HB0153

HOUSE BILL 153

55th legislature - STATE OF NEW MEXICO - second session, 2022

INTRODUCED BY

Christine Chandler

AN ACT

RELATING TO GENERAL OBLIGATION BONDS; AUTHORIZING THE ISSUANCE AND SALE OF CAPITAL PROJECTS GENERAL OBLIGATION BONDS TO MAKE CAPITAL EXPENDITURES FOR SENIOR CITIZEN FACILITY IMPROVEMENTS, CONSTRUCTION AND ACQUISITIONS, FOR LIBRARY ACQUISITIONS AND FOR CAPITAL IMPROVEMENTS AND ACQUISITIONS AT INSTITUTIONS OF HIGHER EDUCATION, STATE SPECIAL SCHOOLS AND TRIBAL SCHOOLS; PROVIDING FOR A PROPERTY TAX LEVY FOR PAYMENT OF PRINCIPAL OF, INTEREST ON AND CERTAIN COSTS RELATED TO THE BONDS; REQUIRING APPROVAL OF THE REGISTERED VOTERS AT THE 2022 GENERAL ELECTION OF THE STATE; DECLARING AN EMERGENCY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

SECTION 1. SHORT TITLE.--This act may be cited as the "2022 Capital Projects General Obligation Bond Act".

SECTION 2. PURPOSE.--For the purpose of providing funds for capital expenditures as authorized in the 2022 Capital Projects General Obligation Bond Act, general obligation indebtedness of the state is authorized for the purposes and in the amounts set forth in Section 10 of that act.

SECTION 3. BOND TERMS.--

A. The state board of finance, except as limited by the 2022 Capital Projects General Obligation Bond Act, shall determine the terms, covenants and conditions of bonds issued pursuant to that act, including:

(1) date or dates of issue, denominations and maturities;

(2) principal amounts;

(3) rate or rates of interest; and

(4) provisions for redemption, including premiums, registration and refundability, whether the bonds are issued in one or more series and other covenants relating to the bonds and the issuance thereof.

B. The bonds shall be in such form as the state board of finance determines with an appropriate series designation and shall bear interest payable as set forth in the resolution of the state board of finance.

C. Payment of the principal of the bonds shall begin not more than two years after the date of their issuance, and the bonds shall mature not later than ten years after the date of their issuance. Both principal and interest shall be payable in lawful money of the United States at the office of the paying agent within or without the state as the state board of finance may direct.

D. The bonds shall be executed with the manual or facsimile signature of the governor or the state treasurer, and the seal or a facsimile of the seal of the state shall be placed on each bond, except for any series of bonds issued in book entry or similar form without the delivery of physical securities.

E. The bonds shall be issued in accordance with the provisions of the 2022 Capital Projects General Obligation Bond Act, the Supplemental Public Securities Act and the Uniform Facsimile Signature of Public Officials Act and may be issued in accordance with the Public Securities Short-Term Interest Rate Act.

F. The full faith and credit of the state is pledged for the prompt payment when due of the principal of and interest on all bonds issued and sold pursuant to the 2022 Capital Projects General Obligation Bond Act.

SECTION 4. EXPENDITURES.--The proceeds from the sale of the bonds shall be expended solely for providing money to be distributed for the purposes and in amounts not to exceed the amounts set forth in Section 10 of the 2022 Capital Projects General Obligation Bond Act and to pay expenses incurred under Section 6 of that act. Any proceeds from the sale of the bonds that are not required for the purposes set forth in Sections 6 and 10 of that act shall be used for the purpose of paying the principal of and interest on the bonds.

