HOUSE TAXATION AND REVENUE COMMITTEE SUBSTITUTE FOR

HOUSE BILL 248

57th legislature - STATE OF NEW MEXICO - second session, 2026

 

 

 

 

 

 

 

AN ACT

RELATING TO GENERAL OBLIGATION BONDS; AUTHORIZING THE ISSUANCE AND SALE OF CAPITAL PROJECTS GENERAL OBLIGATION BONDS TO MAKE CAPITAL EXPENDITURES FOR STATEWIDE SENIOR CENTERS, LIBRARIES AND HIGHER EDUCATION; PROVIDING FOR A PROPERTY TAX LEVY FOR PAYMENT OF PRINCIPAL OF, INTEREST ON AND COSTS RELATED TO THE BONDS; REQUIRING APPROVAL OF THE REGISTERED VOTERS AT THE 2026 GENERAL ELECTION OF THE STATE; DECLARING AN EMERGENCY.

 

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

     SECTION 1. SHORT TITLE.--This act may be cited as the "2026 Capital Projects General Obligation Bond Act".

     SECTION 2. PURPOSE.--For the purpose of providing funds for capital expenditures as authorized in the 2026 Capital Projects General Obligation Bond Act, general obligation indebtedness of the state is authorized for the purposes and in the amounts set forth in Section 10 of that act.

     SECTION 3. BOND TERMS.--

          A. The state board of finance, except as limited by the 2026 Capital Projects General Obligation Bond Act, shall determine the terms, covenants and conditions of bonds issued pursuant to that act, including:

                (1) date or dates of issue, denominations and maturities;

                (2) principal amounts;

                (3) rate or rates of interest; and

                (4) provisions for redemption, including premiums, registration and refundability, whether the bonds are issued in one or more series and other covenants relating to the bonds and the issuance thereof.

          B. The bonds shall be in such form as the state board of finance determines with an appropriate series designation and shall bear interest payable as set forth in the resolution of the state board of finance.

          C. Payment of the principal of the bonds shall begin not more than two years after the date of their issuance, and the bonds shall mature not later than eleven years after the date of their issuance. Both principal and interest shall be payable in lawful money of the United States at the office of the paying agent within or without the state as the state board of finance may direct.

          D. The bonds shall be executed with the manual or facsimile signature of the governor or the state treasurer, and the seal or a facsimile of the seal of the state shall be placed on each bond, except for any series of bonds issued in book entry or similar form without the delivery of physical securities.

          E. The bonds shall be issued in accordance with the provisions of the 2026 Capital Projects General Obligation Bond Act, the Supplemental Public Securities Act and the Uniform Facsimile Signature of Public Officials Act and may be issued in accordance with the Public Securities Short-Term Interest Rate Act.

          F. The full faith and credit of the state is pledged for the prompt payment when due of the principal of and interest on all bonds issued and sold pursuant to the 2026 Capital Projects General Obligation Bond Act.

     SECTION 4. EXPENDITURES.--The proceeds from the sale of the bonds shall be expended solely for providing money to be distributed for the purposes and in amounts not to exceed the amounts set forth in Section 10 of the 2026 Capital Projects General Obligation Bond Act and to pay expenses incurred under Section 6 of that act. Any proceeds from the sale of the bonds that are not required for the purposes set forth in Sections 6 and 10 of that act shall be used for the purpose of paying the principal of and interest on the bonds.

     SECTION 5. SALE.--The bonds authorized under the 2026 Capital Projects General Obligation Bond Act shall be sold by the state board of finance at such time and in such manner and amounts as the board may elect. The bonds may be sold at private sale or at public sale, in either case at not less than par plus accrued interest to the date of delivery. If sold at public sale, the state board of finance shall publish a notice of the time and place of sale in a newspaper of general circulation in the state and may also publish the notice in a recognized financial journal outside the state. The required publications shall be made once each week for two consecutive weeks prior to the date fixed for the sale, the last publication to be at least five days prior to the date of the sale. The notice shall specify the amount, denomination, maturity and description of the bonds to be offered for sale and the place, date and hour at which the sealed bids shall be received. At the time and place specified in the notice, the state board of finance shall open the bids in public and shall award the bonds to the bidder or bidders offering the best price for the bonds. The state board of finance may reject any or all bids and readvertise and may waive any irregularity in a bid. Except for the bid of the state, the successful bidder shall make a deposit of two percent of the principal amount of the bonds in a form acceptable to the state board of finance no later than the close of business of the day the state board of finance notifies the successful bidder that the bid has been accepted. The state board of finance may also sell the bonds or any part of the bonds to the state treasurer or state investment officer. The state treasurer or state investment officer is authorized to purchase any of the bonds for investment. The bonds are legal investments for any person or board charged with the investment of any public funds and may be accepted as security for any deposit of public money.

