total revenue legally available for debt
				service.
(iii) maximum fiscal year
				debt service as a percentage of prior fiscal year audited pledged revenue, if
				available.
(d) the basis
				for any projections or forecasts of future year revenue should be explained,
				and if future revenue needed to support debt service is to be derived from new
				facilities or projects, a feasibility study reflecting the likelihood of such
				revenue should be furnished. The study should clearly set forth any assumptions
				upon which the feasibility study is based.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 5 - FINANCING APPROVALS › Section 2.61.5.12 - FINAL STATUTORY APPROVAL BY THE STATE BOARD OF FINANCE ON ISSUANCE OF BONDS

Current through Register Vol. 35, No. 13, July 16, 2024
A. After review
				of the financing plan, the board may approve the issuance of bonds by adopting
				a board resolution establishing parameters for the maximum principal amounts of
				bonds, the maximum interest rates, and other findings, terms and conditions of
				the sale. These are subject to confirmation to the board staff from the issuing
				authority after the sale of the bonds that the parameters and other terms and
				conditions established in the board resolution were or will be
				satisfied.
B. Following approval of
				the financing plan and the adoption of the parameters resolution by the board
				and the subsequent sale of the bonds, but prior to closing, the public body
				shall present to the board staff the following information:
(1) results of the sale, including coupon,
				true-interest-cost and demonstration of compliance with all conditions
				established by the board.
(2)
				comparisons to other similar sale issues that have same ratings, credit
				enhancements, and call options. Comparisons should be made by actual yields to
				maturities.
(3) final versions of
				financing document.
(4) compliance
				with terms and conditions set out in the parameters resolution.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 5 - FINANCING APPROVALS › Section 2.61.5.14 - APPROVAL BY THE STATE BOARD OF FINANCE OF NET EFFECTIVE INTEREST RATES

Current through Register Vol. 35, No. 13, July 16, 2024
A. After review of
				the information required under Section 2.61.5.14.B below, the board may approve
				a proposed net effective interest rate for public securities by adopting a
				resolution establishing parameters relating to the proposed net effective
				interest rate for public securities, subject to confirmation to the board staff
				from the public body that the parameters established in the board resolution
				were satisfied.
B. Information
				relating to the proposed net effective interest rate for public securities
				provided to the board for its review shall include the following items:
(1) Rationale for the request to exceed the
				statutory net effective interest rate ceiling.
(2) Resolution or ordinance of the public
				body relating to the proposed net effective interest rate for public
				securities.
(3) Demonstration that
				financial officials of the public body are knowledgeable regarding the market
				conditions required for or relevant to the net effective interest rate for
				public securities.
(4)
				Demonstration of an expected long-term financial benefit to the public
				body.
(5) Draft parameters
				resolution of the board approving the exchange agreement.
(6) Any other information that the board, in
				its discretion, needs in order to fulfill its duty to review and approve the
				net effective interest rate for the securities.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 5 - FINANCING APPROVALS › Section 2.61.5.15 - SUBMISSION OF FINANCING PLANS, EXCHANGE AGREEMENT APPROVAL REQUESTS AND NET EFFECTIVE INTEREST RATE APPROVAL REQUESTS TO THE STATE BOARD OF FINANCE

Current through Register Vol. 35, No. 13, July 16, 2024
A. Financing plans
				and exchange agreement approval requests submitted to the board should address
				each of the specific items in this policy, if applicable, and packages should
				be tabbed for easy reference.
B.
				The original and ten copies of the financing plan or exchange agreement
				approval request should be submitted to the board. In addition, one copy should
				also be submitted to the board's financial advisor and one copy to the board's
				bond counsel.
C. Completed
				packages, in their entirety, must be submitted on or before the board's meeting
				deadline, as set by the board, and must meet application-formatting criteria.
