46th legislature - STATE OF NEW MEXICO - first session, 2003

RELATING TO STATE MUSEUMS; AUTHORIZING THE ISSUANCE OF STATE MUSEUM TAX REVENUE BONDS FOR RENOVATIONS AT CERTAIN STATE MUSEUMS; 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 one or more of the projects 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 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 for the projects specified in Subsection B of this section.

B. The following amounts of the proceeds from the sale of the bonds authorized in Subsection A of this section shall be expended for the specified projects of the museum of New Mexico:

(1) four million dollars ($4,000,000) to continue with the construction of the annex to the palace of the governors;

(2) four hundred sixty thousand dollars ($460,000) for renovations at the museum of international folk art;

(3) seven hundred twenty thousand dollars ($720,000) for renovations at the museum of fine arts;

(4) one hundred sixty thousand dollars ($160,000) for renovations at the museum of Indian arts and culture;

(5) three hundred thirty thousand dollars ($330,000) for renovations at the palace of the governors; and

(6) ninety thousand dollars ($90,000) for other various renovations.

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.