0001| HOUSE BILL 1336 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| TED HOBBS | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| AUTHORIZING THE ISSUANCE AND SALE OF CAPITAL PROJECTS BONDS TO | 0012| MAKE CAPITAL EXPENDITURES FOR THE WORKFORCE DEVELOPMENT CENTER | 0013| AT THE ALBUQUERQUE TECHNICAL-VOCATIONAL INSTITUTE; | 0014| PROVIDING FOR A TAX LEVY FOR PAYMENT OF INTEREST AND PRINCIPAL | 0015| OF THE BONDS; REQUIRING APPROVAL OF THE REGISTERED VOTERS AT | 0016| THE NEXT GENERAL ELECTION; DECLARING AN EMERGENCY. | 0017| | 0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0019| Section 1. This act may be cited as the "1997 Capital | 0020| Projects Bond Act". | 0021| Section 2. For the purpose of providing funds for capital | 0022| expenditures as authorized in the 1997 Capital Projects Bond | 0023| Act, indebtedness of the state is hereby authorized in an | 0024| amount not to exceed four million dollars ($4,000,000) as | 0025| provided in Section 9 of the 1997 Capital Projects Bond Act and | 0001| as may be approved by the voters of the state and the state | 0002| board of finance. | 0003| Section 3. The state board of finance, except as | 0004| otherwise specifically provided in the 1997 Capital Projects | 0005| Bond Act, shall issue and sell capital projects bonds in | 0006| compliance with the provisions of Article 4, Section 16 of the | 0007| constitution of New Mexico and shall, in accordance with the | 0008| provisions of the Supplemental Public Securities Act, the | 0009| Uniform Facsimile Signature of Public Officials Act and the | 0010| Public Securities Short-Term Interest Rate Act, determine the | 0011| form, payment dates and manner of payment of capital projects | 0012| 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 1997 | 0016| Capital Projects Bond Act and to pay expenses incurred under | 0017| the provisions of Section 6 of that act. | 0018| Section 5. Bonds authorized by the 1997 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 | 0022| private or public sale for no less than par value and accrued | 0023| interest to date. The state board of finance may reject any | 0024| and all bids 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 | 0004| in which any of the bonds sold pursuant to the provisions of | 0005| the 1997 Capital Projects Bond Act are outstanding an ad | 0006| valorem tax on all property in the state subject to property | 0007| taxation for state purposes sufficient to pay the interest and | 0008| principal on such bonds as they become due. | 0009| Section 8. The provisions of the 1997 Capital Projects | 0010| Bond Act constitute an irrepealable contract with the holders | 0011| of any of the bonds issued pursuant to that act for the | 0012| faithful performance of which the full faith and credit of the | 0013| state of New Mexico is hereby pledged. All such bonds are | 0014| exempt from taxation by the state and any subdivision or public | 0015| body thereof. | 0016| Section 9. The proceeds from the sale of the 1997 capital | 0017| projects bonds issued under the provisions of the 1997 Capital | 0018| Projects Bond Act shall be distributed to the governing board | 0019| of the Albuquerque technical-vocational institute, four million | 0020| dollars ($4,000,000) to be allocated to the governing board of | 0021| the Albuquerque technical-vocational institute for the purpose | 0022| of designing, constructing, furnishing and equipping a | 0023| workforce development center at the Albuquerque technical- | 0024| vocational institute. | 0025| Section 10. The question of whether to issue the bonds | 0001| and impose the tax pursuant to the 1997 Capital Projects Bond | 0002| Act shall be submitted to the registered voters of the state by | 0003| the secretary of state at the general election to be held in | 0004| November 1998, and if a majority of all the votes cast on the | 0005| question is in favor of the issuance of bonds and the | 0006| imposition of the tax, the bonds authorized in such question | 0007| may be issued after the state canvassing board certifies the | 0008| results of the election. | 0009| A ballot used in the 1998 general election shall contain | 0010| substantially the following language: | 0011| "The 1997 Capital Projects Bond Act authorizes the | 0012| issuance and sale of general obligation bonds. Shall the state | 0013| of New Mexico be authorized to issue general obligation bonds | 0014| in an amount not to exceed four million dollars ($4,000,000) to | 0015| make capital expenditures for the design, construction, | 0016| furnishing and equipping of a workforce development center at | 0017| the Albuquerque technical-vocational institute and to provide | 0018| for a general property tax imposition and levy for payment of | 0019| the 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|  |