				Packages must be three-hole-punched, and page length must be standard letter
				size, 8 inches by 11 inches.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 5 - FINANCING APPROVALS › Section 2.61.5.16 - PAYMENT BY PUBLIC BODY OF FEES AND COSTS OF REVIEW AND ANALYSIS BY BOARD'S FINANCIAL ADVISOR AND/OR BOND COUNSEL

Current through Register Vol. 35, No. 13, July 16, 2024
A. Effective October 1, 2003, any public body
				whose financings, including but not limited to issuance of bonds or interest
				rate exchange agreements, must be law by approved by the board shall, as a
				condition of such approval, be responsible for the payment, upon closing of the
				proposed financing, of any fees or costs of the board's financial advisor
				arising from that advisor's review, analysis and recommendations regarding its
				proposed financing, should such review, analysis and recommendation be deemed
				advisable by the board in its discretion. These costs may also include the
				preparation, printing and making of documents and any other costs approved by
				the board. Such fees and expenses shall be charged as costs of issuance, and
				thus shall not be reimbursed if the financing does not close. The public body's
				payment of any such fees and costs shall be a condition of board approval, and
				set forth as a parameter in every resolution approving a financing.
B. Effective February 25, 2004, any public
				body whose financings, including but not limited to issuance of bonds or
				interest rate exchange agreements, must be law by approved by the board shall,
				as a condition of such approval, be responsible for the payment, upon closing
				of the proposed financing, of any fees or costs of the board's bond counsel
				arising from that advisor's review, analysis and recommendations regarding its
				proposed financing, should such review, analysis and recommendation be deemed
				advisable by the board in its discretion. These costs may also include the
				preparation, printing and making of documents and any other costs approved by
				the board. Such fees and expenses shall be charged as costs of issuance, and
				thus shall not be reimbursed if the financing does not close. The public body's
				payment of any such fees and costs shall be a condition of board approval, and
				set forth as a parameter in every resolution approving a financing.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 6 - BOND PROJECT DISBURSEMENTS › Section 2.61.6.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
State Board of Finance, 181 Bataan Memorial Building, Santa
				  Fe, NM 87501.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 6 - BOND PROJECT DISBURSEMENTS › Section 2.61.6.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
All agencies with respect to draw down of bond proceeds from
				  severance tax bonds, supplemental severance tax bonds, or general obligation
				  bonds.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 6 - BOND PROJECT DISBURSEMENTS › Section 2.61.6.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section 6-1-1(E) NMSA 1978 provides for the state board of
				  finance to have general supervision of the fiscal affairs of the state and
				  securities belonging to or in custody of the state, and that the board may make
				  rules and regulations for carrying out these provisions.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 6 - BOND PROJECT DISBURSEMENTS › Section 2.61.6.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
February 28, 2002, unless a later date is cited at the end of
				  a section.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 6 - BOND PROJECT DISBURSEMENTS › Section 2.61.6.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Agency" means
				any department, commission, council, board, committee, institution, legislative
				body, agency, government corporation, educational institution or official of
				the executive, legislative or judicial branch of the government of the state.
				It also includes the purchasing division of the general services department and
				the state purchasing agent, but does not include local public bodies.
B. "Board" means state board of
				finance.
C. "Capital expenditure"
				means cost of a type that is properly chargeable to a capital account under
				general federal income tax principles.
D. "Draw requests" means agency request for
				bond proceeds on a form approved from time to time by board staff.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 6 - BOND PROJECT DISBURSEMENTS › Section 2.61.6.8 - INTERPRETATION OF AUTHORIZING LANGUAGE

Current through Register Vol. 35, No. 13, July 16, 2024
A. In accordance with New Mexico law, bond
				proceed expenditures shall not be made for purposes other than those specified
				in an appropriation and any other relevant law, and must meet the definition of
				capital expenditure unless otherwise authorized by law. It is crucial to
				determine whether the purpose for a draw request falls within an
				appropriation's permitted use. The following provides general direction and
				clarification in the interpretation of authorizing language. Agencies may also
				refer to the Uniform Statute and Rule Construction Act, 12-2A NMSA 1978 for
				guidance.
(1) Straight-forward language - some
				appropriation language is relatively unambiguous, either because it is quite
				specific or quite general, and it should not be difficult to determine whether
				the draw request falls within the appropriation language. The following
				examples use both specific and general language.
(a) "To purchase a van" - the specificity
				would not permit the purchase of a bus or truck or multiple vans. Using the
				appropriation to prepay rent on a leased vehicle would not be
				permitted.