SECTION 5. SALE.--The bonds authorized under the 2022 Capital Projects General Obligation Bond Act shall be sold by the state board of finance at such time and in such manner and amounts as the board may elect. The bonds may be sold at private sale or at public sale, in either case at not less than par plus accrued interest to the date of delivery. If sold at public sale, the state board of finance shall publish a notice of the time and place of sale in a newspaper of general circulation in the state and may also publish the notice in a recognized financial journal outside the state. The required publications shall be made once each week for two consecutive weeks prior to the date fixed for the sale, the last publication thereof to be at least five days prior to the date of the sale. The notice shall specify the amount, denomination, maturity and description of the bonds to be offered for sale and the place, date and hour at which the sealed bids shall be received. At the time and place specified in the notice, the state board of finance shall open the bids in public and shall award the bonds to the bidder or bidders offering the best price for the bonds. The state board of finance may reject any or all bids and readvertise and may waive any irregularity in a bid. All bids, except that of the state, shall be accompanied by a deposit of two percent of the principal amount of the bonds in a form acceptable to the state board of finance. The deposit of an unsuccessful bidder shall be returned upon rejection of the bid. The state board of finance may also sell the bonds or any part of the bonds to the state treasurer or state investment officer. The state treasurer or state investment officer is authorized to purchase any of the bonds for investment. The bonds are legal investments for any person or board charged with the investment of any public funds and may be accepted as security for any deposit of public money.

SECTION 6. EXPENSES.--The expenses incurred by the state board of finance in or relating to the preparation and sale of the bonds shall be paid out of the proceeds from the sale of the bonds, and all rebate, penalty, interest and other obligations of the state relating to the bonds and bond proceeds under the Internal Revenue Code of 1986, as amended, shall be paid from earnings on bond proceeds or other money of the state, legally available for such payments.

SECTION 7. PROPERTY TAX LEVY.--To provide for the payment of the principal of and interest on the bonds issued and sold pursuant to the provisions of the 2022 Capital Projects General Obligation Bond Act, there shall be and there is hereby imposed and levied during each year in which any of the bonds are outstanding an ad valorem tax on all property in the state subject to property taxation for state purposes sufficient to pay the interest as it becomes due on the bonds, together with an amount sufficient to provide a sinking fund to pay the principal of the bonds as it becomes due, and, if permitted by law, ad valorem taxes may be collected to pay administrative costs incident to the collection of such taxes. The taxes shall be imposed, levied, assessed and collected at the times and in the manner that other property taxes for state purposes are imposed, levied, assessed and collected. It is the duty of all tax officials and authorities to cause these taxes to be imposed, levied, assessed and collected.

SECTION 8. TREASURER--DUTIES.--The state treasurer shall keep separate accounts of all money collected pursuant to the taxes imposed and levied pursuant to the provisions of the 2022 Capital Projects General Obligation Bond Act and shall use this money only for the purposes of paying the principal of and interest on the bonds as they become due and any expenses relating thereto.

SECTION 9. IRREPEALABLE CONTRACT--AUTHORITY FOR ISSUANCE.--An owner of bonds issued pursuant to the provisions of the 2022 Capital Projects General Obligation Bond Act may, either at law or in equity, by suit, action or mandamus, enforce and compel the performance of the duties required by that act of any officer or entity mentioned in that act. The provisions of that act constitute an irrepealable contract with the owners of any of the bonds issued pursuant to that act for the faithful performance of which the full faith and credit of the state is pledged. Without reference to any other act of the legislature, the 2022 Capital Projects General Obligation Bond Act is full authority for the issuance and sale of the bonds authorized in that act, and such bonds shall have all the qualities of investment securities under the Uniform Commercial Code, shall not be invalid for any irregularity or defect in the proceedings for the issuance and sale of the bonds and shall be incontestable in the hands of bona fide purchasers or holders thereof for value. All bonds issued under the provisions of that act, and the interest thereon, are exempt from taxation by the state and any subdivision or public body thereof.

SECTION 10. PROJECTS.--The proceeds from the sale of bonds issued under the provisions of the 2022 Capital Projects General Obligation Bond Act shall be distributed as

follows for the purposes and in the amounts specified:

A. for senior citizen facility improvement, construction and equipment acquisition projects, to the aging and long-term services department:

(1) forty thousand one hundred forty-one dollars ($40,141) to purchase and install meals equipment and other equipment for the Barelas senior center in Albuquerque in Bernalillo county;

(2) three hundred seventy-five thousand fifty dollars ($375,050) to purchase and equip vehicles for the city of Albuquerque senior affairs nutrition and transportation program in Albuquerque in Bernalillo county;

(3) three hundred fifty-three thousand three hundred fifty-eight dollars ($353,358) for renovations to the Highland senior center in Albuquerque in Bernalillo county;

