0001| SENATE BILL 1018 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| JOSEPH J. CARRARO | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| AUTHORIZING THE ISSUANCE AND SALE OF CAPITAL PROJECT GENERAL | 0012| OBLIGATION BONDS FOR LAND ACQUISITION, INCLUDING THE BOCA NEGRA | 0013| UNIT AND RIGHT OF WAY FOR UNSER BOULEVARD, FOR PETROGLYPH | 0014| NATIONAL MONUMENT LOCATED IN BERNALILLO COUNTY; PROVIDING FOR A | 0015| TAX LEVY FOR PAYMENT OF PRINCIPAL OF, INTEREST ON AND CERTAIN | 0016| COSTS RELATED TO THE BONDS; REQUIRING APPROVAL OF THE | 0017| REGISTERED VOTERS AT THE 1998 GENERAL ELECTION. | 0018| | 0019| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0020| Section 1. SHORT TITLE.--This act may be cited as the | 0021| "1997 Capital Project Bond Act". | 0022| Section 2. INDEBTEDNESS AUTHORIZED.--For the purpose of | 0023| providing funds for capital expenditures authorized in the 1997 | 0024| Capital Projects Bond Act, general obligation indebtedness of | 0025| the state is authorized for the purpose and in the amount set | 0001| forth in Section 10 of that act. | 0002| Section 3. BOND TERMS, COVENANTS AND CONDITIONS.--The | 0003| state board of finance, except as limited by the 1997 Capital | 0004| Project Bond Act, shall determine the terms, covenants and | 0005| conditions of bonds issued pursuant to that act, including: | 0006| date or dates of issue; denominations; maturities; principal | 0007| amounts; rate or rates of interest; provisions for redemption, | 0008| including premiums, registration, refundability, whether the | 0009| bonds are issued in one or more series and other covenants | 0010| relating to the bonds and the issuance thereof. The bonds | 0011| shall be in such form as the state board of finance determines | 0012| with an appropriate series designation and shall bear interest | 0013| payable as set forth in the resolution of the state board of | 0014| finance. Payment of the principal of the bonds shall begin not | 0015| more than two years after the date of their issuance, and the | 0016| bonds shall mature not later than ten years after the date of | 0017| their issuance. Both principal and interest shall be payable | 0018| in lawful money of the United States at the office of the | 0019| paying agent within or without the state of New Mexico as the | 0020| state board of finance may direct. The bonds shall be executed | 0021| with the manual or facsimile signature of the governor or the | 0022| state treasurer, and the seal or a facsimile of the seal of the | 0023| state shall be placed on each bond, except for any series of | 0024| bonds issued in book entry or similar form without the delivery | 0025| of physical securities. The bonds shall be issued in | 0001| accordance with the provisions of the 1997 Capital Project Bond | 0002| Act, the Supplemental Public Securities Act and the Uniform | 0003| Facsimile Signature of Public Officials Act and may be issued | 0004| in accordance with the Public Securities Short-Term Interest | 0005| Rate Act. The full faith and credit of the state of New Mexico | 0006| are hereby pledged for the prompt payment at maturity of the | 0007| principal of and interest on all bonds issued and sold pursuant | 0008| to the 1997 Capital Project Bond Act. | 0009| Section 4. PROCEEDS.--The proceeds from the sale of the | 0010| bonds shall be expended solely for providing funds for the | 0011| purpose and not to exceed the amount set forth in Section 10 of | 0012| the 1997 Capital Project Bond Act and to pay expenses incurred | 0013| under Section 6 of that act. Any proceeds from the sale of the | 0014| bonds that are not required for the purposes set forth in | 0015| Sections 6 and 10 of that act shall be used for the purpose of | 0016| paying the principal of and interest on the bonds. | 0017| Section 5. BONDS--SALE.