(b) "For (a jail, an
				engineering study, specific type of equipment, etc.)" - "for" permits the
				broadest interpretation of the items that could be covered. The words act as a
				substitute for a particular verb or verbs that might raise interpretive
				questions or otherwise limit the use of funds. For example, "for a jail" could
				include purchasing an existing building, purchasing real estate, demolition,
				the planning and designing, constructing, equipping, furnishing and all other
				things of capital nature incident to completing the jail.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 6 - BOND PROJECT DISBURSEMENTS › Section 2.61.6.9 - PAYMENT OF CAPITAL PROJECT EXPENSES, DRAW REQUEST PROCEDURES

Current through Register Vol. 35, No. 13, July 16, 2024
A. The recipient of
				bond proceeds is the governmental entity that will carry-out the completion of
				the project. In many cases, the agency named to receive the appropriation will
				also be the entity responsible for the project. In other cases, the named
				agency will be an intermediate agency that is expected to make a grant to a
				local government entity to carry out the completion of the project. Either an
				intermediate agency may make a draw request to the board on behalf of a local
				government entity as recipient, or an agency itself as recipient may make the
				request directly to the board, unless otherwise approved by the board director.
(1) Documentation to support draw requests
				from agency:
(a) one draw request form for
				each project (1 original and 2 copies);
(b) proof of payment - notarized
				certification from an authorized signatory that expenditures are valid or
				actual receipts;
(c) evidence that
				conditions have been satisfied if applicable;
(d) certification that the statements made in
				the original certification and questionnaire remain true, including use of
				facility;
(e) additional
				documentation to be submitted for requests by state educational institutions:
(i) if the capital project only requires
				higher education department approval, a higher education department approval
				letter;
(ii) if the capital project
				requires both higher education department and board approval, a higher
				education department approval letter and a copy of the board action
				sheet;
(iii) if the capital project
				does not require higher education department approval, a higher education
				department project review approval verification.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 6 - BOND PROJECT DISBURSEMENTS › Section 2.61.6.10 - ART IN PUBLIC PLACES (AIPP) ACT

Current through Register Vol. 35, No. 13, July 16, 2024
A. A portion of appropriations for
				construction and major renovations shall be set aside for the acquisition or
				commissioning of works of art to be used in, upon or around public buildings.
(1) "Appropriations for construction and
				major renovations" include appropriations for that purpose to any public entity
				from severance tax bonds, general obligation bonds, or supplemental severance
				tax bonds, both taxable and tax-exempt.
(2) Under the AIPP Act, all agencies shall
				set aside the lesser of $200,000 or one percent of the amount appropriated for
				new construction or major renovation (exceeding $100,000) to use for art in,
				upon or around the building being constructed or renovated. In addition, an
				amount of money equal to the lesser of $200,000 or one percent of the amount
				appropriated for new construction or major renovations of auxiliary buildings,
				as defined in the AIPP Act, shall be accounted for separately and expended for
				acquisition and installation of art for existing public buildings, as defined.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 6 - BOND PROJECT DISBURSEMENTS › Section 2.61.6.11 - EXCEPTIONS TO THE RULE

Current through Register Vol. 35, No. 13, July 16, 2024
In the absence of specific legislative authority or
				  board-issued guidance to the contrary, this rule governs the disbursement of
				  all bond proceeds to agencies. Further, the executive director of the board, in
				  consultation with bond and board counsel, may approve exceptions to the
				  provisions herein when circumstances warrant.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 7 - DISTRIBUTION OF QUALIFIED ENERGY CONSERVATION BOND ALLOCATIONS › Section 2.61.7.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
State Board of Finance, 181 Bataan Memorial Building, Santa
				  Fe, New Mexico.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 7 - DISTRIBUTION OF QUALIFIED ENERGY CONSERVATION BOND ALLOCATIONS › Section 2.61.7.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  6-21E-1
				  NMSA 1978.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 7 - DISTRIBUTION OF QUALIFIED ENERGY CONSERVATION BOND ALLOCATIONS › Section 2.61.7.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
September 30, 2013 unless a later date is cited at the end of
				  a section.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 7 - DISTRIBUTION OF QUALIFIED ENERGY CONSERVATION BOND ALLOCATIONS › Section 2.61.7.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
To establish rules and regulations governing the distribution
				  of allocations of qualified energy conservation bonds provided for in Section
				  6-21E-1
				  NMSA 1978.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 7 - DISTRIBUTION OF QUALIFIED ENERGY CONSERVATION BOND ALLOCATIONS › Section 2.61.7.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Board" means
				the state board of finance.
