0001| HOUSE BILL 421 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| ARTHUR C. HAWKINS | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| AUTHORIZING THE ISSUANCE AND SALE OF CAPITAL PROJECTS BONDS TO | 0013| MAKE CAPITAL EXPENDITURES FOR RENOVATION AND MAKING IMPROVEMENTS | 0014| TO THE NEW MEXICO STATE FAIR LOCATED IN BERNALILLO COUNTY; | 0015| PROVIDING FOR A TAX LEVY FOR PAYMENT OF INTEREST AND PRINCIPAL | 0016| OF THE BONDS; REQUIRING APPROVAL OF THE REGISTERED VOTERS AT THE | 0017| NEXT GENERAL 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 one million two hundred twenty-nine thousand eight | 0001| hundred dollars ($1,229,800) as provided in Section 9 of the | 0002| 1996 Capital Projects Bond Act and as may be approved by the | 0003| voters 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 New Mexico state fair | 0019| capital improvements and acquisition to the state fair | 0020| commission in an amount not to exceed one million two hundred | 0021| twenty-nine thousand eight hundred dollars ($1,229,800) for the | 0022| purpose of renovating and making improvements to Tingley | 0023| coliseum at the state fairgrounds located in Bernalillo county. | 0024| Section 10. The question of whether to issue the bonds and | 0025| impose the tax pursuant to the 1996 Capital Projects Bond Act | 0001| shall be submitted to the registered voters of the state by the | 0002| secretary of state at the general election to be held in | 0003| November 1996, and if a majority of all the votes cast on the | 0004| question is in favor of the issuance of bonds and the imposition | 0005| of the tax, the bonds authorized in such question may be issued | 0006| after the state canvassing board certifies the results of the | 0007| election. | 0008| A ballot used in the 1996 general election shall contain | 0009| substantially the following language: | 0010| "The 1996 Capital Projects Bond Act authorizes the issuance | 0011| and sale of New Mexico state fair renovation or improvement | 0012| bonds. Shall the state of New Mexico be authorized to issue | 0013| general obligation bonds in an amount not to exceed one million | 0014| two hundred twenty-nine thousand eight hundred dollars | 0015| ($1,229,800) to make capital expenditures for renovating and | 0016| making improvements to Tingley coliseum located at the state | 0017| fairgrounds located in Bernalillo county and to provide for a | 0018| general property tax imposition and levy for payment of the | 0019| principal and interest on the bonds as permitted by law? | 0020| For ______________ Against _____________". | 0021| Section 11. EMERGENCY.--It is necessary for the public | 0022| peace, health and safety that this act take effect immediately. | 0023| - 4 - |