(4) two million nine hundred seventy-one thousand four hundred forty-two dollars ($2,971,442) for renovations to the North Valley senior center in Albuquerque in Bernalillo county;

(5) one million dollars ($1,000,000) for renovations to the Palo Duro senior center in Albuquerque in Bernalillo county;

(6) two hundred thirty-five thousand dollars ($235,000) for renovations to the Raymond G. Sanchez senior center in Bernalillo county;

(7) four hundred fifty-seven thousand dollars ($457,000) for renovations to the Whispering Pines senior center in Bernalillo county;

(8) ninety thousand dollars ($90,000) for renovations to the Glenwood senior center in Catron county;

(9) fifty-two thousand dollars ($52,000) to purchase and equip vehicles for the Glenwood senior center in Catron county;

(10) ninety-two thousand five hundred dollars ($92,500) to purchase and install meals equipment and other equipment for the Quemado senior center in Catron county;

(11) forty thousand dollars ($40,000) to purchase and install meals equipment and other equipment for the Reserve senior center in Catron county;

(12) forty thousand dollars ($40,000) for renovations to the Reserve senior center in Catron county;

(13) forty-three thousand five hundred dollars ($43,500) for improvements to the facility to address code compliance issues and for the purchase and installation of equipment and building systems at La Casa senior center in Curry county;

(14) seventy-five thousand dollars ($75,000) to plan and design the Fort Sumner senior center in Fort Sumner in De Baca county;

(15) fifty thousand dollars ($50,000) to purchase and equip vehicles for the Fort Sumner senior center in Fort Sumner in De Baca county;

(16) thirty-five thousand dollars ($35,000) for renovations to the Frank O'Brien Papen community center in Las Cruces in Dona Ana county;

(17) six hundred sixty-six thousand one hundred ninety-nine dollars ($666,199) to plan, design, construct, equip and furnish the Robert P. Munson senior center in Las Cruces in Dona Ana county;

(18) one hundred ten thousand dollars ($110,000) to purchase and equip vehicles for the Robert P. Munson senior center in Las Cruces in Dona Ana county;

(19) one million three hundred fifty-two thousand four hundred forty-two dollars ($1,352,442) for renovations to the Alejandro Ruiz senior center in Carlsbad in Eddy county;

(20) one hundred sixty-two thousand twenty-four dollars ($162,024) to purchase and equip vehicles for the Alejandro Ruiz senior center in Carlsbad in Eddy county;

(21) thirty-eight thousand two hundred dollars ($38,200) to purchase and equip vehicles for the Gila senior center in Grant county;

(22) thirty-eight thousand two hundred dollars ($38,200) to purchase and equip vehicles for the Mimbres senior center in Grant county;

(23) thirty-eight thousand two hundred dollars ($38,200) to purchase and equip vehicles for the Santa Clara senior center in Santa Clara in Grant county;

(24) sixty thousand five hundred dollars ($60,500) to purchase and equip vehicles for the Hobbs senior center in Hobbs in Lea county;

(25) thirty-four thousand two hundred eighty-four dollars ($34,284) to purchase and equip vehicles for the senior center in Capitan in Lincoln county;

(26) forty-eight thousand four hundred twenty-nine dollars ($48,429) to purchase and equip vehicles for the Carrizozo senior center in Lincoln county;

(27) thirty-four thousand two hundred eighty-four dollars ($34,284) to purchase and equip vehicles for the Corona senior center in Lincoln county;

(28) thirty thousand dollars ($30,000) to purchase and equip vehicles for the Hondo senior center in Lincoln county;

(29) ninety-four thousand dollars ($94,000) for renovations to the Ruidoso community center in Ruidoso in Lincoln county;

(30) forty-eight thousand four hundred twenty-nine dollars ($48,429) to purchase and equip vehicles for the Ruidoso Downs senior center in Ruidoso Downs in Lincoln county;

(31) fifty-seven thousand five hundred seventy-nine dollars ($57,579) for renovations, including the purchase and installation of equipment, to the Deming senior center in Deming in Luna county;

(32) five million four hundred fifteen thousand three hundred dollars ($5,415,300) to plan, design, construct, equip and furnish the Gallup senior center in Gallup in McKinley county;

(33) seventy-six thousand dollars ($76,000) to purchase and equip vehicles for the Gallup senior center in Gallup in McKinley county;