     SECTION 6. EXPENSES.--The expenses incurred by the state board of finance in or relating to the preparation and sale of the bonds shall be paid out of the proceeds from the sale of the bonds, and all rebate, penalty, interest and other obligations of the state relating to the bonds and bond proceeds under the federal Internal Revenue Code of 1986, as amended, shall be paid from earnings on bond proceeds or other money of the state legally available for such payments.

     SECTION 7. PROPERTY TAX LEVY.--To provide for the payment of the principal of and interest on the bonds issued and sold pursuant to the provisions of the 2026 Capital Projects General Obligation Bond Act, there shall be and there is hereby imposed and levied during each year in which any of the bonds are outstanding an ad valorem tax on all property in the state subject to property taxation for state purposes sufficient to pay the interest as it becomes due on the bonds, together with an amount sufficient to provide a sinking fund to pay the principal of the bonds as it becomes due, and, if permitted by law, ad valorem taxes may be collected to pay administrative costs incident to the collection of such taxes. The taxes shall be imposed, levied, assessed and collected at the times and in the manner that other property taxes for state purposes are imposed, levied, assessed and collected. It is the duty of all tax officials and authorities to cause these taxes to be imposed, levied, assessed and collected.

     SECTION 8. TREASURER--DUTIES.--The state treasurer shall keep separate accounts of all money collected pursuant to the taxes imposed and levied pursuant to the provisions of the 2026 Capital Projects General Obligation Bond Act and shall use this money only for the purposes of paying the principal of and interest on the bonds as they become due and any expenses relating thereto.

     SECTION 9. IRREPEALABLE CONTRACT--AUTHORITY FOR ISSUANCE.--An owner of bonds issued pursuant to the provisions of the 2026 Capital Projects General Obligation Bond Act may, either at law or in equity, by suit, action or mandamus, enforce and compel the performance of the duties required by that act of any officer or entity mentioned in that act. The provisions of that act constitute an irrepealable contract with the owners of any of the bonds issued pursuant to that act for the faithful performance of which the full faith and credit of the state is pledged. Without reference to any other act of the legislature, the 2026 Capital Projects General Obligation Bond Act is full authority for the issuance and sale of the bonds authorized in that act, and such bonds shall have all the qualities of investment securities under the Uniform Commercial Code, shall not be invalid for any irregularity or defect in the proceedings for the issuance and sale of the bonds and shall be incontestable in the hands of bona fide purchasers or holders thereof for value. All bonds issued under the provisions of that act, and the interest thereon, are exempt from taxation by the state and any subdivision or public body thereof.

     SECTION 10. PROJECTS.--The proceeds from the sale of bonds issued under the provisions of the 2026 Capital Projects General Obligation Bond Act shall be appropriated to the following state agencies and institutions as follows for the purposes and in the amounts specified:

          A. for senior citizen facility improvement, construction and equipment acquisition projects to the aging and long-term services department:

                (1) one million dollars ($1,000,000) to plan, design, construct, furnish and equip improvements to the Barelas senior center in Albuquerque in Bernalillo county;

                (2) seven hundred fifty thousand dollars ($750,000) to purchase and equip vehicles for the CASA kitchen in Albuquerque in Bernalillo county;

                (3) three million dollars ($3,000,000) to plan, design, construct, furnish and equip improvements to the Cibola Loop multigenerational center in Albuquerque in Bernalillo county;

                (4) three hundred thirty thousand dollars ($330,000) to purchase and install meals and other equipment and to plan, design, construct, furnish and equip improvements to the Los Volcanes senior center in Albuquerque in Bernalillo county;

