0001| HOUSE BILL 350
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0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003| 1996
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0004| INTRODUCED BY
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0005| RICHARD T. (DICK) KNOWLES
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0006|
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0007|
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0008|
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0009|
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0010|
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0011| AN ACT
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0012| AUTHORIZING THE ISSUANCE AND SALE OF CAPITAL PROJECTS BONDS TO
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0013| MAKE CAPITAL EXPENDITURES FOR STATE PUBLIC POST-SECONDARY
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0014| EDUCATIONAL INSTITUTION IMPROVEMENTS AND ACQUISITIONS;
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0015| PROVIDING FOR A TAX LEVY FOR PAYMENT OF INTEREST AND PRINCIPAL
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0016| OF THE BONDS; REQUIRING APPROVAL OF THE REGISTERED VOTERS AT THE
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0017| NEXT GENERAL ELECTION; DECLARING AN EMERGENCY.
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0018|
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0019| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0020| Section 1. This act may be cited as the "1996 Capital
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0021| Projects Bond Act".
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0022| Section 2. For the purpose of providing funds for capital
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0023| expenditures as authorized in the 1996 Capital Projects Bond
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0024| Act, indebtedness of the state is hereby authorized in an amount
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0025| not to exceed fifteen million two hundred ninety thousand
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0001| dollars ($15,290,000) as provided in Section 9 of the 1996
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0002| Capital Projects Bond Act and as may be approved by the voters
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0003| of the state and the state board of finance.
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0004| Section 3. The state board of finance, except as otherwise
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0005| specifically provided in the 1996 Capital Projects Bond Act,
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0006| shall issue and sell capital projects bonds in compliance with
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0007| the provisions of Article 4, Section 16 of the constitution of
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0008| New Mexico and shall, in accordance with the provisions of the
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0009| Supplemental Public Securities Act, the Uniform Facsimile
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0010| Signature of Public Officials Act and the Public Securities
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0011| Short-Term Interest Rate Act, determine the form, payment dates
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0012| and manner of payment of capital projects bonds.
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0013| Section 4. The proceeds from the sale of the bonds shall
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0014| be expended solely for providing funds to be distributed in the
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0015| amounts and for the purposes set forth in Section 9 of the 1996
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0016| Capital Projects Bond Act and to pay expenses incurred under the
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0017| provisions of Section 6 of that act.
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0018| Section 5. Bonds authorized by the 1996 Capital Projects
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0019| Bond Act shall be sold, after publication of notice in a
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0020| newspaper of statewide general circulation and in a recognized
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0021| financial journal published outside the state, at either private
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0022| or public sale for no less than par value and accrued interest
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0023| to date. The state board of finance may reject any and all bids
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0024| and waive any irregularity in a bid.
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0025| Section 6. The expenses incurred by the state board of
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0001| finance in or relating to the preparation and sale of the bonds
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0002| shall be paid out of the proceeds from the sale of the bonds.
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0003| Section 7. There is imposed and levied during each year in
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0004| which any of the bonds sold pursuant to the provisions of the
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0005| 1996 Capital Projects Bond Act are outstanding an ad valorem tax
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0006| on all property in the state subject to property taxation for
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0007| state purposes sufficient to pay the interest and principal on
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0008| such bonds as they become due.
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0009| Section 8. The provisions of the 1996 Capital Projects
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0010| Bond Act constitute an irrepealable contract with the holders of
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0011| any of the bonds issued pursuant to that act for the faithful
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0012| performance of which the full faith and credit of the state of
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0013| New Mexico is hereby pledged. All such bonds are exempt from
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0014| taxation by the state and any subdivision or public body
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0015| thereof.
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0016| Section 9. The proceeds from the sale of the 1996 capital
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0017| projects bonds issued under the provisions of the 1996 Capital
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0018| Projects Bond Act shall be distributed for public post-secondary
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0019| educational institution capital improvements and acquisitions to
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0020| the commission on higher education in the following amounts for
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0021| the following purposes:
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0022| A. eight million three hundred thousand dollars
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0023| ($8,300,000) to be allocated to public post-secondary
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0024| educational institutions for the purpose of improving
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0025| handicapped accessibility and life safety requirements at
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0001| facilities located throughout the state;
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0002| B. two million dollars ($2,000,000) to be
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0003| allocated to public universities, colleges, schools, other
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0004| educational agencies and community groups for the purpose of
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0005| purchasing technology and equipment for the facilities located
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0006| throughout the state; and
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0007| C. four million nine hundred ninety thousand
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0008| dollars ($4,990,000) to be allocated to public post-secondary
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0009| educational institutions for the purpose of renovating, updating
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0010| and making improvements to the infrastructure at the facilities
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0011| located throughout the state.