B.
				"Bond counsel" means an attorney or a firm of attorneys listed in the most
				recently available "directory of municipal bond dealers of the United States",
				published by the bond buyer and commonly known as the "red book", in the
				section listing municipal bond attorneys of the United States or the successor
				publication thereto.
C. "Federal
				act" means Section 54(d) of the federal internal revenue code and includes
				federal rules and guidelines adopted to carry out the provisions of that
				section.
D. "Large local
				government" means a municipality or county with a population greater than one
				hundred thousand, as determined pursuant to the provisions of the federal act,
				or an Indian tribal government.
E.
				"Qualified conservation purpose" means:
(1)
				capital expenditures incurred for the purposes of:
(a) reducing energy consumption in publicly
				owned buildings by at least twenty percent;
(b) implementing green community programs,
				including the use of loans, grants or other repayment mechanisms to implement
				the programs;
(c) rural development
				involving the production of electricity from renewable energy resources;
				or
(d) any qualified facility as
				determined under Section 45(d) of the federal internal revenue code without
				regard to Paragraphs (8) and (10) of that section and without regard to any
				placed in service date;
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 7 - DISTRIBUTION OF QUALIFIED ENERGY CONSERVATION BOND ALLOCATIONS › Section 2.61.7.8 - STATE BOARD OF FINANCE DETERMINATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The board hereby determines that the
				following amounts of the state allocation totaling $20,587,000 are allocated to
				each of the following large local governments, subject to these amounts being
				returned to the board pursuant to Subsection B of 2.61.7.8 NMAC:
(1) to Bernalillo county $1,173,788, of which
				not more than $352,136 may be used for private activity bonds;
(2) to Dona Ana county $2,091,561, of which
				not more than $627,468 may be used for private activity bonds;
(3) to Sandoval county $1,268,799, of which
				not more than $380,639 may be used for private activity bonds;
(4) to San Juan county $1,270,895, of which
				not more than $381,268 may be used for private activity bonds;
(5) to Santa Fe county $1,493,296, of which
				not more than $447,988 may be used for private activity bonds;
(6) to the City of Albuquerque $5,415,557, of
				which not more than $1,624,667 may be used for private activity
				bonds.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 8 - APPROVAL OF REFUNDING BONDS › Section 2.61.8.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Department of Finance and Administration, 180 Bataan Memorial
				  Building, Santa Fe, NM 87501.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 8 - APPROVAL OF REFUNDING BONDS › Section 2.61.8.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
Any issuance of refunding bonds that, pursuant to Section
				  3-31-9
				  NMSA 1978, Section
				  4-62-8
				  NMSA 1978, or Section
				  6-15-11
				  NMSA 1978, requires department of finance and administration
				  approval.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 8 - APPROVAL OF REFUNDING BONDS › Section 2.61.8.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
A. Section
				3-31-9
				NMSA 1978 provides that a municipality shall receive from the department of
				finance and administration written approval of any gross receipts tax refunding
				revenue bonds, gasoline tax refunding revenue bonds or project refunding
				revenue bonds pursuant to the provisions of Sections
				3-31-8
				through
				3-31-12
				NMSA 1978.
B. Section
				4-62-8
				NMSA 1978 provides that a county shall receive from the department of finance
				and administration written approval of any non-utility gross receipts tax
				refunding bonds, gasoline tax refunding revenue bonds, fire protection
				refunding revenue bonds, environmental refunding revenue bonds, or non-utility
				project refunding revenue bonds issued pursuant to the provisions of Sections
				4-62-7
				through
				4-62-10
				NMSA 1978.
C. Section
				6-15-11
				NMSA 1978 provides that the governing body of any county, municipality or
				school district in this state may, with the approval of the department of
				finance and administration, issue bonds in such form as the governing body may
				determine, to be denominated refunding bonds, for the purpose of refunding any
				of the general obligation bonded indebtedness of the county, municipality or
				school district which has or will become due and payable or which has or will
				become payable at the option of the county, municipality or school district by
				consent of the bondholders or by any lawful means.
