summary
Introduced
02/01/2021
02/01/2021
In Committee
03/03/2021
03/03/2021
Crossed Over
Passed
Dead
03/20/2021
03/20/2021
Introduced Session
2021 Regular Session
Bill Summary
AN ACT RELATING TO COURTS; ENACTING THE COUNTY COURTHOUSE BONDING ACT; AUTHORIZING THE NEW MEXICO FINANCE AUTHORITY TO ISSUE COUNTY COURTHOUSE TAX REVENUE BONDS; CREATING THE COUNTY COURTHOUSE BONDING FUND; CREATING THE COUNTY COURTHOUSE GRANT FUND; PROVIDING FOR GRANTS TO CERTAIN COUNTIES FOR COURTHOUSE PROJECTS; PROVIDING A TAX DISTRIBUTION TO THE COUNTY COURTHOUSE BONDING FUND.
AI Summary
This bill, the County Courthouse Bonding Act, authorizes the New Mexico Finance Authority to issue county courthouse tax revenue bonds to fund the remodeling, renovation, or construction of courthouses, including the purchase of equipment and furnishings, but excluding the purchase of land or buildings. The bill creates the County Courthouse Bonding Fund, which is funded by a distribution of $1 million annually from the state's gross receipts tax revenue from July 2021 through June 2026, and the net proceeds from the sale of the bonds. The bill also creates the County Courthouse Grant Fund, which will be used to provide grants to counties for courthouse projects, with the requirement that the counties provide matching funds.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
STBTC: Reported by committee with Do Not Pass but with a Do Pass recommendation on Committee Substitution (on 03/03/2021)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=321&year=21 |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/bills/senate/SB0321.pdf |
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