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0012| Section 10. The question of whether to issue the bonds and
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0013| impose the tax pursuant to the 1996 Capital Projects Bond Act
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0014| shall be submitted to the registered voters of the state by the
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0015| secretary of state at the general election to be held in
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0016| November 1996, and if a majority of all the votes cast on the
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0017| question is in favor of the issuance of bonds and the imposition
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0018| of the tax, the bonds authorized in such question may be issued
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0019| after the state canvassing board certifies the results of the
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0020| election.
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0021| A ballot used in the 1996 general election shall contain
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0022| substantially the following language:
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0023| "The 1996 Capital Projects Bond Act authorizes the issuance
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0024| and sale of educational bonds. Shall the state of New Mexico be
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0025| authorized to issue general obligation bonds in an amount not to
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0001| exceed fifteen million two hundred ninety thousand dollars
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0002| ($15,290,000) to make capital expenditures for state public
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0003| post-secondary educational capital improvements and acquisitions
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0004| and to provide for a general property tax imposition and levy
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0005| for payment of the principal and interest on the bonds as
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0006| permitted by law?
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0007| For ______________ Against _____________".
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0008| Section 11. EMERGENCY.--It is necessary for the public
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0009| peace, health and safety that this act take effect immediately.
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0010| State of New Mexico
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0011| House of Representatives
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0012|
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0013| FORTY-SECOND LEGISLATURE
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0014| SECOND SESSION, 1996
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0015|
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0016|
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0017| February 5, 1996
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0018|
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0019|
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0020| Mr. Speaker:
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0021|
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0022| Your EDUCATION COMMITTEE, to whom has been referred
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0023|
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0024| HOUSE BILL 350
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0025|
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0001| has had it under consideration and reports same with
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0002| recommendation that it DO NOT PASS, but that
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0003|
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0004| HOUSE EDUCATION COMMITTEE SUBSTITUTE FOR
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0005| HOUSE BILL 350
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0006|
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0007| DO PASS, and thence referred to HOUSE TAXATION AND
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0008| REVENUE COMMITTEE.
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0009|
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0010| Respectfully submitted,
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0011|
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0012|
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0013|
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0014|
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0015| Samuel F. Vigil, Chairman
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0016|
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0017|
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0018| Adopted Not Adopted
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0019|
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0020| (Chief Clerk) (Chief Clerk)
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0021|
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0022| Date
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0023|
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0024| The roll call vote was 8 For 0 Against
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0025| Yes: 8
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0001| Excused: Charley, Nicely, Trujillo,
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0002| Absent: Weeks
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0003|
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0004|
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0005| H0350EC1 HOUSE EDUCATION COMMITTEE SUBSTITUTE FOR
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0006| HOUSE BILL 350
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0007| 42nd legislature - STATE OF NEW MEXICO - second session, 1996
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0008|
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0009|
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0010|
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0011|
|
0012|
|
0013|
|
0014|
|
0015| AN ACT
|
0016| AUTHORIZING THE ISSUANCE AND SALE OF CAPITAL PROJECTS BONDS TO
|
0017| MAKE CAPITAL EXPENDITURES FOR STATE PUBLIC POST-SECONDARY
|
0018| EDUCATIONAL INSTITUTION IMPROVEMENTS AND ACQUISITIONS; PROVIDING
|
0019| FOR A TAX LEVY FOR PAYMENT OF INTEREST AND PRINCIPAL OF THE
|
0020| BONDS; REQUIRING APPROVAL OF THE REGISTERED VOTERS AT THE NEXT
|
0021| GENERAL ELECTION; DECLARING AN EMERGENCY.
|
0022|
|
0023| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO
|
0024| Section 1. This act may be cited as the "1996 Capital
|
0025| Projects Bond Act".
|
0001| Section 2. For the purpose of providing funds for capital
|
0002| expenditures as authorized in the 1996 Capital Projects Bond
|
0003| Act, indebtedness of the state is hereby authorized in an amount
|
0004| not to exceed twenty-eight million thirty-two thousand dollars
|
0005| ($28,032,000) as provided in Section 9 of the 1996 Capital
|
0006| Projects Bond Act and as may be approved by the voters of the
|
0007| state and the state board of finance.