--The bonds authorized pursuant to | 0018| the 1997 Capital Project Bond Act shall be sold by the state | 0019| board of finance, at such time and in such manner and amounts | 0020| as the board may elect. The bonds may be sold at private sale | 0021| or at public sale at not less than par and accrued interest to | 0022| the date of delivery. If sold at public sale, the state board | 0023| of finance shall publish a notice of the time and place of sale | 0024| in a newspaper of general circulation in the state and may also | 0025| publish the notice in a recognized financial journal outside | 0001| the state. The required publications shall be made once each | 0002| week for two consecutive weeks prior to the date fixed for the | 0003| sale, the last publication thereof to be at least five days | 0004| prior to the date of the sale. The notice shall specify the | 0005| amount, denomination, maturity and description of the bonds to | 0006| be offered for sale and the place, date and hour at which the | 0007| sealed bids shall be received. At the time and place specified | 0008| in the notice, the state board of finance shall open the bids | 0009| in public and shall award the bonds to the bidder or bidders | 0010| offering the best price for the bonds. The state board of | 0011| finance may reject any or all bids and readvertise and may | 0012| waive any irregularity in a bid. All bids, except that of the | 0013| state, shall be accompanied by a deposit of two percent of the | 0014| bid price. The deposit of an unsuccessful bidder shall be | 0015| returned upon rejection of the bid. The state board of finance | 0016| may also sell the bonds or any part of the bonds to the state | 0017| treasurer or state investment officer. The state treasurer or | 0018| state investment officer is authorized to purchase any of the | 0019| bonds for investment. The bonds are legal investments for any | 0020| person or board charged with the investment of any public funds | 0021| and may be accepted as security for any deposit of public | 0022| money. | 0023| Section 6. EXPENSES.--The expenses incurred by the state | 0024| board of finance in or relating to the preparation and sale of | 0025| the bonds shall be paid out of the proceeds from the sale of | 0001| the bonds, and all rebate, penalty, interest and other | 0002| obligations of the state relating to the bonds and bond | 0003| proceeds under the Internal Revenue Code of 1986, as amended, | 0004| shall be paid from earnings on bond proceeds or other money of | 0005| the state, legally available for that purpose. | 0006| Section 7. AD VALOREM TAX--IMPOSITION--ASSESSMENT AND | 0007| COLLECTION.--To provide for the payment of the principal of and | 0008| interest on the bonds issued and sold pursuant to the | 0009| provisions of the 1997 Capital Project Bond Act, there shall be | 0010| and there is hereby imposed and levied during each year in | 0011| which any of the bonds are outstanding an ad valorem tax on all | 0012| property in the state subject to property taxation for state | 0013| purposes sufficient to pay the interest as it becomes due on | 0014| the bonds, together with an amount sufficient to provide a | 0015| sinking fund to pay the principal of the bonds as it becomes | 0016| due and, if permitted by law, ad valorem taxes may be collected | 0017| to pay administrative costs incident to the collection of such | 0018| taxes. The taxes shall be imposed, levied, assessed and | 0019| collected at the times and in the manner that other property | 0020| taxes for state purposes are imposed, levied, assessed and | 0021| collected. It is the duty of all tax officials and authorities | 0022| to cause these taxes to be imposed, levied, assessed and | 0023| collected. | 0024| Section 8. DEPOSIT--SEPARATE ACCOUNT.--The state | 0025| treasurer shall keep separate accounts of all money collected | 0001| pursuant to the taxes imposed and levied pursuant to the | 0002| provisions of the 1997 Capital Project Bond Act and shall use | 0003| this money only for the purposes of paying the principal of and | 0004| interest on the bonds as they become due and any expenses | 0005| relating thereto. | 0006| Section 9. CONTRACT WITH BOND HOLDERS.--Any owner of | 0007| bonds issued pursuant to the provisions of the 1997 Capital | 0008| Project Bond Act may, either at law or in equity, by suit, | 0009| action or mandamus, enforce and compel the performance of the | 0010| duties required by that act of any officer or entity mentioned | 0011| in that act. The provisions of the 1997 Capital Project Bond | 0012| Act constitute an irrepealable contract with the owners of any | 0013| of the bonds issued pursuant to that act for the faithful | 0014| performance of which the full faith and credit of the state of | 0015| New Mexico is hereby pledged. Without reference to any other | 0016| act of the legislature of the state, the 1997 Capital Project | 0017| Bond Act is full authority for the issuance and sale of the | 0018| bonds authorized in that act, and such bonds shall have all the | 0019| qualities of investment securities under the Uniform Commercial | 0020| Code of the state, shall not be invalid for any irregularity or | 0021| defect in the proceedings for the issuance and sale of the | 0022| bonds and shall be incontestable in the hands of bona fide | 0023| purchasers or holders thereof for value. All bonds issued | 0024| under the provisions of the 1997 Capital Project Bond Act, and | 0025| the interest thereon, are exempt from taxation by the state and | 0001| any subdivision or public body thereof. | 0002| Section 10. PROCEEDS--PURPOSE FOR WHICH ISSUED.