0001| SENATE BILL 795 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| JOSEPH J. CARRARO | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| AUTHORIZING THE ISSUANCE AND SALE OF CAPITAL PROJECTS BONDS TO | 0013| MAKE CAPITAL EXPENDITURES FOR LAND ACQUISITION FOR THE | 0014| PETROGLYPH NATIONAL MONUMENT 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 three million fifty thousand dollars ($3,050,000) | 0001| as provided in Section 9 of the 1996 Capital Projects Bond Act | 0002| and as may be approved by the voters of the state and the state | 0003| 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 land acquisition | 0019| to the energy, minerals and natural resources department in the | 0020| amount of three million fifty thousand dollars ($3,050,000) for | 0021| the purpose of acquiring land for the Petroglyph national | 0022| monument located in Bernalillo county. | 0023| Section 10. The question of whether to issue the bonds and | 0024| impose the tax pursuant to the 1996 Capital Projects Bond Act | 0025| shall be submitted to the registered voters of the state by the | 0001| secretary of state at the general election to be held in | 0002| November 1996 if the secretary of the interior or the director | 0003| of the national park service notifies the secretary of state in | 0004| writing prior to June 1, 1996 that the department of the | 0005| interior agrees to unequivocally support the expedited | 0006| construction of the long-planned Paseo del Norte extension | 0007| through a small portion of the Petroglyph monument, and to | 0008| eliminate or work in good faith to eliminate all federal | 0009| administrative or legislative impediments to the expedited | 0010| construction of the extension, and if a majority of all the | 0011| votes cast on the question is in favor of the issuance of bonds | 0012| and the imposition of the tax, the bonds authorized in such | 0013| question may be issued after the state canvassing board | 0014| certifies the results of the election. | 0015| A ballot used in the 1996 general election shall contain | 0016| substantially the following language: | 0017| "The 1996 Capital Projects Bond Act authorizes the issuance | 0018| and sale of land acquisition bonds. Shall the state of New | 0019| Mexico be authorized to issue general obligation bonds in an | 0020| amount not to exceed three million fifty thousand dollars | 0021| ($3,050,000) to make capital expenditures for acquiring land for | 0022| the Petroglyph national monument located in Bernalillo county | 0023| and to provide for a general property tax imposition and levy | 0024| for payment of the principal and interest on the bonds as | 0025| permitted by law? | 0001| For ______________ Against _____________ ". | 0002| Section 11. EMERGENCY.--It is necessary for the public | 0003| peace, health and safety that this act take effect immediately. | 0004|  | 0005| | 0006| FORTY-SECOND LEGISLATURE | 0007| SECOND SESSION, 1996 | 0008| | 0009| | 0010| JANUARY 31, 1996 | 0011| | 0012| Mr. President: | 0013| | 0014| Your COMMITTEES' COMMITTEE, to whom has been referred | 0015| | 0016| SENATE BILL 795 | 0017| | 0018| has had it under consideration and finds same to be GERMANE, PURSUANT | 0019| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0020| COMMITTEE. | 0021| | 0022| Respectfully submitted, | 0023| | 0024| | 0025| | 0001| | 0002| __________________________________ | 0003| SENATOR MANNY M. ARAGON, Chairman | 0004| | 0005| | 0006| | 0007| Adopted_______________________ Not Adopted_______________________ | 0008| (Chief Clerk) (Chief Clerk) | 0009| | 0010| | 0011| Date ________________________ | 0012| | 0013| | 0014| | 0015| S0795CC1 |