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AN ACT

RELATING TO PUBLIC BUILDINGS; TRANSFERRING INCOME AND

DISTRIBUTIONS CREDITABLE TO THE CAPITOL BUILDINGS REPAIR

FUND; AUTHORIZING THE ISSUANCE OF REVENUE BONDS; AMENDING AND

ENACTING CERTAIN SECTIONS OF THE NMSA 1978; CREATING A LONG-

RANGE PLANNING COMMISSION FOR STATE BUILDINGS IN SANTA FE;

MAKING APPROPRIATIONS.

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

Section 1. NEW MEXICO FINANCE AUTHORITY REVENUE BONDS-

-PURPOSE--CERTIFICATION--APPROPRIATION.--

A. The New Mexico finance authority may issue and

sell in installments or at one time revenue bonds in

compliance with the New Mexico Finance Authority Act in an

amount not to exceed ten million one hundred fifty-five

thousand dollars ($10,155,000) for the purpose of repairing,

remodeling, constructing and equipping a state building

located adjacent to the state capitol in Santa Fe known as

the New Mexico state library and for relocation-associated

renovations in the state capitol.

B. Monthly, all income and distributions

creditable to the capitol buildings repair fund shall be

distributed by the state treasurer to the New Mexico finance

authority and are appropriated to the authority to be pledged

irrevocably for the payment of the principal, interest, any

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premium and expenses related to the bonds authorized pursuant

to this section.

C. All income and distributions to the capitol

buildings repair fund distributed to the New Mexico finance

authority shall be deposited in a special bond fund or

segregated account of the authority. At the end of each

month, any money remaining in the special bond fund or

segregated account from distribution made to the authority

during each month, after all debt service, accumulations,

expenses or obligations required by the resolution

authorizing issuance of the bonds to be satisfied or paid

during each month and any deficiencies from prior months are

fully satisfied or paid, shall be transferred by the

authority to the state treasurer for deposit into the capitol

buildings repair fund. Upon payment of all principal and

interest and any other expenses or obligations related to the

bonds authorized by this section, the New Mexico finance

authority shall certify to the state treasurer that all

obligations for the bonds issued pursuant to this section

have been fully discharged and direct the state treasurer to

cease the distribution to the authority.

D. The legislature shall not repeal, amend or

otherwise modify any law that affects or impairs the revenue

bonds of the New Mexico finance authority secured by a pledge

of the income and distributions creditable to the capitol

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buildings repair fund.

E. The New Mexico finance authority may issue and

sell revenue bonds authorized by this section when the

legislative council service certifies the need for issuance

of the bonds. The net proceeds from the sale of the bonds

are appropriated to the legislative council service for the

purposes described in Subsection A of this section.

F. Upon certification by the New Mexico finance

authority that the state building project is sufficiently

developed to warrant the issuance of bonds by the authority,

the state treasurer shall commence monthly payments of income

and distributions creditable to the capitol buildings repair

fund to the New Mexico finance authority.

Section 2. Section 7-27-5 NMSA 1978 (being Laws 1983,

Chapter 306, Section 7, as amended) is amended to read:

"7-27-5. INVESTMENT OF SEVERANCE TAX PERMANENT FUND.--

The severance tax permanent fund shall be invested for two

general purposes, to provide income to the fund and to

stimulate the economy of New Mexico, preferably on a

continuing basis. The investments in Sections 7-27-5.1 and

7-27-5.6 NMSA 1978 shall be those intended to provide maximum

income to the fund and shall be referred to as the market

rate investments. The investments permitted in Sections 7-

27-5.3 through 7-27-5.5, 7-27-5.13 through 7-27-5.17, 7-27-

5.22 and 7-27-5.24 NMSA 1978 shall be those intended to

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stimulate the economy of New Mexico and shall be referred to

as the differential rate investments. The prudent man rule

shall be applied to the market rate investments, and the

state investment officer shall keep separate records of the

earnings of the market rate investments. All transactions

entered into on or after July 1, 1991 shall be accounted for

in accordance with generally accepted accounting principles."

Section 3. A new section of the Severance Tax Bonding

Act, Section 7-27-5.24 NMSA 1978, is enacted to read:

"7-27-5.24. SEVERANCE TAX PERMANENT FUND--INVESTMENT

IN OBLIGATIONS ISSUED FOR STATE CAPITOL BUILDINGS AND

RENOVATIONS.--Subject to the approval of the state investment

council, the severance tax permanent fund may be invested in

revenue bonds issued by the New Mexico finance authority for

state capitol buildings and relocation-associated renovations

in the state capitol. The amount invested shall not exceed

ten million one hundred fifty-five thousand dollars

($10,155,000)."