                (5) nine hundred seventy-five thousand dollars ($975,000) to purchase and install meals and other equipment and to plan, design, construct, furnish and equip improvements to the Manzano Mesa multigenerational center in Albuquerque in Bernalillo county;

                (6) fifty-five thousand dollars ($55,000) to purchase and install meals and other equipment for the North Domingo Baca multigenerational center in Albuquerque in Bernalillo county;

                (7) twenty-one thousand five hundred dollars ($21,500) to purchase and install meals and other equipment for the North Valley senior center in Albuquerque in Bernalillo county;

                (8) twenty thousand dollars ($20,000) to purchase and install meals and other equipment for the Palo Duro senior center in Albuquerque in Bernalillo county;

                (9) three hundred fifty thousand dollars ($350,000) to purchase and equip vehicles for the elder center in the Pueblo of Isleta in Bernalillo county;

                (10) two hundred fifty thousand dollars ($250,000) to purchase and equip vehicles and to plan, design, construct, furnish and equip improvements to the Quemado senior center in Catron county;

                (11) one hundred five thousand dollars ($105,000) to purchase and install meals and other equipment for the JOY center in Roswell in Chaves county;

                (12) fifty thousand dollars ($50,000) to plan, design, construct, furnish and equip improvements to Los Abuelitos senior center in Clovis in Curry county;

                (13) nine hundred thousand dollars ($900,000) to plan, design, construct, furnish and equip improvements to the Hillcrest senior center in Clovis in Curry county;

                (14) thirty-one thousand dollars ($31,000) to plan, design, construct, furnish and equip improvements, including parking lots, to La Casa senior center in Clovis in Curry county;

                (15) one hundred ten thousand dollars ($110,000) to purchase and equip vehicles for the Melrose senior center in Melrose in Curry county;

                (16) one hundred sixty thousand dollars ($160,000) to purchase and equip vehicles for the Anthony senior center in Anthony in Dona Ana county;

                (17) forty thousand dollars ($40,000) to purchase and equip vehicles for the Dona Ana community center in Las Cruces in Dona Ana county;

                (18) twenty thousand dollars ($20,000) to plan, design, construct, furnish and equip improvements for the Mesilla community center in Mesilla in Dona Ana county;

                (19) three hundred thirty-two thousand five hundred dollars ($332,500) to purchase and equip vehicles for the Alejandro Ruiz senior center in Carlsbad in Eddy county;

                (20) thirty-five thousand dollars ($35,000) to purchase and equip vehicles for the Artesia senior center in Artesia in Eddy county;

                (21) fifty-six thousand two hundred fifty dollars ($56,250) to purchase and equip vehicles for the Carlsbad adult respite center in Carlsbad in Eddy county;

                (22) two hundred forty-five thousand dollars ($245,000) to purchase and equip vehicles for the San Jose senior center in Carlsbad in Eddy county;

                (23) two hundred thousand dollars ($200,000) to purchase and install meals and other equipment for the Santa Clara senior center in Santa Clara in Grant county;

                (24) nine hundred thousand dollars ($900,000) to purchase and equip vehicles and to plan, design, construct, furnish and equip improvements to the Silver City senior center in Silver City in Grant county;

                (25) thirty thousand dollars ($30,000) to purchase and install meals and other equipment for La Loma senior center in Anton Chico in Guadalupe county;

                (26) thirty thousand dollars ($30,000) to purchase and install meals and other equipment for the Puerto de Luna senior center in Puerto de Luna in Guadalupe county;

                (27) twenty thousand dollars ($20,000) to purchase and install meals and other equipment for the Ena Mitchell senior center in Lordsburg in Hidalgo county;

                (28) one hundred eighty thousand dollars ($180,000) to plan, design, construct, furnish and equip improvements to the Lovington senior center in Lovington in Lea county;

                (29) fifty thousand dollars ($50,000) to purchase and equip vehicles for the Eunice senior center in Eunice in Lea county;

                (30) six hundred fifty thousand dollars ($650,000) to plan, design, construct, furnish and equip improvements, including parking facilities, to the Jal senior center in Jal in Lea county;