(34) sixty-two thousand two hundred sixty-two dollars ($62,262) for renovations, including the purchase and installation of equipment, to the Logan senior center in Logan in Quay county;

(35) seventy thousand dollars ($70,000) to purchase and equip vehicles for the Alcalde senior center in Rio Arriba county;

(36) ninety thousand dollars ($90,000) to purchase and equip vehicles for the Beatrice Martinez senior center in Espanola in Rio Arriba county;

(37) seventy-five thousand dollars ($75,000) to plan and design the Chama senior center in Rio Arriba county;

(38) seventy thousand dollars ($70,000) to purchase and equip vehicles for the Coyote senior center in Rio Arriba county;

(39) seventy thousand dollars ($70,000) to purchase and equip vehicles for the Espanola senior center in Espanola in Rio Arriba county;

(40) seventy thousand dollars ($70,000) to purchase and equip vehicles for the Chimayo La Arboleda senior center in Rio Arriba county;

(41) one hundred sixteen thousand two hundred thirty-seven dollars ($116,237) for renovations to the Santa Clara Pueblo adult daycare center in the Pueblo of Santa Clara in Rio Arriba county;

(42) twenty-four thousand dollars ($24,000) to purchase and install meals equipment and other equipment for the Blanco senior center in San Juan county;

(43) fifty-five thousand dollars ($55,000) to purchase and equip vehicles for the Blanco senior center in San Juan county;

(44) thirty-five thousand dollars ($35,000) for renovations to the Bloomfield senior center in Bloomfield in San Juan county;

(45) twenty-four thousand dollars ($24,000) to purchase and install meals equipment and other equipment for the Lower Valley senior center in San Juan county;

(46) one hundred thirty thousand dollars ($130,000) to purchase and install meals equipment and other equipment for the Las Vegas senior center in Las Vegas in San Miguel county;

(47) one hundred forty thousand dollars ($140,000) to purchase and equip vehicles for the Las Vegas senior center in Las Vegas in San Miguel county;

(48) twenty-five thousand eight hundred ten dollars ($25,810) for renovations to the Bernalillo senior center in Sandoval county;

(49) thirty thousand dollars ($30,000) to purchase and equip vehicles for the Bernalillo senior center in Sandoval county;

(50) seven hundred seventy-four thousand five hundred sixty-nine dollars ($774,569) to plan, design, construct, equip and furnish the Broadmoor senior center in Rio Rancho in Sandoval county;

(51) two hundred twenty-six thousand four hundred seventy-four dollars ($226,474) for renovations to the Meadowlark senior center in Rio Rancho in Sandoval county;

(52) thirty thousand two hundred eight dollars ($30,208) to purchase and equip vehicles for the Pena Blanca community center in Sandoval county;

(53) five hundred thousand dollars ($500,000) for renovations to the Chimayo senior center, also known as the Benny J. Chavez community center, in Santa Fe county;

(54) two hundred thirty-five thousand six hundred thirty dollars ($235,630) to purchase and install meals equipment and other equipment for the Mary Esther Gonzales senior center in Santa Fe in Santa Fe county;

(55) sixty-five thousand eight hundred five dollars ($65,805) to purchase and install meals equipment and other equipment for the Pasatiempo senior center in Santa Fe in Santa Fe county;

(56) two million forty-one thousand four hundred forty-one dollars ($2,041,441) to plan, design, construct, equip and furnish the Santa Cruz senior center in Santa Fe county;

(57) one million four hundred fifty thousand dollars ($1,450,000) to plan, design, construct, equip and furnish the Amalia senior center in Taos county;

(58) seven hundred twenty-seven thousand five hundred eighty-seven dollars ($727,587) to plan, design, construct, equip and furnish the Questa senior center in Taos county;

(59) one hundred sixty-nine thousand six hundred twenty-one dollars ($169,621) for renovations, including the purchase and installation of equipment, to the Estancia senior center in Torrance county;

(60) fifty-three thousand five hundred ninety-nine dollars ($53,599) to plan and design the Moriarty senior center in Torrance county;

(61) one hundred fifty-eight thousand eight hundred sixty-one dollars ($158,861) for renovations, including the purchase and installation of equipment, to the Mountainair senior center in Torrance county;