Section 4. Section 15-3-24 NMSA 1978 (being Laws 1972,

Chapter 74, Section 4, as amended) is amended to read:

"15-3-24. CAPITOL BUILDINGS REPAIR FUND--CREATION--

EXPENDITURES.--

A. The "capitol buildings repair fund" is

created. To this fund shall be transferred, after payments

required by Section 1 of this 1997 act to the New Mexico

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finance authority, all income, including distributions from

the land grant permanent fund, derived from lands granted to

the state by the United States congress for legislative,

executive and judicial public buildings. Two percent of this

fund shall be transferred annually to a "state capitol

maintenance fund", hereby created, as a special perpetual

fund for the upkeep and maintenance of the capitol renovation

and capitol grounds.

B. The capitol buildings repair fund may be used

to repair, remodel and equip capitol buildings and adjacent

lands, to repair or replace building machinery and building

equipment located in capitol buildings and to contract for

options to purchase real estate, such real estate, if

purchased, to be put to state use; provided that no more than

ten thousand dollars ($10,000) shall be expended for any

single option. Any money used for consideration in acquiring

an option to purchase real estate shall be applied against

the purchase price of the real estate if the option is

exercised. No money shall be expended from the capitol

buildings repair fund without authorization of the state

board of finance.

C. In the event any capital outlay project

exceeds authorized project cost by no more than five percent,

the state board of finance may authorize the property control

division of the general services department to supplement the

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authorized cost by an allocation not to exceed five percent

of the authorized cost from the capitol buildings repair fund

to the extent of the unencumbered and unexpended balance of

the fund."

Section 5. CAPITOL BUILDINGS PLANNING COMMISSION

CREATED.--

A. The "capitol buildings planning commission" is

created to study and plan for the long-range facilities needs

of state government in Santa Fe. The commission shall review

prior long-range facilities needs assessments and develop an

initial master plan for the state facilities in Santa Fe.

B. The commission shall be composed of four

members of the legislature, two from each house, appointed by

the New Mexico legislative council, the secretary of general

services, the New Mexico staff architect, the secretary of

finance and administration or his designee, the commissioner

of public lands or his designee and the chairman of the

supreme court building commissioner or his designee.

C. The legislative council service shall provide

staff for the commission in coordination with the staff of

the general services department.

D. The commission shall meet and shall report

annually to the legislature on an annual update of the master

plan for the long-range facilities needs for state government

in Santa Fe.

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Section 6. APPROPRIATION.--

A. Three million five hundred thousand dollars

($3,500,000) is appropriated from the cash balances of the

legislative council service that remain from the

appropriations for session and session preparation expenses

and other legislative expenses authorized in Paragraph (4) of

Subsection A of Section 4 of Chapter 355 of Laws 1987;

Subsections B and C of Section 7 and Section 10 of Chapter 1

of Laws 1989; Subsections A through C of Section 1 of Chapter

1 of Laws 1990 (2nd S.S.); Subsections B, D, F and H of

Section 2, Subsections B and C of Section 7 and Sections 10

and 11 of Chapter 1 of Laws 1990; Subsection N of Section 3

of Chapter 131 of Laws 1990; Subsections A through C of

Section 1 of Chapter 1 of Laws 1991 (1st S.S.); Subsections A

through H and J of Section 2 and Subsections B and C of

Section 7 of Chapter 1 of Laws 1991; Section 5 of Chapter 10

of Laws 1991; Subsections A through C of Section 1 of Chapter

1 of Laws 1992 (2nd S.S.); Subsections A through H of Section

2, Subsections B and C of Section 7 and Section 10 of Chapter

1 of Laws 1992; Paragraphs (2) through (4) and (6) of

Subsection A of Section 4 of Chapter 94 of Laws 1992;

Subsections A through H and J of Section 2, Subsections B

through D of Section 7 and Section 10 of Chapter 1 of Laws

1993; Section 4 of Chapter 365 of Laws 1993; Subsection A of

Section 3 of Chapter 366 of Laws 1993; Subsection C of

Section 22 of Chapter 65 of Laws 1993; Subsections A through

H and J of Section 2, Subsections B and C of Section 7 and

Section 10 of Chapter 1 of Laws 1994; Paragraphs (2) through

(4) of Subsection A of Section 4 of Chapter 6 of Laws 1994;

and Subsections A, C, E and G of Section 2 of Chapter 1 of

Laws 1995 for expenditure in fiscal years 1998 through 2000

to renovate the existing state library building. Any

unexpended or unencumbered balance remaining at the end of

fiscal year 2000 shall not revert to the general fund.

B. Two million dollars ($2,000,000) is

appropriated from the general fund to the legislative council

service for expenditure in fiscal years 1999 and 2000 to

renovate the existing state library building. Any unexpended

or unencumbered balance remaining at the end of fiscal year

2000 shall revert to the general fund.

C. Sixty-five thousand dollars ($65,000) is

appropriated from the cash balances of the legislative council

service from Subsection J of Section 2 of Chapter 1 of Laws

1995 to the legislative council service

for expenditure in

fiscal years 1998 and 1999 to coordinate with the general

services department to provide staff support and planning

expertise to the capital buildings planning commission. Any

unexpended or unencumbered balance remaining at the end of

fiscal year 1999 shall revert to the general fund.

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