Senate Bill #1

Michael Sanchez

Capitol Report New Mexico - It’s the first bill formally introduced by the New Mexico State Senate in this legislative session and by the time the 60-day session is over, it could be ranked No. 1 in the amount of debate generated as lawmakers try just about everything to tackle the state’s budget deficit. It’s Senate Bill 1 — The Recovery Investment Bonding Act – and has been introduced by Sen. Michael Sanchez (D-Belen), who believes that most — if not all — budget cuts can be eliminated should this legislation pass. But critics — including the administration of Gov. Susana Martinez – says it merely papers over the state’s budget problems. Here’s how the bill works: The state would issue up to $300 million in bonds from New Mexico’s permanent funds through the State Investment Council (SIC). The state could then use that money to pay off the deficit. To repay the permanent fund dollars, New Mexico would pledge future proceeds from the state gross receipts tax over a five-year period. Read full story here:

Senate Bill #1