--The | 0003| proceeds from the sale of bonds, not to exceed three million | 0004| fifty thousand dollars ($3,050,000), issued under the | 0005| provisions of the 1997 Capital Project Bond Act shall be | 0006| distributed to the energy, minerals and natural resources | 0007| department for land acquisition, including the Boca Negra unit | 0008| and right of way for Unser boulevard, for Petroglyph national | 0009| monument located in Bernalillo county. | 0010| Section 11. ELECTION.-- | 0011| A. Except as otherwise provided in the 1997 Capital | 0012| Project Bond Act, the question of whether bonds shall be issued | 0013| pursuant to that act shall be submitted to the registered | 0014| voters of the state at the general election to be held in | 0015| November 1998 and, if it receives a majority of all the votes | 0016| cast thereon at such election, the authority to issue bonds | 0017| shall take effect upon certification of the state canvassing | 0018| board announcing the results of that election. No bonds shall | 0019| be issued or sold under the 1997 Capital Project Bond Act until | 0020| the registered voters of this state have voted upon and | 0021| approved the bonds and property tax imposition as provided in | 0022| this section. Any bonds issued under that act shall be issued | 0023| within twenty-six months from the date of the general election. | 0024| | 0025| B. The ballots used at the 1998 general election | 0001| shall contain substantially the following language: | 0002| "The 1997 Capital Project Bond Act authorizes the issuance | 0003| and sale of land acquisition bonds. Shall the state of New | 0004| Mexico be authorized to issue general obligation bonds in an | 0005| amount not to exceed three million fifty thousand dollars | 0006| ($3,050,000) to make capital expenditures for land acquisition, | 0007| including the Boca Negra unit and right of way for Unser | 0008| boulevard, for Petroglyph national monument in Bernalillo | 0009| county and provide for a general property tax imposition and | 0010| levy for payment of principal of, interest on and expenses | 0011| incurred in connection with the issuance of the bonds and the | 0012| collection of the tax as permitted by law? | 0013| For__________ Against____________". | 0014| C. The secretary of state shall include the | 0015| submission of the capital project general obligation bond | 0016| question to the people at the 1998 general election, and it | 0017| shall be included in the general election proclamation of each | 0018| of the county clerks. | 0019| D. The secretary of state shall not include the | 0020| question of whether to issue capital project general obligation | 0021| bonds for the purpose of acquiring land for Petroglyph national | 0022| monument on the general election proclamation or on the general | 0023| election ballot unless prior to June 1, 1998, the secretary of | 0024| the interior or the director of the national park service | 0025| notifies the secretary of state that the United States | 0001| department of the interior agrees to unequivocally support the | 0002| expedited construction of the long-planned Paseo del Norte | 0003| extension through a small portion of the Petroglyph monument, | 0004| and that the United States department of the interior will work | 0005| in good faith to eliminate all federal impediments to the | 0006| construction of that extension. | 0007| E. The secretary of state shall cause the 1997 | 0008| Capital Project Bond Act to be published in full in at least | 0009| one newspaper in each county of the state, if one is published | 0010| therein, once each week for four successive weeks next | 0011| preceding the general election as required by the constitution | 0012| of New Mexico. | 0013|  |