                (31) forty-five thousand dollars ($45,000) to purchase and install meals and other equipment for the Capitan senior center in Capitan in Lincoln county;

                (32) two million six hundred thousand dollars ($2,600,000) to plan, design, construct, furnish and equip improvements, including parking lots, to the Ruidoso community center in Ruidoso in Lincoln county;

                (33) one hundred twenty-five thousand dollars ($125,000) to purchase and equip vehicles for the Betty Erhart senior center in Los Alamos in Los Alamos county;

                (34) two hundred fifty thousand dollars ($250,000) to purchase and install meals and other equipment and furnishings for the Ramah senior center in the Ramah chapter of the Navajo Nation in McKinley county;

                (35) two hundred fifty thousand dollars ($250,000) to plan, design, construct and equip improvements to the Thoreau senior center in the Thoreau chapter of the Navajo Nation in McKinley county;

                (36) two hundred sixty thousand dollars ($260,000) to purchase and equip vehicles for senior centers in Otero county;

                (37) one hundred fifty thousand dollars ($150,000) to purchase and equip vehicles for La Arboleda senior center in Chimayo in Rio Arriba county;

                (38) five hundred sixty-five thousand dollars ($565,000) to plan, design, construct and equip improvements to the Santa Clara Pueblo adult day care in the Pueblo of Santa Clara in Rio Arriba county;

                (39) thirty thousand dollars ($30,000) to purchase and equip vehicles for the Santa Clara Pueblo senior center in the Pueblo of Santa Clara in Rio Arriba county;

                (40) fifty thousand dollars ($50,000) to purchase and equip vehicles and to plan, design, construct and equip improvements, including parking lots, to the Aztec senior center in Aztec in San Juan county;

                (41) thirty thousand dollars ($30,000) to purchase and equip vehicles for the Bloomfield senior center in Bloomfield in San Juan county;

                (42) five hundred thousand dollars ($500,000) to plan, design, construct, furnish and equip improvements to the Bonnie Dallas senior center in Farmington in San Juan county;

                (43) one hundred seventy thousand dollars ($170,000) to purchase and equip vehicles for the Lower Valley senior center in Fruitland in San Juan county;

                (44) two hundred eighty thousand dollars ($280,000) to plan, design, construct, furnish and equip improvements, including the purchase and installation of a walk-in refrigerator and freezer unit, for the Meadowlark senior center in Rio Rancho in Sandoval county;

                (45) two hundred ten thousand dollars ($210,000) to purchase and equip vehicles and to plan, design, construct and equip improvements to the Santo Domingo Pueblo senior center in the Pueblo of Santo Domingo in Sandoval county;

                (46) eight hundred fifty thousand dollars ($850,000) to plan, design, construct, furnish and equip improvements, including paving a dirt road, for the Whitehorse Lake senior center in McKinley county;

                (47) one hundred thirty thousand dollars ($130,000) to purchase and equip vehicles for the Edgewood senior center in Edgewood in Santa Fe county;

                (48) fifty thousand dollars ($50,000) to purchase and install meals and other equipment for the Eldorado senior center in Eldorado in Santa Fe county;

                (49) eighty-five thousand dollars ($85,000) to purchase and equip vehicles for the Ken and Patty Adams senior center in Eldorado in Santa Fe county;

                (50) eighty-five thousand dollars ($85,000) to purchase and equip vehicles for the El Rancho senior center in Santa Fe county;

                (51) one hundred sixty thousand dollars ($160,000) to purchase and equip vehicles for senior services in Santa Fe county;

                (52) eighty-five thousand dollars ($85,000) to purchase and equip vehicles for the Santa Cruz senior center in Santa Cruz in Santa Fe county;

                (53) thirty thousand dollars ($30,000) to purchase and install meals and other equipment for the El Rancho senior center in Santa Fe county;

                (54) twenty-five thousand dollars ($25,000) to purchase and install meals and other equipment at the Ken James senior center in Truth or Consequences in Sierra county;

                (55) one hundred fifty thousand dollars ($150,000) to purchase and equip vehicles for the Socorro senior center in Socorro in Socorro county;

                (56) six hundred fifty thousand dollars ($650,000) to plan, design, construct, furnish and equip improvements to the Magdalena senior center in Magdalena in Socorro county;

