SB 382 — BIOSCIENCE FUND REVERSION & INVESTMENT

SENATEAN BILLACT 382RELATING 56THTO LEGISLATUREECONOMIC -DEVELOPMENT; STATEOFNEWMEXICO- FIRST SESSION, 2023 INTRODUCED BY George K.

MuñozMAKING andTHE MartinBIOSCIENCE HickeyDEVELOPMENT ThisFUND documentA mayNONREVERTING incorporateFUND; amendments proposed by a committee, but not yet adopted, as well as amendments that have been adopted during the current legislative session.

TheCREATING documentTHE isBIOSCIENCE aCO-INVESTMENT toolFUND; to show amendments in context and cannot be used for the purpose of adding amendments to legislation.

h AN ACT g o RELATING TO ECONOMIC DEVELOPMENT;

MAKING THE BIOSCIENCE t hr g e i k DEVELOPMENT FUND A NONREVERTING FUND;

CREATING THE BIOSCIENCE h r i s CO-INVESTMENT FUND;

h6 , t, e u g e b l e e h BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

n d d i = = o h SECTION 1.

Section 9-15E-7 NMSA 1978 (being Laws 2017, l ] b ,d i a º e Chapter 134, Section 7) is amended to read:

r i = r t e w d m a n o "9-15E-7.

FUND CREATED.-- dA. m :

b e d s º o t n = .224656.2AIC March 7, 2023 (3:52pm) s k m e e a n e d r e l u [ A d A.

[Any general fund balance from money appropriated by the legislature in the fund shall revert at the end of a fiscal year.] Any unexpended or unencumbered balance remaining in the fund at the end of a fiscal year shall not revert to the general fund.

(3) property or securities acquired through h the use of money belonging to the fund;

g o t hr (4) all earnings of property or securities gSB e382 iPage k1 acquired pursuant to Paragraph (3) of this subsection;

h r i s (5) all of the money received by the authority h , t, from a public or private source;

and e u g e b l e e h (6) fees, rents or other charges imposed and n d d i = = o h collected by the authority.

l ] b ,d i a º e C.

Disbursements from the bioscience development rfund ishall =be rmade tonly eupon wwarrant ddrawn mby athe nsecretary oof fundfinance shalland beadministration madepursuant onlyto uponvouchers warrantsigned drawn by the secretary of deconomic mdevelopment :or the secretary's designee pursuant to the Bioscience Development Act." SECTION 2.

b e d s º o t n = .224656.2AIC March 7, 2023 (3:52pm) s k m e - 2 - e a n e d r e l u [ A d finance and administration pursuant to vouchers signed by the secretary of economic development or the secretary's designee pursuant to the Bioscience Development Act." SECTION 2.

"[NEW"INVESTMENT MATERIAL ] INVESTMENT PARTNERSHIPS.--The authority shall form partnerships with private investment organizations with at least five years' experience investing in New-Mexico-basedNew Mexico-based companies.

h"RESTRICTIONS.-- "[NEW MATERIAL ] RESTRICTIONS.-- g o t hr A.

Co-investment by the authority in New-Mexico-SB g382 ePage i2 kNew basedMexico-based bioscience businesses or businesses that relocate to New h r i s Mexico shall be matched by no less than a two-to-one ratio by h , t, private investment.

e u g e b l e e h B.

Entities receiving funds from the bioscience n d d i = = o h development fund shall establish operations in New Mexico with l ] b ,d i a º e greater than five employees for a period of greater than five r i = r t e w d m a n o years or until the business is no longer solvent.

dC. m :

bThe eboard dof sdirectors ºis oresponsible tfor ndetermination =of .224656.2AICadditional Marchrestrictions 7,related 2023to (3:52pm)the sbioscience kdevelopment mfund." eSECTION -4. 3 - e a n e d r e l u [ A d C.

TheEFFECTIVE boardDATE.--The ofeffective directorsdate isof responsiblethe forprovisions determination of additionalthis restrictionsact relatedis toJuly the1, bioscience2023. development fund." SFCº SECTION 4.

APPROPRIATION.--FiftySB million382 dollarsPage ($50,000,000)3 is25 appropriated from the general fund to the bioscience development fund for expenditure in fiscal year 2024 and subsequent fiscal years for the purposes of co-investment in New-Mexico-based bioscience businesses or established bioscience businesses that relocate to New Mexico.

Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund."»SFC SECTION SFCº5.»SFC SFCº4.»SFC EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2023.

- 4 - h u » r t h g e l i h r i s h , e h t u g e b l e e , gh n d d i = = o h l ] b ,d i a º r e r = t e w d m a n o d m :

b r e t º o t n = .224656.2AIC March 7, 2023 (3:52pm) s k m e e a n e d r e l u [ A d