AN ACT
RELATING TO REVENUE BONDS; AUTHORIZING
THE ISSUANCE OF STATE MUSEUM TAX REVENUE BONDS FOR RENOVATION AND MAINTENANCE
OF FACILITIES AND DEVELOPMENT OF PERMANENT EXHIBITIONS AT STATE MUSEUMS AND
MONUMENTS; MAKING AN APPROPRIATION.
BE IT ENACTED BY THE LEGISLATURE OF
THE STATE OF NEW MEXICO:
Section 1. STATE MUSEUM TAX REVENUE BONDS AUTHORIZED.--
A. The New Mexico finance authority may issue
and sell state museum tax revenue bonds in compliance with the State Building
Bonding Act in a total amount not to exceed five million seven hundred sixty
thousand dollars ($5,760,000) when the state cultural affairs officer certifies
to the authority that the proceeds from the state museum tax revenue bonds are
needed for projects pursuant to Subsection B of this section. The authority shall schedule the issuance and
sale of the bonds in the most expeditious and economical manner possible upon a
finding by the authority that the projects can proceed within a reasonable
time. The authority shall further take
the appropriate steps necessary to comply with the Internal Revenue Code of
1986, as amended. Proceeds from the sale
of the bonds are appropriated to the office of cultural affairs for expenditure
in fiscal year 2003 and subsequent fiscal years pursuant to Subsection B of this
section.
B. The proceeds from the sale of the bonds
authorized in Subsection A of this section shall be expended for the following
projects in the following amounts:
(1) eight hundred fifty thousand dollars
($850,000) for a fire suppression system at the New Mexico museum of space
history in Alamogordo;
(2) six hundred thousand three hundred dollars
($600,300) for repairs to the New Mexico museum of natural history and science
in Albuquerque;
(3) three hundred forty-four thousand nine
hundred dollars ($344,900) for repairs to state monuments statewide;
(4) four hundred twenty-five thousand dollars
($425,000) for repairs to the museum of international folk art in Santa Fe;
(5) six hundred twenty thousand dollars
($620,000) for repairs at the museum of Indian arts and culture, including the
laboratory of anthropology, in Santa Fe;
(6) six hundred seventy-five thousand dollars
($675,000) for repairs to the museum of fine arts in Santa Fe;
(7) three hundred thirty thousand dollars ($330,000)
for repairs to the palace of the governors in Santa Fe;
(8) one hundred seven thousand eight hundred
dollars ($107,800) for erosion control at the New Mexico farm and ranch
heritage museum in Las Cruces;
(9) one million dollars ($1,000,000) for
exhibition development at the camino real international heritage center in
Socorro county;
(10) four hundred thousand dollars ($400,000) for
exhibition development at the New Mexico farm and ranch heritage museum in Dona
Ana county; and
(11) four hundred seven thousand dollars
($407,000) for exhibition development at the New Mexico museum of natural
history and science in Albuquerque.
C. The authorization made in Subsection A of
this section is contingent upon the enactment into law of House Bill 496 by the
first session of the forty-sixth legislature.
HAFC/HB 594
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