D. Section
				6-15-12
				NMSA 1978 provides that whenever a governing body of a county, municipality or
				school district deems it expedient to issue refunding bonds under the
				provisions of Sections
				6-15-11
				to
				6-15-22
				NMSA 1978, the governing body shall adopt an ordinance or resolution setting
				out the facts making the issuance of such refunding bonds necessary or
				advisable, the determination of such necessity or advisability of said
				governing body, and the amount of such refunding bonds which it is deemed
				necessary and advisable to issue.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 8 - APPROVAL OF REFUNDING BONDS › Section 2.61.8.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
February 29, 2016, unless a later date is cited at the end of
				  a section.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 8 - APPROVAL OF REFUNDING BONDS › Section 2.61.8.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
This rule provides general guidance regarding the financial
				  and legal requirements for department approval of certain refunding bond issues
				  as required by state statute. The rule is intended to benefit the state's
				  political subdivisions in their refunding bond policies. Department approval of
				  proposed refunding bonds is not intended to protect investors and does not
				  evidence the soundness of any investment. Department approval is based solely
				  on information provided by the issuing authority. The department has no duty to
				  independently investigate, and does not independently investigate, the merits
				  and risks involved in the refunding bonds.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 8 - APPROVAL OF REFUNDING BONDS › Section 2.61.8.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "All-inclusive
				interest cost" means the total cost of the refunding bonds, expressed as a
				discount rate calculated using the present value of all debt service payments
				on the refunding bonds and the total proceeds of the refunding bonds. The
				amount of refunding proceeds is adjusted by any accrued interest, original
				issue discount, original discount premium, costs of issuance, credit
				enhancement fees, and underwriter's spread.
B. "Costs of issuance" means all costs
				incurred by the issuing authority incident to the planning and sale of the
				refunding bonds. Costs of issuance include but are not limited to underwriters'
				spread, discount, or fees, counsel fees, financial advisor fees, credit
				enhancement costs, rating agency fees, trustee fees, accountant fees, printing
				costs, loan origination fees, administrative costs and costs incurred in
				connection with the required public notice process.
C. "Department" means the department of
				finance and administration.
D.
				"Financing documents" means any official statement, bond purchase agreement,
				indenture, liquidity facility, credit enhancement agreement, loan agreement or
				other similar agreement associated with the issuance of the refunding
				bonds.
E. "Issuing authority" for
				purposes of refunding bonds that by law require department approval, means the
				governmental unit or public body in the name of which refunding bonds are
				issued. For these purposes, issuing authorities include, but are not limited
				to, counties, school districts and municipalities.
F. "Refunded bonds" means a written promise
				to pay a specified sum of money (par value or principal amount) at a specified
				date or dates in the future (maturity dates) together, if applicable, with
				interest, that is proposed to be refunded through the issuance of refunding
				bonds. Refunded bonds include, for these purposes, but without limitation:
(1) tax revenue bonds, gasoline tax revenue
				bonds, or project revenue bonds issued by a municipality pursuant to Sections
				3-31-1
				through
				3-31-7
				NMSA 1978;
(2) non-utility gross
				receipts tax bonds, gasoline tax revenue bonds, fire protection revenue bonds,
				environmental revenue bonds, or non-utility project revenue bonds issued
				pursuant to the provisions of Sections
				4-62-1
				through
				4-62-6
				NMSA 1978; or
(3) general
				obligation bonds issued by a county, municipality or school district pursuant
				to Sections
				6-15-3
				through
				6-15-10
				NMSA 1978.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 8 - APPROVAL OF REFUNDING BONDS › Section 2.61.8.8 - FINANCING PLAN FOR REFUNDING BONDS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				In order to obtain approval of the issuance of refunding bonds, the issuing
				authority must prepare a financing plan prior to the sale of the refunding
				bonds that addresses the following:
(1)
				Refunding details:
(a) Estimated gross and
				net present value savings annually, if any, by each series of refunded bonds.
				If the refunding bonds are being issued together with new money bonds, the net
				present value savings calculation on the refunding bonds should exclude any
				interest payments or proceeds associated with the new money bonds.
(b) Interest rate and debt service
				comparisons between refunding bonds and their respective refunded
				bonds.