                (57) two hundred fifty thousand dollars ($250,000) to purchase and install meals and other equipment for the Taos Pueblo senior center in the Pueblo of Taos in Taos county;

                (58) one hundred ten thousand dollars ($110,000) to purchase and install meals and other equipment for the Clayton senior center in Clayton in Union county;

                (59) six hundred eighty-five thousand dollars ($685,000) to purchase and equip vehicles and to plan, design, construct, furnish and equip improvements to the Belen senior center in Belen in Valencia county; and

                (60) one million five hundred thousand dollars ($1,500,000) to plan, design, construct, furnish and equip improvements for the Highland Meadow senior center in Valencia county;

          B. for library acquisitions at public libraries, public school libraries, academic libraries and tribal libraries statewide:

                (1) to the cultural affairs department:

                     (a) six million dollars ($6,000,000) for equipment, library furniture, fixtures and supplemental library resource acquisitions, including print, non-print and electronic resources, collaborative library resources and information technology projects, and for the purchase and installation of broadband internet equipment and infrastructure at non-tribal public libraries statewide; and

                     (b) one million dollars ($1,000,000) for equipment, library furniture, fixtures and supplemental library acquisitions, including print, non-print and electronic resources, collaborative library resources and information technology projects, and for the purchase and installation of broadband internet equipment and infrastructure at tribal libraries statewide;

                (2) six million dollars ($6,000,000) to the higher education department for supplemental library acquisitions, including books, equipment, electronic resources, collaborative library resources and information technology projects, for academic libraries statewide; and 

                (3) six million dollars ($6,000,000) to the public education department for equipment and supplemental library resource acquisitions, including print, non-print and electronic resources and collaborative library resources and information technology projects, at public school libraries statewide; and

          C. for capital improvements and acquisitions at institutions of higher education, special schools and tribal schools statewide:

                (1) to the board of regents of eastern New Mexico university:

                     (a) fifteen million dollars ($15,000,000) to plan, design, construct, furnish and equip a new agriculture science and art annex building at eastern New Mexico university in Portales in Roosevelt county;

                     (b) three million dollars ($3,000,000) to plan, design, construct and equip improvements to the Roswell branch campus of eastern New Mexico university in Roswell in Chaves county; and

                     (c) nine hundred seventy-five thousand dollars ($975,000) to plan, design, construct, furnish and equip a child care laboratory on the Ruidoso branch campus of eastern New Mexico university in Ruidoso in Lincoln county;

                (2) to the board of regents of New Mexico highlands university, nine million dollars ($9,000,000) to plan, design, construct, furnish and equip improvements to the Thomas C. Donnelly library and annex at New Mexico highlands university in Las Vegas in San Miguel county;

                (3) to the board of regents of New Mexico institute of mining and technology:

                     (a) eight million dollars ($8,000,000) to plan, design, construct, furnish and equip a bureau of geology core research facility at the New Mexico institute of mining and technology in Socorro in Socorro county; and

                     (b) forty million dollars ($40,000,000) to plan, design, construct, furnish and equip improvements to the mineral science and engineering complex at the New Mexico institute of mining and technology in Socorro in Socorro county;

                (4) to the board of regents of New Mexico state university:

                     (a) fifty-five million dollars ($55,000,000) to plan, design, construct, furnish and equip a new multidisciplinary academic facility, including demolition, at New Mexico state university in Las Cruces in Dona Ana county;

                     (b) twenty million dollars ($20,000,000) to plan, design, construct, furnish and equip improvements, including critical infrastructure, to New Mexico state university in Las Cruces in Dona Ana county;

                     (c) one million dollars ($1,000,000) to plan, design, construct, furnish and equip improvements, including electronic access control, at the Alamogordo branch campus of New Mexico state university in Alamogordo in Otero county;

                     (d) four million dollars ($4,000,000) to plan, design, construct, furnish and equip improvements to the Sunland Park campus of the Dona Ana community college branch of New Mexico state university in Sunland Park in Dona Ana county;

                     (e) one million dollars ($1,000,000) to plan, design, construct, furnish and equip improvements, including electronic access control, abatement and exterior door replacement, on the Grants branch campus of New Mexico state university in Grants in Cibola county; and