(62) fifty-eight thousand dollars ($58,000) to purchase and install meals equipment and other equipment for the Belen senior center in Valencia county;

(63) fifty-five thousand dollars ($55,000) to purchase and equip vehicles for the Bosque Farms community center in Bosque Farms in Valencia county;

(64) four hundred sixty thousand dollars ($460,000) to plan, design, construct, equip and furnish the Del Rio senior center in Valencia county;

(65) fifty-eight thousand dollars ($58,000) to purchase and install meals equipment and other equipment for the Del Rio senior center in Valencia county; and

(66) seventy-three thousand dollars ($73,000) to purchase and install meals equipment and other equipment for the Meadow Lake senior center in Valencia county;

B. for library acquisitions at public libraries, public school libraries, academic libraries and tribal libraries statewide:

(1) six million dollars ($6,000,000) for equipment, library furniture, fixtures and supplemental library resource acquisitions, including print, non-print and electronic resources, collaborative library resources and information technology projects, and for the purchase and installation of broadband internet equipment and infrastructure at non-tribal public libraries statewide;

(2) one million dollars ($1,000,000) for equipment, library furniture, fixtures and supplemental library resource acquisitions, including print, non-print and electronic resources, collaborative library resources and information technology projects, and for the purchase and installation of broadband internet equipment and infrastructure at tribal libraries statewide;

(3) six million dollars ($6,000,000) for supplemental library resource acquisitions, including books, equipment, electronic resources, collaborative library resources and information technology projects, for academic libraries statewide; and

(4) six million dollars ($6,000,000) for equipment and supplemental library resource acquisitions, including print, non-print and electronic resources, at public school libraries statewide; and

C. for capital improvements and acquisitions at institutions of higher education, special schools and tribal schools statewide:

(1) to the board of regents of eastern New Mexico university:

(a) two million four hundred seventy-five thousand dollars ($2,475,000) to plan, design, construct, renovate, purchase and install fire suppression systems for the occupational technology center, physical education center and arts and science center at the Roswell branch campus of eastern New Mexico university in Chaves county; and

(b) nine million dollars ($9,000,000) to plan, design, construct, furnish and equip a new student academic services building at eastern New Mexico university in Portales in Roosevelt county;

(2) to the higher education department:

(a) fifteen million dollars ($15,000,000) to plan, design, construct, furnish and equip a trades and applied technologies facility at central New Mexico community college in Albuquerque in Bernalillo county;

(b) one million six hundred eighty-five thousand dollars ($1,685,000) to plan, design and construct infrastructure improvements, including drainage and parking lot improvements, at Clovis community college in Clovis in Curry county;

(c) two million one hundred thousand dollars ($2,100,000) to plan, design, construct, furnish and equip a vocational trades building at New Mexico junior college in Hobbs in Lea county;

(d) four million dollars ($4,000,000) to plan, design, construct, furnish and equip a trades building at Navajo technical university in Crownpoint in McKinley county;

(e) five million dollars ($5,000,000) to plan, design, construct, furnish and equip a student services facility for the south campus at the Shiprock branch campus of Dine college in San Juan county;

(f) three million dollars ($3,000,000) to plan, design, construct, purchase and equip information technology infrastructure upgrades campuswide at San Juan college in Farmington in San Juan county;

(g) one million five hundred thousand dollars ($1,500,000) to plan, design, construct, renovate and equip infrastructure improvements campuswide, including heating, ventilation and air conditioning replacements, at Luna community college in Las Vegas in San Miguel county; and

(h) two million three hundred thousand dollars ($2,300,000) to plan, design, construct, renovate and equip infrastructure improvements, including heating, ventilation and air conditioning systems in the main and west wing buildings, at Santa Fe community college in Santa Fe county;

(3) to the board of regents of the New Mexico school for the blind and visually impaired, three million seven hundred thousand dollars ($3,700,000) to plan, design, construct, furnish and equip residential cottages at the New Mexico school for the blind and visually impaired in Alamogordo in Otero county;

(4) to the board of regents of New Mexico highlands university, four million five hundred thousand dollars ($4,500,000) to plan, design, construct, furnish and equip a facilities building, including abatement and demolition, at New Mexico highlands university in Las Vegas in San Miguel county;

