A. The department shall charge claimant agencies an administrative fee of three percent of the debts for the claimant agencies pursuant to the Tax Refund Intercept Program Act.
B. The administrative fee authorized pursuant to Subsection A of this section shall be withheld on all debts set off and collected by the department on or after July 1, 1997 and shall be distributed monthly to the New Mexico finance authority to be pledged irrevocably for the payment of the principal, interest and expenses or other obligations related to the bonds for the taxation and revenue information management systems project. That distribution shall continue until the earlier of December 31, 2005 or the date on which the New Mexico finance authority certifies to the department that all obligations for bonds issued pursuant to Section 12 of this 1997 act have been fully discharged or provision has been made for their discharge and directs the department to cease distributing the money from the fee pursuant to Subsection A of this section to the authority. Thereafter, the administrative fees are appropriated to the department for use in administering the Tax Refund Intercept Program Act.
History: Laws 1985, ch. 106, § 12; 1994, ch. 56, § 8; 1997, ch. 125, § 5.
ANNOTATIONSCompiler's notes. — The phrase "Section 12 of this 1997 act" in Subsection B referred to Section 12 of Laws 1997, ch. 125, which was an uncompiled provision authorizing the issuance of revenue bonds.
The 1997 amendment, effective July 1, 1997, added the Subsection A designation, rewrote Subsection A, and added Subsection B.
The 1994 amendment, effective May 18, 1994, substituted "department" for "division" in the section heading and throughout the section.