                     (f) seventeen million six hundred fifty thousand dollars ($17,650,000) to plan, design, construct, furnish and equip the reforestation center in Mora county;

                (5) to the board of regents of the university of New Mexico:

                     (a) one hundred sixteen million dollars ($116,000,000) to plan, design, construct, furnish and equip the school of medicine at the university of New Mexico in Albuquerque in Bernalillo county;

                     (b) three million dollars ($3,000,000) to plan, design, construct, furnish and equip improvements to building 1 and building 7 at the Los Alamos branch campus of the university of New Mexico in Los Alamos in Los Alamos county;

                     (c) three million dollars ($3,000,000) to plan, design, construct, furnish and equip improvements to the north wing of Calvin hall at the Gallup branch campus of the university of New Mexico in Mckinley county;

                     (d) two million five hundred thousand dollars ($2,500,000) to plan, design, construct, furnish and equip improvements to Pueblo hall at the Taos branch campus of the university of New Mexico in Taos in Taos county; and

                     (e) one million dollars ($1,000,000) to plan, design, construct, furnish and equip improvements to the Valencia branch campus of the university of New Mexico in Los Lunas in Valencia county;

                (6) to the board of regents of western New Mexico university, three million dollars ($3,000,000) to plan, design, construct, furnish and equip improvements to western New Mexico university in Silver City in Grant county;

                (7) to the board of regents of northern New Mexico state school, five million dollars ($5,000,000) to plan, design, construct, furnish and equip improvements, including infrastructure, at northern New Mexico state school in Espanola in Rio Arriba county;

                (8) to the board of regents of the New Mexico military institute, five million dollars ($5,000,000) to plan, design, construct, furnish and equip an educational facility at the New Mexico military institute in Roswell in Chaves county;

                (9) to the board of regents of the New Mexico school for the deaf, six million five hundred thousand dollars ($6,500,000) to plan, design, construct, furnish and equip improvements to Dillon hall and other facilities at the New Mexico school for the deaf in Santa Fe in Santa Fe county; and                (10) to the higher education department:

                     (a) fifteen million dollars ($15,000,000) to plan, design, construct, furnish and equip the center for technical innovation and entrepreneurial development on the central New Mexico community college campus in Albuquerque in Bernalillo county;

                     (b) one million dollars ($1,000,000) to plan, design and construct improvements to Clovis community college in Clovis in Curry county;

                     (c) one million dollars ($1,000,000) to plan, design, construct, furnish and equip improvements to the John Shepherd administration building at New Mexico junior college in Hobbs in Lea county;

                     (d) two million dollars ($2,000,000) to plan, design, construct, furnish and equip improvements to the allied health building at Luna community college in Las Vegas in San Miguel county;

                     (e) seven hundred fifty thousand dollars ($750,000) to plan, design, construct, furnish and equip improvements, including heating and cooling systems, to Mesalands community college in Tucumcari in Quay county;

                     (f) four million two hundred thousand dollars ($4,200,000) to plan, design, construct, furnish and equip improvements, including water utilities, a hot water loop system and infrastructure, at San Juan college in Farmington in San Juan county;

                     (g) two million dollars ($2,000,000) to plan, design, construct, furnish and equip improvements to the library and 500s area facilities at Santa Fe community college in Santa Fe in Santa Fe county;

                     (h) one million dollars ($1,000,000) to plan, design, construct, furnish and equip improvements to the main building entryway and welcome center at southeast New Mexico college in Carlsbad in Eddy county;

                     (i) one million dollars ($1,000,000) to plan, design, construct, furnish and equip improvements to the institute of American Indian arts in Santa Fe in Santa Fe county;

                     (j) two million dollars ($2,000,000) to plan, design, construct, furnish and equip improvements to Diné college facilities in New Mexico; and

                     (k) two million dollars ($2,000,000) to plan, design, construct, furnish and equip improvements to Navajo technical university facilities in New Mexico.