(5) to the board of regents of the New Mexico institute of mining and technology:

(a) five million dollars ($5,000,000) to plan, design, construct, renovate and equip infrastructure improvements to the Playas training and research center at the New Mexico institute of mining and technology in Playas in Hidalgo county; and

(b) three million three hundred thousand dollars ($3,300,000) to plan, design, construct, furnish and equip Kelly hall at the New Mexico institute of mining and technology in Socorro in Socorro county;

(6) to the board of regents of New Mexico military institute, four million dollars ($4,000,000) to plan, design, construct, furnish and equip renovations of barracks bathrooms, including demolition and abatement of hazardous materials, at New Mexico military institute in Roswell in Chaves county;

(7) to the board of regents of the New Mexico school for the deaf, one million four hundred thousand dollars ($1,400,000) to plan, design, construct, renovate, furnish and equip improvements and an addition to the Albuquerque preschool facility for the New Mexico school for the deaf in Albuquerque in Bernalillo county;

(8) to the board of regents of New Mexico state university:

(a) twenty-two million five hundred thousand dollars ($22,500,000) to plan, design, construct, furnish and equip a college of engineering facility, including abatement and demolition of Thomas and Brown hall, at New Mexico state university in Las Cruces in Dona Ana county;

(b) thirteen million five hundred thousand dollars ($13,500,000) to plan, design, construct, renovate, furnish and equip the health and social sciences building and O'Donnell hall at New Mexico state university in Las Cruces in Dona Ana county;

(c) two million dollars ($2,000,000) to plan, design, construct, renovate, furnish and equip the school of nursing skills and simulation center in the health and social services building at New Mexico state university in Las Cruces in Dona Ana county;

(d) one million three hundred fifty thousand dollars ($1,350,000) to plan, design, construct, renovate, furnish and equip infrastructure improvements, including roof replacement, at the Dona Ana branch community college campuses of New Mexico state university in Dona Ana county;

(e) one million two hundred fifty thousand dollars ($1,250,000) to plan, design, construct, renovate and equip infrastructure improvements, including roof replacement, to Martinez hall at the Grants branch campus of New Mexico state university in Cibola county; and

(f) two million dollars ($2,000,000) to plan, design, construct, furnish and equip a vocational trades building at the Carlsbad branch campus of New Mexico state university in Carlsbad in Eddy county;

(9) to the board of regents of northern New Mexico state school, four million dollars ($4,000,000) to plan, design, construct and repair infrastructure campuswide, including parking lots, roads and roof replacements, at northern New Mexico state school in Espanola and El Rito in Rio Arriba county;

(10) to the board of regents of the university of New Mexico:

(a) forty-five million dollars ($45,000,000) to plan, design, construct, furnish and equip a new center for collaborative art and technology at the university of New Mexico in Albuquerque in Bernalillo county;

(b) thirty-four million dollars ($34,000,000) to plan, design, construct, renovate, furnish and equip a children's psychiatric center for the health sciences center at the university of New Mexico in Albuquerque in Bernalillo county;

(c) four million dollars ($4,000,000) to plan, design, construct, renovate and equip infrastructure improvements to Gurley hall at the Gallup branch campus of the university of New Mexico in McKinley county;

(d) one million three hundred thousand dollars ($1,300,000) to plan, design, construct, renovate, furnish and equip infrastructure improvements campuswide at the Los Alamos branch campus of the university of New Mexico in Los Alamos county;

(e) three million dollars ($3,000,000) to plan, design, construct, renovate, furnish and equip renovations and an addition to Fred Peralta hall at the Taos branch campus of the university of New Mexico in Taos county; and

(f) nine hundred thousand dollars ($900,000) to plan, design, construct, renovate, furnish and install improvements, including roof replacement and solar installation, to the learning commons resource center at the Los Lunas branch campus of the university of New Mexico in Valencia county; and

(11) to the board of regents of western New Mexico university, four million one hundred sixty thousand dollars ($4,160,000) to plan, design, construct, furnish and equip a Deming learning center at western New Mexico university in Deming in Luna county.