(c) Description of sources
				and uses of funds.
(d) If request
				is for approval of advance refunding bonds, redemption dates and call premiums
				on refunded bonds with an analysis of the potential costs and benefits of delay
				of issuing the refunding bonds, description of any special arbitrage issues,
				and type of proposed investments to be used for escrow accounts.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 8 - APPROVAL OF REFUNDING BONDS › Section 2.61.8.9 - FINAL STATUTORY APPROVAL BY THE DEPARTMENT ON ISSUANCE OF REFUNDING BONDS

Current through Register Vol. 35, No. 13, July 16, 2024
A. If the refunding
				bonds have not yet been sold at the time department approval is contemplated,
				the department may approve the issuance of refunding bonds by sending
				correspondence establishing parameters including the maximum principal amount,
				the maximum true interest cost, maximum coupon on each maturity, the maximum
				final maturity date, and final closing date for the refunding bonds. The
				issuing authority must include proposed parameters in its request to the
				department for approval and the department may request changes to the proposed
				parameters as a condition of its approval. Following the sale but at or before
				closing, the issuing authority will certify in writing to the department that
				the results of the sale are in compliance with all parameters, terms and
				conditions set by the department and include in the certification a report of
				the results of the sale with respect to each parameter. An issuing authority's
				failure to provide a full and accurate certification to the department on or
				before the final closing date will result in the department not having provided
				its approval to the issuing authority.
B. If the refunding bonds have been sold but
				not yet issued or closed at the time department approval is contemplated, the
				department may approve the issuance of the refunding bonds by sending
				correspondence communicating its final approval.
C. The issuing authority shall not deliver
				the refunding bonds to the purchasers until after the issuing authority has
				received written confirmation from the department that it has given its final
				approval.
D. The refunding bonds
				must be delivered to the purchasers by the issuing authority no later than any
				date established in the department correspondence. If the refunding bonds are
				not delivered to the purchasers by the issuing authority by any date set in the
				department correspondence, the issuing authority must prepare and present a new
				financing plan to the department.
E. If the department denies approval of the
				refunding bonds, the department will send written communication to the issuing
				authority stating that the request for approval of refunding bonds has been
				denied and summarizing the basis for its denial.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 8 - APPROVAL OF REFUNDING BONDS › Section 2.61.8.10 - SUBMISSION OF FINANCING PLAN TO THE DEPARTMENT

Current through Register Vol. 35, No. 13, July 16, 2024
A. A financing plan submitted to the
				department must address each of the specific items in this rule, if
				applicable.
B. One original hard
				copy and one identical electronic version of the financing plan must be
				submitted to the department. Municipalities and counties must also submit
				copies to the local government division of the department, and school districts
				must also submit copies to the public education department. The hard copy must
				be tabbed for easy reference and the electronic version should be
				bookmarked.
C. A financing plan, in
				its entirety, must be submitted at least 15 business days before the date on
				which established parameters or final approval is requested to be communicated
				by the department.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 9 - DETERMINATIONS OF THE STATE BOARD OF FINANCE › Section 2.61.9.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
State Board of Finance (SBOF), 181 Bataan Memorial Building,
				  Santa Fe, New Mexico.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 9 - DETERMINATIONS OF THE STATE BOARD OF FINANCE › Section 2.61.9.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
A. Counties
				requesting a determination from the state board of finance that a proposed
				county industrial revenue bond project will not directly or substantially
				compete with an existing business or enterprise located within the boundaries
				of the county or within five miles of the proposed project.
B. Commissions, departments, institutions,
				bureaus or agencies thereof and political subdivisions of the state requesting
				a determination from the board of greater public need when public property is
				taken.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 9 - DETERMINATIONS OF THE STATE BOARD OF FINANCE › Section 2.61.9.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
December 15, 2015, unless a later date is cited at the end of
				  a section.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 9 - DETERMINATIONS OF THE STATE BOARD OF FINANCE › Section 2.61.9.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
A. The board finds
				that increased economic competition, wages, and demand for labor are positive
				outcomes of economic development incentives, including industrial revenue
				bonds. Therefore, the board will exercise its authority to determine whether
				direct or substantial competition exists in a manner that allows healthy
				competition to occur in the interest of economic development, but that avoids
				material negative impact to an existing business that files a complaint
				pursuant to Section
				4-59-15
				NMSA 1978.