     SECTION 11. ELECTION.--

          A. Bonds issued pursuant to the 2026 Capital Projects General Obligation Bond Act shall be submitted to the registered voters of the state at the general election to be held in November 2026, and, if they receive a majority of all the votes cast thereon at such election, shall take effect upon certification of the state canvassing board announcing the results of the election. No bonds shall be issued or sold under that act until the registered voters of this state have voted upon and approved the bonds and property tax as provided in this section. Any bonds issued under that act shall be issued within thirty months from the date of such election.

          B. The ballots used at the 2026 general election shall contain substantially the following language:

                (1) "The 2026 Capital Projects General Obligation Bond Act authorizes the issuance and sale of senior citizen facility improvement, construction and equipment acquisition bonds. Shall the state be authorized to issue general obligation bonds in an amount not to exceed twenty-one million five hundred eighty-two thousand two hundred thirteen dollars ($21,582,213) to make capital expenditures for certain senior citizen facility improvement, construction and equipment acquisition projects and provide for a general property tax imposition and levy for the payment of principal of, interest on and expenses incurred in connection with the issuance of the bonds and the collection of the tax as permitted by law?

          For________________ Against___________________";

                (2) "The 2026 Capital Projects General Obligation Bond Act authorizes the issuance and sale of library acquisition bonds. Shall the state be authorized to issue general obligation bonds in an amount not to exceed nineteen million three hundred twenty-four thousand one hundred eighty-eight dollars ($19,324,188) to make capital expenditures for academic, public school, public and tribal library resource acquisitions and provide for a general property tax imposition and levy for the payment of principal of, interest on and expenses incurred in connection with the issuance of the bonds and the collection of the tax as permitted by law?

          For________________ Against___________________"; and

                (3) "The 2026 Capital Projects General Obligation Bond Act authorizes the issuance and sale of higher education, special schools and tribal schools capital improvement and acquisition bonds. Shall the state be authorized to issue general obligation bonds in an amount not to exceed three hundred fifty-two million two hundred twenty-five thousand three hundred seventy-nine dollars ($352,225,379) to make capital expenditures for certain higher education, special schools and tribal schools capital improvements and acquisitions and provide for a general property tax imposition and levy for the payment of principal of, interest on and expenses incurred in connection with the issuance of the bonds and the collection of the tax as permitted by law?

          For________________ Against___________________".           C. Each question set forth in this section includes a specific work or object to be financed by the bonds. If any such question is not approved by a majority vote of the electorate at the state's 2026 general election, the issuance of bonds for the work or object specified by the question shall be excluded from and shall not be part of the 2026 Capital Projects General Obligation Bond Act. The failure of a question to be approved by the electorate at the 2026 general election shall not affect those questions that are approved at the election.

          D. The secretary of state shall include the submission of the capital projects general obligation bonds to the people at the 2026 general election, and it shall be included in the general election proclamation. The secretary of state shall cause the 2026 Capital Projects General Obligation Bond Act to 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 the general election as required by the constitution of New Mexico.

     SECTION 12. ART IN PUBLIC PLACES.--Pursuant to Section 13-4A-4 NMSA 1978 and where applicable, the appropriations authorized in the 2026 Capital Projects General Obligation Bond Act include money for the art in public places fund.

     SECTION 13. PROJECT SCOPE--EXPENDITURES--REVERSION.--

          A. If an appropriation for a project authorized in the 2026 Capital Projects General Obligation Bond Act is not sufficient to complete all the purposes specified, the appropriation may be expended for any portion of the purposes specified in the appropriation. Expenditures shall not be made for purposes other than those specified in the appropriation.

          B. The state agencies and state institutions to which money has been appropriated in the 2026 Capital Projects General Obligation Bond Act shall be responsible for monitoring the projects funded in that act to ensure compliance with the constitution and laws of New Mexico and, if applicable, the federal Internal Revenue Code of 1986, as amended, and shall cause to be reverted any unexpended balance remaining at the earlier of the third full fiscal year after issuance of the bonds or the termination or completion of the specific project. Reverted funds shall be deposited in the debt service fund established by the state treasurer for the purpose of paying the principal of and interest on the state's general obligation bonds.

     SECTION 14. SEVERABILITY.--If any part or application of the 2026 Capital Projects General Obligation Bond Act is held invalid, the remainder or its application to other situations or persons shall not be affected.

     SECTION 15. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.

- 27 -