SECTION 11. ELECTION.--

A. Bonds issued pursuant to the 2022 Capital Projects General Obligation Bond Act shall be submitted to the registered voters of the state at the general election to be held in November 2022, and, if they receive a majority of all the votes cast thereon at such election, shall take effect upon certification of the state canvassing board announcing the results of the election. No bonds shall be issued or sold under that act until the registered voters of this state have voted upon and approved the bonds and property tax as provided in this section. Any bonds issued under that act shall be issued within thirty months from the date of such election.

B. The ballots used at the 2022 general election shall contain substantially the following language:

(1) "The 2022 Capital Projects General Obligation Bond Act authorizes the issuance and sale of senior citizen facility improvement, construction and equipment acquisition bonds. Shall the state be authorized to issue general obligation bonds in an amount not to exceed twenty-two million seven hundred forty-seven thousand eight hundred forty-four dollars ($22,747,844) to make capital expenditures for certain senior citizen facility improvement, construction and equipment acquisition projects and provide for a general property tax imposition and levy for the payment of principal of, interest on and expenses incurred in connection with the issuance of the bonds and the collection of the tax as permitted by law?

For________________ Against___________________";

(2) "The 2022 Capital Projects General Obligation Bond Act authorizes the issuance and sale of library acquisition bonds. Shall the state be authorized to issue general obligation bonds in an amount not to exceed nineteen million two hundred sixty-five thousand two hundred thirty-five dollars ($19,265,235) to make capital expenditures for academic, public school, tribal and public library resource acquisitions and provide for a general property tax imposition and levy for the payment of principal of, interest on and expenses incurred in connection with the issuance of the bonds and the collection of the tax as permitted by law?

For________________ Against___________________"; and

(3) "The 2022 Capital Projects General Obligation Bond Act authorizes the issuance and sale of higher education, special schools and tribal schools capital improvement and acquisition bonds. Shall the state be authorized to issue general obligation bonds in an amount not to exceed two hundred seven million three hundred forty thousand five hundred eighty-four dollars ($207,340,584) to make capital expenditures for certain higher education, special schools and tribal schools capital improvements and acquisitions and provide for a general property tax imposition and levy for the payment of principal of, interest on and expenses incurred in connection with the issuance of the bonds and the collection of the tax as permitted by law?

For________________ Against___________________". C. Each question set forth in this section includes a specific work or object to be financed by the bonds. If any such question is not approved by a majority vote of the electorate at the state's 2022 general election, the issuance of bonds for the work or object specified by the question shall be excluded from and shall not be part of the 2022 Capital Projects General Obligation Bond Act. The failure of a question to be approved by the electorate at the 2022 general election shall not affect those questions that are approved at the election.

D. The secretary of state shall include the submission of the capital projects general obligation bonds to the people at the 2022 general election, and it shall be included in the general election proclamation. The secretary of state shall cause the 2022 Capital Projects General Obligation Bond Act to be published in full in at least one newspaper in each county of the state if one be published therein, once each week, for four successive weeks next preceding the general election as required by the constitution of New Mexico.

SECTION 12. ART IN PUBLIC PLACES.--Pursuant to Section 13-4A-4 NMSA 1978 and where applicable, the appropriations authorized in the 2022 Capital Projects General Obligation Bond Act include money for the art in public places fund.

SECTION 13. PROJECT SCOPE--EXPENDITURES--REVERSION.--

A. If an appropriation for a project authorized in the 2022 Capital Projects General Obligation Bond Act is not sufficient to complete all the purposes specified, the appropriation may be expended for any portion of the purposes specified in the appropriation. Expenditures shall not be made for purposes other than those specified in the appropriation.

B. The state agencies and state institutions to which money has been appropriated in the 2022 Capital Projects General Obligation Bond Act shall be responsible for monitoring the projects funded in that act to ensure compliance with the constitution and laws of New Mexico and shall cause to be reverted any unexpended or unencumbered balance remaining at the earlier of the third full fiscal year after issuance of the bonds or the termination or completion of the specific project. Reverted funds shall be deposited in the debt service fund established by the state treasurer for the purpose of paying the principal of and interest on the state's general obligation bonds.

SECTION 14. SEVERABILITY.--If any part or application of the 2022 Capital Projects General Obligation Bond Act is held invalid, the remainder or its application to other situations or persons shall not be affected.

SECTION 15. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.

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