0001| HOUSE BILL 360 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| NICK L. SALAZAR | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| AUTHORIZING THE ISSUANCE AND SALE OF CAPITAL PROJECTS BONDS TO | 0013| MAKE CAPITAL EXPENDITURES FOR SENIOR CITIZEN FACILITIES | 0014| IMPROVEMENTS AND ACQUISITIONS STATEWIDE; PROVIDING FOR A TAX | 0015| LEVY FOR PAYMENT OF INTEREST AND PRINCIPAL OF THE BONDS; | 0016| REQUIRING APPROVAL OF THE REGISTERED VOTERS AT THE NEXT GENERAL | 0017| ELECTION; DECLARING AN EMERGENCY. | 0018| | 0019| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0020| Section 1. This act may be cited as the "1996 Capital | 0021| Projects Bond Act". | 0022| Section 2. For the purpose of providing funds for capital | 0023| expenditures as authorized in the 1996 Capital Projects Bond | 0024| Act, indebtedness of the state is hereby authorized in an amount | 0025| not to exceed two million four hundred twenty-nine thousand | 0001| dollars ($2,429,000) as provided in Section 9 of the 1996 | 0002| Capital Projects Bond Act and as may be approved by the voters | 0003| of the state and the state board of finance. | 0004| Section 3. The state board of finance, except as otherwise | 0005| specifically provided in the 1996 Capital Projects Bond Act, | 0006| shall issue and sell capital projects bonds in compliance with | 0007| the provisions of Article 4, Section 16 of the constitution of | 0008| New Mexico and shall, in accordance with the provisions of the | 0009| Supplemental Public Securities Act, the Uniform Facsimile | 0010| Signature of Public Officials Act and the Public Securities | 0011| Short-Term Interest Rate Act, determine the form, payment dates | 0012| and manner of payment of capital projects bonds. | 0013| Section 4. The proceeds from the sale of the bonds shall | 0014| be expended solely for providing funds to be distributed in the | 0015| amounts and for the purposes set forth in Section 9 of the 1996 | 0016| Capital Projects Bond Act and to pay expenses incurred under the | 0017| provisions of Section 6 of that act. | 0018| Section 5. Bonds authorized by the 1996 Capital Projects | 0019| Bond Act shall be sold, after publication of notice in a | 0020| newspaper of statewide general circulation and in a recognized | 0021| financial journal published outside the state, at either private | 0022| or public sale for no less than par value and accrued interest | 0023| to date. The state board of finance may reject any and all bids | 0024| and waive any irregularity in a bid. | 0025| Section 6. The expenses incurred by the state board of | 0001| finance in or relating to the preparation and sale of the bonds | 0002| shall be paid out of the proceeds from the sale of the bonds. | 0003| Section 7. There is imposed and levied during each year in | 0004| which any of the bonds sold pursuant to the provisions of the | 0005| 1996 Capital Projects Bond Act are outstanding an ad valorem tax | 0006| on all property in the state subject to property taxation for | 0007| state purposes sufficient to pay the interest and principal on | 0008| such bonds as they become due. | 0009| Section 8. The provisions of the 1996 Capital Projects | 0010| Bond Act constitute an irrepealable contract with the holders of | 0011| any of the bonds issued pursuant to that act for the faithful | 0012| performance of which the full faith and credit of the state of | 0013| New Mexico is hereby pledged. All such bonds are exempt from | 0014| taxation by the state and any subdivision or public body | 0015| thereof. | 0016| Section 9. The proceeds from the sale of the 1996 capital | 0017| projects bonds issued under the provisions of the 1996 Capital | 0018| Projects Bond Act shall be distributed for senior citizen | 0019| facilities capital improvements and acquisition to the state | 0020| agency on aging in the following amounts for the following | 0021| purposes: | 0022| A. three hundred seventy-six thousand dollars | 0023| ($376,000) for the purpose of renovating and making improvements | 0024| in order to meet current codes and regulations regarding health, | 0025| safety and accessibility at senior centers and meal sites | 0001| located throughout the state; | 0002| B. one million twenty-nine thousand nine hundred | 0003| dollars ($1,029,900) to be allocated to senior citizen centers | 0004| and programs for the purpose of purchasing vehicles for senior | 0005| citizen centers and programs located throughout the state; | 0006| C. two hundred twenty-one thousand one hundred | 0007| dollars ($221,100) to be allocated to nutrition programs for the | 0008| purpose of purchasing kitchen equipment for nutrition programs | 0009| located throughout the state; and | 0010| D. eight hundred two thousand dollars ($802,000) for | 0011| the purpose of renovating and making improvements to senior | 0012| centers and meal sites located throughout the state. | 0013| Section 10. The question of whether to issue the bonds and | 0014| impose the tax pursuant to the 1996 Capital Projects Bond Act | 0015| shall be submitted to the registered voters of the state by the | 0016| secretary of state at the general election to be held in | 0017| November 1996, and if a majority of all the votes cast on the | 0018| question is in favor of the issuance of bonds and the imposition | 0019| of the tax, the bonds authorized in such question may be issued | 0020| after the state canvassing board certifies the results of the | 0021| election. | 0022| A ballot used in the 1996 general election shall contain | 0023| substantially the following language: | 0024| "The 1996 Capital Projects Bond Act authorizes the issuance | 0025| and sale of senior citizen facilities bonds. Shall the state of | 0001| New Mexico be authorized to issue general obligation bonds in an | 0002| amount not to exceed two million four hundred twenty-nine | 0003| thousand dollars ($2,429,000) to make capital expenditures for | 0004| senior citizen facilities, equipment and vehicles and to provide | 0005| for a general property tax imposition and levy for payment of | 0006| the principal and interest on the bonds as permitted by law? | 0007| For ______________ Against _____________". | 0008| Section 11. EMERGENCY.--It is necessary for the public | 0009| peace, health and safety that this act take effect immediately. | 0010| - 5 - |