Bill would overhaul New Mexico Finance Authority

Posted at: 02/04/2013 7:54 AM
Updated at: 02/04/2013 8:01 AM
By: Erica Zucco, KOB Eyewitness News 4

Monday the Senate Rules Committee will consider a bill that would make some big changes within the New Mexico Finance Authority.

The bill was introduced after a 4 On Your Side investigation revealed that the authority had faked its 2011 audit.

Senate Bill 12 is sponsored by Sen. Tim Keller and Rep. James P. White, and would make several changes if passed.

It would change the authority's composition and quorum requirements, make provisions for member replacement, and require at least 8 hours of orientation for new members and for that committee to elect a chair and vice chair.

It would also establish an audit committee within the authority and more clearly define the restrictions and duties of the authority's members. Under the new bill, minutes of authority meetings and of audit committee meetings would need to be approved in an open meeting.

Meetings would need to be held at least quarterly, with six members present for quorum. The authority would be required to provide an opportunity for public comment at meetings.

The authority would appoint an audit committee and members would be provided with training. There would also be new requirements for members; they can no longer be represented on the authority by designees. All members would need to be qualified by "competence" and ten years or more of experience in institutional investment.

The bill will be discussed at 9 a.m. Monday in the Senate Rules Committee. You can view the full text of the bill here: