SENATE FINANCE COMMITTEE SUBSTITUTE FOR
SENATE BILL 221
49th legislature - STATE OF NEW MEXICO - first session, 2009
AN ACT
RELATING TO STATE BUILDINGS; AUTHORIZING STATE OFFICE BUILDING TAX REVENUE BONDS FOR AN EXECUTIVE OFFICE BUILDING; INCREASING THE AMOUNT OF A CERTAIN TAX DISTRIBUTION; EXTENDING THE EXPENDITURE PERIOD AND EXPANDING THE PURPOSES OF CERTAIN APPROPRIATIONS; MAKING APPROPRIATIONS; DECLARING AN EMERGENCY.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. Section 6-21C-4 NMSA 1978 (being Laws 2001, Chapter 199, Section 4, as amended) is amended to read:
"6-21C-4. NEW MEXICO FINANCE AUTHORITY SHALL ISSUE BUILDING BONDS--APPROPRIATION OF PROCEEDS.--
A. The New Mexico finance authority is authorized to issue and sell revenue bonds, known as "state office building tax revenue bonds", payable solely from the state building bonding fund, in compliance with the State Building Bonding Act for the purpose of acquiring state office buildings and related facilities and other critical state facilities within the master planning jurisdiction of the capitol buildings planning commission when the acquisition has been reviewed by the capitol buildings planning commission and has been authorized by legislative act and the director of the property control division of the general services department has certified the need for the issuance of the bonds; provided that the total amount of state office building tax revenue bonds outstanding at any one time shall not exceed one hundred fifteen million dollars ($115,000,000).
B. The net proceeds from the building bonds are appropriated to the property control division of the general services department for the purpose of acquiring state office buildings and related facilities and other critical state facilities within the master planning jurisdiction of the capitol buildings planning commission, the acquisition of which shall be consistent with the State Building Bonding Act and the authorizing legislation."
Section 2. Section 6-21C-5 NMSA 1978 (being Laws 2001, Chapter 199, Section 5, as amended) is amended to read:
"6-21C-5. STATE BUILDING BONDING FUND CREATED--MONEY IN THE FUND PLEDGED.--
A. The "state building bonding fund" is created as a special fund within the New Mexico finance authority. The fund shall be administered by the New Mexico finance authority as a special account. The fund shall consist of money appropriated and transferred to the fund and gross receipts tax revenues distributed to the fund by law. Earnings of the fund shall be credited to the fund. Balances in the fund at the end of any fiscal year shall remain in the fund, except as provided in this section.
B. Money in the state building bonding fund is pledged for the payment of principal and interest on all building bonds issued pursuant to the State Building Bonding Act. Money in the fund is appropriated:
(1) to the New Mexico finance authority for the purpose of paying debt service, including redemption premiums, on the building bonds and the expenses incurred in the issuance, payment and administration of the bonds; and
(2) if specifically authorized in the law authorizing the acquisition of a building, to the property control division of the general services department for expenditures for required maintenance and repairs of that building but only if the authority determines that money in the fund is sufficient to meet the requirements of Paragraph (1) of this subsection.
C. On the last day of January and July of each year, the New Mexico finance authority shall estimate the amount needed to make debt service and other payments during the next twelve months from the state building bonding fund on the building bonds issued pursuant to the State Building Bonding Act plus the amount that may be needed for any required reserves and, if specifically authorized in the law authorizing the acquisition of a building, the amount that may be needed for required maintenance and repairs of that building. The New Mexico finance authority shall transfer to the general fund any balance in the state building bonding fund above the estimated amounts.
D. Any balance remaining in the state building bonding fund shall be transferred to the general fund upon certification by the New Mexico finance authority that:
(1) the director of the property control division of the general services department and the New Mexico finance authority have agreed that the building bonds issued pursuant to the State Building Bonding Act have been retired, that no additional obligations of the state building bonding fund exist and that no additional expenditures from the fund are necessary; or
(2) a court of jurisdiction has ruled that the building bonds have been retired, that no additional obligations of the state building bonding fund exist and that no additional expenditures from the fund are necessary.
E. The building bonds issued pursuant to the State Building Bonding Act shall be payable solely from the state building bonding fund or, with the approval of the bondholders, such other special funds as may be provided by law and do not create an obligation or indebtedness of the state within the meaning of any constitutional provision. No breach of any contractual obligation incurred pursuant to that act shall impose a pecuniary liability or a charge upon the general credit or taxing power of the state, and the bonds are not general obligations for which the state's full faith and credit is pledged.
F. The state does hereby pledge that the state building bonding fund shall be used only for the purposes specified in this section and pledged first to pay the debt service on the building bonds issued pursuant to the State Building Bonding Act. The state further pledges that any law authorizing the distribution of taxes or other revenues to the state building bonding fund or authorizing expenditures from the fund shall not be amended or repealed or otherwise modified so as to impair the bonds to which the state building bonding fund is dedicated as provided in this section."
Section 3. Section 7-1-6.42 NMSA 1978 (being Laws 2001, Chapter 199, Section 12, as amended) is amended to read:
"7-1-6.42. DISTRIBUTION--STATE BUILDING BONDING
FUND--GROSS RECEIPTS TAX.--A distribution pursuant to
Section 7-1-6.1 NMSA 1978 shall be made to the state building bonding fund in the amount of [five hundred thirty thousand dollars ($530,000)] six hundred eighty thousand dollars ($680,000) from the net receipts attributable to the gross receipts tax imposed by the Gross Receipts and Compensating Tax Act. The distribution shall be made:
A. after the required distribution pursuant to Section 7-1-6.4 NMSA 1978;
B. contemporaneously with other distributions of net receipts attributable to the gross receipts tax for payment of debt service on outstanding bonds or to a fund dedicated for that purpose; and
C. prior to any other distribution of net receipts attributable to the gross receipts tax."
Section 4. Laws 2001, Chapter 166, Section 2, as amended by Laws 2004, Chapter 123, Section 7, Laws 2005, Chapter 320, Section 4 and by Laws 2007, Chapter 64, Section 4, is amended to read:
"Section 2. STATE OFFICE BUILDING TAX REVENUE BONDS-- AUTHORIZATION--CONTINGENCY.--
A. The New Mexico finance authority may issue and sell state office building tax revenue bonds in compliance with the State Building Bonding Act when the director of the property control division of the general services department certifies to the authority that the proceeds from the state office building tax revenue bonds are needed for one or more of the purposes specified in Laws 2001, Chapter 166, Section 1, as amended by Laws 2007, Chapter 64, Section 3 [of this 2007 act; provided that the total amount of state office building tax revenue bonds outstanding at any one time shall not exceed one hundred million dollars ($100,000,000)]. The authority shall schedule the issuance and sale of the bonds in the most expeditious and economical manner possible. Except as provided in Subsections B and C of this section, net proceeds from the sale of the bonds are appropriated to the property control division of the general services department for expenditure in fiscal year 2001 and subsequent fiscal years for the purposes specified in Laws 2001, Chapter 166, Section 1, as amended by Laws 2007, Chapter 64, Section 3 [of this 2007 act].
B. Two hundred fifty thousand dollars ($250,000) of the proceeds from the bonds issued pursuant to Subsection A of this section are appropriated to the legislative council service for expenditure in fiscal years 2004 through 2008 for the purpose of providing funding for the capitol buildings planning commission, master planning process for state facilities and for annual updates to master plans, but excluding any payments for salaries, benefits and costs of state employees. Any unexpended or unencumbered balance remaining at the end of fiscal year 2008 shall revert to the state building bonding fund.
C. Three hundred fifty thousand dollars ($350,000) of the proceeds from the bonds issued pursuant to Subsection A of this section are appropriated to the legislative council service for expenditure in fiscal years 2007 through [2009] 2012 for the purpose of providing funding for the capitol buildings planning commission, master planning process for state facilities and annual updates to master plans, but excluding any payments for salaries, benefits and costs of state employees. Any unexpended or unencumbered balance remaining at the end of fiscal year [2009] 2012 shall revert to the state building bonding fund."
Section 5. [NEW MATERIAL] STATE OFFICE BUILDING TAX REVENUE BONDS--AUTHORIZATION FOR EXECUTIVE OFFICE BUILDING.--
A. The New Mexico finance authority may issue and sell state office building tax revenue bonds in compliance with the State Building Bonding Act when the director of the property control division of the general services department certifies to the authority that the proceeds from the state office building tax revenue bonds are needed for the purpose specified in Subsection B of this section. The authority shall schedule the issuance and sale of the bonds in the most expeditious and economical manner possible. Net proceeds from the sale of the bonds, after providing for debt service until occupancy, are appropriated to the property control division of the general services department for expenditure in fiscal year 2010 and subsequent fiscal years for the purpose specified in Subsection B of this section.
B. The property control division of the general services department, after issuing a request for proposals, shall enter into contracts for a design and build project delivery system for the planning, designing, constructing, equipping and furnishing of a new executive office building in the main capitol campus in Santa Fe.
C. The distribution of gross receipts taxes pursuant to Section 7-1-6.42 NMSA 1978, as increased in Section 3 of this 2009 act, contains a component for the maintenance and repair of the executive office building that, over the period that the bonds are outstanding, approximates the amount that will be needed for the maintenance and repair of the building. Pursuant to Paragraph (2) of Subsection B of Section 6-21C-5 NMSA 1978, the property control division of the general services department is authorized to expend a portion of the state building bonding fund for required maintenance and repairs on the executive office building.
Section 6. Laws 2007, Chapter 64, Section 6 is amended to read:
"Section 6. APPROPRIATIONS.--[A.] The following amounts from the following sources are appropriated to the property control division of the general services department for expenditure in fiscal years 2007 through [2009] 2011 for the acquisition of the property within the west capitol complex owned by the United States general services administration and the United States forest service. Any unexpended or unencumbered balance remaining at the end of fiscal year [2009] 2011 shall revert proportionately to the originating fund:
[(1)] A. one million five hundred thousand dollars ($1,500,000) from the property control reserve fund; and
[(2)] B. three million five hundred thousand dollars ($3,500,000) from the public buildings repair fund.
[B. One million dollars ($1,000,000) is appropriated from the general fund to the property control division of the general services department for expenditure in fiscal years 2007 through 2009 for the planning and designing of a New Mexico state police crime laboratory to be located adjacent to or within close proximity to the state laboratory facility in Bernalillo county. Any unexpended or unencumbered balance remaining at the end of fiscal year 2009 shall revert to the general fund.]"
Section 7. [NEW MATERIAL] EXPANSION OF PURPOSE FOR MASTER PLANNING AND COMPLETION OF PARKING STRUCTURE.--One million dollars ($1,000,000) of the unexpended balance of the appropriations to the legislative council service in Subsections A, B and C of Section 1 of Chapter 192 of Laws 2007 for the purpose of constructing and renovating capitol north and the capitol and as reauthorized for an expanded purpose in Laws 2008, Chapter 83, Section 381 may be expended by the legislative council service in fiscal years 2009 through 2012 for the purpose of providing funding for the capitol buildings planning commission master planning process for statewide state facilities, including feasibility studies and annual updates to master plans, and, if needed, the completion of the parking structure in the central capitol campus in Santa Fe, but excluding any payments for salaries, benefits and costs of state employees.
Section 8. EFFECTIVE DATE.--The effective date of the provisions of Section 3 of this act is the later of:
A. July 1, 2011; or
B. the first day of the month following the day that the chief executive officer of the New Mexico finance authority certifies to the secretary of taxation and revenue, the secretary of finance and administration, the legislative council service and the New Mexico compilation commission that the distribution is needed to make debt service payments on the bonds issued pursuant to Section 5 of this act.
Section 9. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.
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