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.166531.1

SENATE JOINT RESOLUTION 11

48

TH LEGISLATURE

- STATE OF NEW MEXICO -

FIRST SESSION

, 2007

INTRODUCED BY

Pete Campos

A JOINT RESOLUTION

PROPOSING AN AMENDMENT TO THE CONSTITUTION OF NEW MEXICO TO

RAISE THE STATEWIDE DEBT LIMIT BY ONE PERCENT IF THE INCREASED

INDEBTEDNESS IS CREATED EXCLUSIVELY FOR HEALTH CARE FACILITIES

OR THE NEEDS OF NEW MEXICO'S INSTITUTIONS OF HIGHER LEARNING.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. It is proposed to amend Article 9, Section 8

of the constitution of New Mexico to read:

"A.

No debt other than those specified in the

preceding section shall be contracted by or on behalf of this

state, unless authorized by law for some specified work or

object; which law shall provide for an annual tax levy

sufficient to pay the interest and to provide a sinking fund to

pay the principal of such debt within fifty years from the time

of the contracting thereof. No such law shall take effect

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.166531.1

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until it shall have been submitted to the qualified electors of

the state and have received a majority of all the votes cast

thereon at a general election; such law shall be published in

full in at least one newspaper in each county of the state, if

one be published therein, once each week, for four successive

weeks next preceding such election.

B.

No debt shall be [so

] created pursuant to

Subsection A of this section

if:

(1)

the total indebtedness of the state,

exclusive of [the debts of the territory, and the several

counties thereof, assumed by the state

] debts created for

health care facilities or the needs of New Mexico's public

post-secondary educational institutions

, would thereby be made

to exceed one percent of the assessed valuation of all the

property subject to taxation in the state as shown by the

preceding general assessment; or

(2) the total indebtedness of the state for

all purposes would thereby be made to exceed two percent of the

assessed valuation of all property subject to taxation in the

state as shown by the preceding general assessment.

[B.

] C.

For the purposes of this section and

Article 4, Section 29 of the constitution of New Mexico, a

financing agreement entered into by the state for the leasing

of a building or other real property with an option to purchase

for a price that is reduced according to the payments made by

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.166531.1

the state pursuant to the financing agreement is not a debt if:

(1) there is no legal obligation for the state

to continue the lease from year to year or to purchase the real

property; and

(2) the agreement provides that the lease

shall be terminated if sufficient appropriations are not

available to meet the current lease payments."

Section 2. The amendment proposed by this resolution

shall be submitted to the people for their approval or

rejection at the next general election or at any special

election prior to that date that may be called for that

purpose.

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