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F I S C A L I M P A C T R E P O R T
SPONSOR Ingle
ORIGINAL DATE
LAST UPDATED
1/31/08
HB
SHORT TITLE Gross Receipts to State Building Bonding Fund
SB 298
ANALYST Kehoe, L.
REVENUE (dollars in thousands)
Estimated Revenue
Recurring
or Non-Rec
Fund
Affected
FY08
FY09
FY10
NFI
($720.0)
($720.0) Recurring General Fund
NFI
$720.0
$720.0 Recurring State Building
Bonding Fund
(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
LFC Files
Responses Received From
New Mexico Finance Authority (NMFA)
General Services Department, Property Control Division (PCD)
SUMMARY
Synopsis of Bill
Senate Bill 298, for the Capitol Building Planning Commission, increases the earmarked
distribution of gross receipts tax to the state building bonding fund.
FISCAL IMPLICATIONS
The State Building Bond Act authorizes the New Mexico Finance Authority to issue office
building revenue bonds in an amount not to exceed $100 million for specific projects authorized
by the Legislature. The bonds are currently secured by a $530 thousand monthly distribution of
state gross receipt taxes to the state building bonding fund.
Senate Bill 298 increases from $530 thousand to $590 thousand the earmarked distribution of
gross receipts tax to the state building bonding fund. The proposed gross receipts distribution
reduces general fund revenues by $720 thousand annually beginning on July 1, 2008.
The increased state building bonding capacity will provide the additional funds needed for
completing the plan, design, and construction of the capitol campus parking structure intended to
provide up to 600 parking spaces.
pg_0002
Senate Bill 298 Page
2
According to the New Mexico Finance Authority, the following table demonstrates the bonds
issued and authorized by the Legislature to date:
Closing Date
Outstanding Principal
2006 Refunding Bonds
9/5/06
$25,580,000
2006 PERA Bonds
9/5/06
$23,190,000
State services laboratory
Pending (4/17/08)
$27,065,000
Parking structure
Pending (4/17/08)
$13,430,000
Total
$89,265,000
The Authority reports bonds authorized by the Legislature in 2007 for the state services
laboratory and parking structure were approved by the NMFA Board at its January 17, 2008
meeting. Pricing for each of the bonds is scheduled for March 25,
2008 and March 26, 2008,
at
which time the final bond structure will be determined.
SIGNIFICANT ISSUES
The Capitol Buildings Planning Commission (CBPC) was created in 1997 for the purpose of
studying and planning for long-range facility needs of state government within the Santa Fe
locale and was made responsible for continue to update the master plan and report annually to
the Legislature. In 2002 and 2007, the CBPC authority was extended to include the Albuquerque
locale and greater metropolitan areas of Las Cruces in the overall master plan.
LMK/mt