0001| AN ACT | 0002| RELATING TO PUBLIC BUILDINGS; TRANSFERRING INCOME FROM THE CAPITOL | 0003| BUILDINGS REPAIR FUND; AUTHORIZING THE ISSUANCE OF REVENUE BONDS; | 0004| AMENDING AND ENACTING CERTAIN SECTIONS OF THE NMSA 1978; MAKING AN | 0005| APPROPRIATION. | 0006| | 0007| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0008| Section 1. NEW MEXICO FINANCE AUTHORITY REVENUE BONDS--PURPOSE--CERTIFICATION--APPROPRIATION.-- | 0009| A. The New Mexico finance authority may issue and sell in | 0010| installments or at one time revenue bonds in compliance with the New | 0011| Mexico Finance Authority Act in an amount not to exceed eighteen million | 0012| dollars ($18,000,000) for the purpose of repairing, remodeling, | 0013| constructing and equipping a state building located adjacent to the | 0014| state capitol in Santa Fe known as the New Mexico state library and for | 0015| relocation-associated renovations in the state capitol. | 0016| B. Annually, the first two million dollars ($2,000,000) in | 0017| the capitol buildings repair fund shall be distributed by the general | 0018| services department to the New Mexico finance authority and is | 0019| appropriated to the authority to be pledged irrevocably for the payment | 0020| of the principal, interest, any premium and expenses related to the | 0021| bonds authorized pursuant to this section. | 0022| C. All income from the capitol buildings repair fund | 0023| distributed to the New Mexico finance authority shall be deposited in a | 0024| special bond fund or segregated account of the authority. At the end of | 0025| each fiscal year, any money remaining in the special bond fund or | 0001| segregated account, after all debt service obligations, reserve fund | 0002| requirements and expenses in such fiscal year for the bonds issued | 0003| pursuant to this section are fully met, shall be transferred by the | 0004| authority to the state treasurer for deposit back into the capitol | 0005| buildings repair fund. Upon payment of all principal and interest and | 0006| any other expenses or obligation related to the bonds authorized by this | 0007| section, the New Mexico finance authority shall certify to the general | 0008| services department that all obligations for the bonds issued pursuant | 0009| to this section have been fully discharged and direct the department to | 0010| cease the distribution from the capitol buildings repair fund to the | 0011| authority. | 0012| D. The legislature shall not repeal, amend or otherwise | 0013| modify any law that affects or impairs the revenue bonds of the New | 0014| Mexico finance authority secured by a pledge of the income from the | 0015| capitol buildings repair fund. | 0016| E. The New Mexico finance authority may issue and sell | 0017| revenue bonds authorized by this section when the legislative council | 0018| service certifies the need for issuance of the bonds. The net proceeds | 0019| from the sale of the bonds are appropriated to the legislative council | 0020| service for the purposes described in Subsection A of this section. | 0021| F. Upon certification by the New Mexico finance authority | 0022| that the state building project is sufficiently developed to warrant the | 0023| issuance of bonds by the authority, the general services department | 0024| shall distribute the first two million dollars ($2,000,000) of the | 0025| capitol buildings repair fund to the New Mexico finance authority. | 0001| Section 2. Section 7-27-5 NMSA 1978 (being Laws 1983, Chapter | 0002| 306, Section 7, as amended) is amended to read: | 0003| "7-27-5. INVESTMENT OF SEVERANCE TAX PERMANENT FUND.--The | 0004| severance tax permanent fund shall be invested for two general purposes, | 0005| to provide income to the fund and to stimulate the economy of New | 0006| Mexico, preferably on a continuing basis. The investments in Sections | 0007| 7-27-5.1 and 7-27-5.6 NMSA 1978 shall be those intended to provide | 0008| maximum income to the fund and shall be referred to as the market rate | 0009| investments. The investments permitted in Sections 7-27-5.3 through 7-27-5.5, 7-27-5.13 through 7-27-5.17, 7-27-5.22 and 7-27-23 NMSA 1978 | 0010| shall be those intended to stimulate the economy of New Mexico and shall | 0011| be referred to as the differential rate investments. The prudent man | 0012| rule shall be applied to the market rate investments, and the state | 0013| investment officer shall keep separate records of the earnings of the | 0014| market rate investments. All transactions entered into on or after July | 0015| 1, 1991 shall be accounted for in accordance with generally accepted | 0016| accounting principles." | 0017| Section 3. A new section of the Severance Tax Bonding Act, | 0018| Section 7-27-5.23 NMSA 1978, is enacted to read: | 0019| "7-27-5.23. SEVERANCE TAX PERMANENT FUND--INVESTMENT IN | 0020| OBLIGATIONS ISSUED FOR STATE CAPITOL BUILDINGS AND RENOVATIONS.--Subject | 0021| to the approval of the state investment council, the severance tax | 0022| permanent fund may be invested in revenue bonds issued by the New Mexico | 0023| finance authority for state capitol buildings and relocation-associated | 0024| renovations in the state capitol. The amount invested shall not exceed | 0025| eighteen million dollars ($18,000,000)." | 0001| Section 4. Section 15-3-24 NMSA 1978 (being Laws 1972, Chapter | 0002| 74, Section 4, as amended) is amended to read: | 0003| "15-3-24. CAPITOL BUILDINGS REPAIR FUND--CREATION-- | 0004| EXPENDITURES.-- | 0005| A. The "capitol buildings repair fund" is created. To this | 0006| fund shall be transferred all income, including earnings on investments, | 0007| derived from lands granted to the state by the United States congress | 0008| for legislative, executive and judicial public buildings. Two percent | 0009| of this fund shall be transferred annually to a "state capitol | 0010| maintenance fund", hereby created, as a special perpetual fund for the | 0011| upkeep and maintenance of the capitol renovation and capitol grounds. | 0012| B. The capitol buildings repair fund may be used to repair, | 0013| remodel and equip capitol buildings and adjacent lands, to repair or | 0014| replace building machinery and building equipment located in capitol | 0015| buildings and to contract for options to purchase real estate, such real | 0016| estate, if purchased, to be put to state use; provided that no more than | 0017| ten thousand dollars ($10,000) shall be expended for any single option. | 0018| Any money used for consideration in acquiring an option to purchase real | 0019| estate shall be applied against the purchase price of the real estate if | 0020| the option is exercised. No money, except for expenditures for debt | 0021| service and other obligations related to bonds payable from the capitol | 0022| buildings repair fund issued by the New Mexico finance authority, shall | 0023| be expended from the capitol buildings repair fund without authorization | 0024| of the state board of finance. | 0025| C. In the event any capital outlay project exceeds | 0001| authorized project cost by no more than five percent, the state board of | 0002| finance may authorize the property control division of the general | 0003| services department to supplement the authorized cost by an allocation | 0004| not to exceed five percent of the authorized cost from the capitol | 0005| buildings repair fund to the extent of the unencumbered and unexpended | 0006| balance of the fund." | 0007| Section 5. EFFECTIVE DATE.--The effective date of the provisions | 0008| of this act is January 1, 1997. | 0009| | 0010| HB | 0011| 730 | 0012| Page  |