B. This rule establishes
				criteria that will be considered and administrative hearing procedures that
				will be followed to ensure compliance with the mandates of Section
				4-59-15
				NMSA 1978 and Section
				42-2-3 NMSA
				1978.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 9 - DETERMINATIONS OF THE STATE BOARD OF FINANCE › Section 2.61.9.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Administrative
				hearing" means a public hearing for which notice and an opportunity to be heard
				are provided prior to the board's consideration and issuance of the
				determinations contemplated by this rule. Administrative hearings under this
				rule do not require that the parties thereto be afforded all the elements of a
				traditional judicial proceeding.
B.
				"Board" means the state board of finance.
C. "Ex parte communications" means any oral,
				written or electronic communications between one party (or its attorney) and
				any board member(s) that occur out of the presence of, or without the consent
				of an opposing party (or its attorney). Communications included in this
				definition, in addition to direct communications, include indirect
				communications as where a party requests or suggests to a non-party to contact
				a board member on any matter related to a pending determination. Ex parte
				communications also occur when individuals sympathetic to one party make oral,
				written or electronic communications to any board member out of the presence
				of, or without the consent of the opposing party (or his/her attorney) on any
				matter related to a pending determination.
D. "State" or "state defendant" includes,
				with respect to determinations of the greater public need described at 2.61.9.9
				NMAC, any commission, department, institution, bureau or agency thereof as well
				as all political subdivisions of the state.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 9 - DETERMINATIONS OF THE STATE BOARD OF FINANCE › Section 2.61.9.8 - PROCEDURE FOR BOARD DETERMINATION OF DIRECT OR SUBSTANTIAL COMPETITION PURSUANT TO THE COUNTY INDUSTRIAL REVENUE BOND ACT

Current through Register Vol. 35, No. 13, July 16, 2024
A. A county with which a complaint has been
				filed pursuant to Section
				4-59-15
				NMSA 1978 shall submit the following to the board to request the board to make
				a determination:
(1) a cover letter stating
				the action requested from the board;
(2) a copy of the complaint filed with the
				county;
(3) a map depicting the
				location of the existing business or enterprise and the proposed project that
				allows verification that the existing business or enterprise is located within
				the boundaries of the county or within five miles of the proposed
				project;
(4) a certification by an
				authorized county official verifying that county industrial revenue bonds have
				not previously been issued by that county for the existing business or
				enterprise that filed the complaint, and noting whether the existing business
				or enterprise has ever in the past been denied the issuance of industrial
				revenue bonds;
(5) a copy of the
				final industrial revenue bond application submitted to the county by the new
				business; and
(6) a copy of any
				resolution or ordinance adopted by the county related to the proposed
				industrial revenue bonds.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 9 - DETERMINATIONS OF THE STATE BOARD OF FINANCE › Section 2.61.9.9 - PROCEDURE FOR BOARD DETERMINATION OF GREATER PUBLIC NEED RELATED TO SPECIAL ALTERNATIVE CONDEMNATION PROCEDURE

Current through Register Vol. 35, No. 13, July 16, 2024
When state-owned property must be taken and the state
				  defendant in whom title is vested does not concede that the purpose for which
				  the property is sought is the greater public need, the state entity that seeks
				  to take the property may submit the following to the board to request the board
				  to make a determination:
A. A
				submission from the state entity seeking to take the property that includes:
(1) a cover letter stating the action
				requested from the board;
(2) a
				description of its public need for the property, including copies of any master
				planning documents that require the property to be taken;
(3) a description of the selection process it
				used to identify the property and describing its efforts to identify other
				property that would be suitable to meet the public need;
(4) a description of efforts it has made with
				the state defendant to attempt to resolve the dispute prior to seeking a
				determination from the board;
(5)
				documentation to allow verification of the legal description of the property;
				and
(6) a resolution of the state
				entity's governing body requesting the board's determination, or a letter from
				the head of the state entity if such state entity has no governing body.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 9 - DETERMINATIONS OF THE STATE BOARD OF FINANCE › Section 2.61.9.10 - EX PARTE COMMUNICATIONS PROHIBITED

Current through Register Vol. 35, No. 13, July 16, 2024
No party or its attorney shall engage in ex parte
				  communications regarding a pending determination with any hearing officer
