0001| HOUSE BILL 354 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| EARLENE ROBERTS | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| AUTHORIZING THE ISSUANCE AND SALE OF CAPITAL PROJECTS BONDS TO | 0013| MAKE CAPITAL EXPENDITURES FOR STATE PUBLIC EDUCATIONAL CAPITAL | 0014| IMPROVEMENTS AND ACQUISITIONS; PROVIDING FOR A TAX LEVY FOR | 0015| PAYMENT OF INTEREST AND PRINCIPAL OF THE BONDS; REQUIRING | 0016| APPROVAL OF THE REGISTERED VOTERS AT THE NEXT GENERAL ELECTION; | 0017| 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 thirty-three million eight thousand seven hundred | 0001| dollars ($33,008,700) 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 to the following funds | 0019| for the purposes and amounts specified for state public | 0020| educational capital improvements and acquisition: | 0021| A. to the public school capital improvements fund, | 0022| five million seven hundred fifty thousand seven hundred dollars | 0023| ($5,750,700) for the purpose of carrying out the provisions of | 0024| the Public School Capital Improvements Act; and | 0025| B. to the public school capital outlay fund, twenty-seven million two hundred fifty-eight thousand dollars | 0001| ($27,258,000) to be allocated by the public school capital | 0002| outlay council to carry out the provisions of the Public School | 0003| Capital Outlay Act. | 0004| Section 10. The question of whether to issue the bonds and | 0005| impose the tax pursuant to the 1996 Capital Projects Bond Act | 0006| shall be submitted to the registered voters of the state by the | 0007| secretary of state at the general election to be held in | 0008| November 1996, and if a majority of all the votes cast on the | 0009| question is in favor of the issuance of bonds and the imposition | 0010| of the tax, the bonds authorized in such question may be issued | 0011| after the state canvassing board certifies the results of the | 0012| election. | 0013| A ballot used in the 1996 general election shall contain | 0014| substantially the following language: | 0015| "The 1996 Capital Projects Bond Act authorizes the issuance | 0016| and sale of educational bonds. Shall the state of New Mexico be | 0017| authorized to issue general obligation bonds in an amount not to | 0018| exceed thirty-three million eight thousand seven hundred dollars | 0019| ($33,008,700) to make capital expenditures for state public | 0020| educational capital improvements and acquisitions and to provide | 0021| for a general property tax imposition and levy for payment of | 0022| the principal and interest on the bonds as permitted by law? | 0023| For ______________ Against _____________". | 0024| Section 11. EMERGENCY.--It is necessary for the public | 0025| peace, health and safety that this act take effect immediately. |