				  appointed to preside over an administrative hearing. Likewise, a hearing
				  officer shall not engage in ex parte communications on any matter to which that
				  hearing officer has been appointed with any party or its attorney. However,
				  there may be occasions when brief ex parte communications are warranted, for
				  example, for scheduling, administrative purposes, or emergencies that do not
				  deal with substantive matters or issues on the merits. A summary of what was
				  communicated shall be promptly disclosed to the individual who did not
				  participate in the ex parte communication. Board members and staff shall not
				  engage in any ex parte communications on any matter or for any reason related
				  to a pending determination with any party, attorney or interested
				  person.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 70 - CAPITAL EXPENDITURES › Part 4 - POLICY ON CAPITAL EXPENDITURES BY STATE EDUCATIONAL INSTITUTIONS › Section 2.70.4.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
All institutions of higher education confirmed by Article 12,
				  Section 11 of the New Mexico Constitution.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 70 - CAPITAL EXPENDITURES › Part 4 - POLICY ON CAPITAL EXPENDITURES BY STATE EDUCATIONAL INSTITUTIONS › Section 2.70.4.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  21-1-21,
				  NMSA 1978, as amended, which requires prior approval by the higher education
				  department and state board of finance of any expenditure by any state
				  educational institution confirmed by Article 12, Section 11 of the state
				  constitution for the purchase of real property or construction of buildings or
				  other major structures or major remodeling projects. Section
				  21-1-21.1,
				  NMSA 1978, as amended, which requires evidence of adequate parking. Executive
				  Order 2006-001, which establishes energy efficiency green building standards
				  for state of New Mexico executive buildings, including the higher education
				  department.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 70 - CAPITAL EXPENDITURES › Part 4 - POLICY ON CAPITAL EXPENDITURES BY STATE EDUCATIONAL INSTITUTIONS › Section 2.70.4.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
A. Section
				21-1-21 NMSA
				1978 states: "No expenditure shall be made by any state educational institution
				confirmed by Article 12, Section 11 of the state constitution for the purchase
				of real property or the construction of buildings or other major structures or
				for major remodeling projects without prior approval of the proposed purchase
				or construction or remodeling by the board of educational finance and the state
				board of finance".
B. Involvement
				of the state board of finance in the approval of capital outlay projects and
				capital expenditures at New Mexico colleges and universities is specified by
				this statute. This involvement is substantially different from the involvement
				with state building projects, where the state board of finance is the final
				authority for accepting bids and determining whether the project will be
				constructed. In the case of educational institutions, the authority for the
				actual construction of the project resides with the board of regents of the
				institution. However, New Mexico statute requires the higher education
				department and the state board of finance to provide prior approval to the
				board of regents before they are allowed to proceed with the project.
C. Since the statute requires the higher
				education department and the state board of finance to provide "prior" approval
				of the project, these two bodies should review all major capital projects to
				determine that the proposed project is in keeping with the overall statewide
				plan for higher education. The source of funding for the project should also be
				carefully reviewed to determine that sufficient funds are available for the
				project and the use of the funds will not have an adverse effect on other
				portions of the institution's budget. The sufficiency of planning for the
				project, and the completeness of the review of the project by the board of
				regents should also be determined.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 70 - CAPITAL EXPENDITURES › Part 4 - POLICY ON CAPITAL EXPENDITURES BY STATE EDUCATIONAL INSTITUTIONS › Section 2.70.4.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
For these purposes, "major" is defined as:
A. any project funded, in whole or in part,
				by capital outlay legislation signed into law which costs over $500,000.00, at
				institutions with FTE enrollments under 1,500;
B. any project funded, in whole or in part,
				by capital outlay legislation signed into law which costs over $750,000.00, at
				institutions with FTE enrollments of 1,500 or more;
C. any project funded exclusively by sources
				other than legislative appropriations which costs over $50,000.00, at
				institutions with enrollments of 1,500 FTE or less; or
D. any project funded exclusively by sources
				other than legislative appropriations which costs over $300,000.00, at
				institutions with enrollments exceeding 1,500 FTE.