|
0008| Section 3. The state board of finance, except as otherwise
|
0009| specifically provided in the 1996 Capital Projects Bond Act,
|
0010| shall issue and sell capital projects bonds in compliance with
|
0011| the provisions of Article 4, Section 16 of the constitution of
|
0012| New Mexico and shall, in accordance with the provisions of the
|
0013| Supplemental Public Securities Act, the Uniform Facsimile
|
0014| Signature of Public Officials Act and the Public Securities
|
0015| Short-Term Interest Rate Act, determine the form, payment dates
|
0016| and manner of payment of capital projects bonds.
|
0017| Section 4. The proceeds from the sale of the bonds shall
|
0018| be expended solely for providing funds to be distributed in the
|
0019| amounts and for the purposes set forth in Section 9 of the 1996
|
0020| Capital Projects Bond Act and to pay expenses incurred under the
|
0021| provisions of Section 6 of that act.
|
0022| Section 5. Bonds authorized by the 1996 Capital Projects
|
0023| Bond Act shall be sold, after publication of notice in a
|
0024| newspaper of statewide general circulation and in a recognized
|
0025| financial journal published outside the state, at either private
|
0001| or public sale for no less than par value and accrued interest
|
0002| to date. The state board of finance may reject any and all bids
|
0003| and waive any irregularity in a bid.
|
0004| Section 6. The expenses incurred by the state board of
|
0005| finance in or relating to the preparation and sale of the bonds
|
0006| shall be paid out of the proceeds from the sale of the bonds.
|
0007| Section 7. There is imposed and levied during each year in
|
0008| which any of the bonds sold pursuant to the provisions of the
|
0009| 1996 Capital Projects Bond Act are outstanding an ad valorem tax
|
0010| on all property in the state subject to property taxation for
|
0011| state purposes sufficient to pay the interest and principal on
|
0012| such bonds as they become due.
|
0013| Section 8. The provisions of the 1996 Capital Projects
|
0014| Bond Act constitute an irrepealable contract with the holders of
|
0015| any of the bonds issued pursuant to that act for the faithful
|
0016| performance of which the full faith and credit of the state of New
|
0017| Mexico is hereby pledged. All such bonds are exempt from taxation
|
0018| by the state and any subdivision or public body thereof.
|
0019| Section 9. The proceeds from the sale of the 1996 capital
|
0020| projects bonds issued under the provisions of the 1996 Capital
|
0021| Projects Bond Act shall be distributed for public post-secondary
|
0022| educational institution capital improvements and acquisitions to
|
0023| the following agencies for the purposes and amounts specified:
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0024| A. to the commission on higher education:
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0025| (1) two million dollars ($2,000,000) to be
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0001| allocated to public post-secondary educational institutions for the
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0002| purpose of improving handicapped accessibility and life safety
|
0003| requirements at facilities located throughout the state;
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0004| (2) one million dollars ($1,000,000) to be
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0005| allocated to public universities, colleges, schools, other
|
0006| educational agencies and community groups through the extended
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0007| learning fund for the purpose of purchasing technology and
|
0008| equipment for the facilities located throughout the state; (3) four million nine hundred ninety thousand dollars
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0009| ($4,990,000) to be allocated to public post-secondary educational
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0010| institutions for the purpose of renovating, updating and making
|
0011| improvements to the infrastructure at the facilities located
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0012| throughout the state; and
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0013| (4) one million dollars ($1,000,000) to be
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0014| allocated to public universities, colleges, schools, other
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0015| educational agencies and community groups through the extended
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0016| learning fund for the purpose of purchasing technology and
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0017| equipment for the facilities located throughout the state;
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0018| B. to the board of regents of New Mexico state
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0019| university:
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0020| (1) twelve million seven hundred forty-two
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0021| thousand dollars ($12,742,000) to construct a specialized research
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0022| facility at New Mexico state university located in Dona Ana county;
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0023| and
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0024| (2) one million five hundred thousand dollars
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0025| ($1,500,000) to renovate and make improvements to academic
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0001| facilities at New Mexico state university located in Dona Ana
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0002| county;
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0003| C. to the board of regents of the New Mexico school for
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0004| the deaf five hundred thousand dollars ($500,000) to make
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0005| miscellaneous improvements at the New Mexico school for the deaf
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0006| located in Santa Fe county;
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0007| D. to the board of regents of New Mexico military
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0008| institute two million dollars ($2,000,000) to plan, design,
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0009| construct, renovate and equip Saunders barracks at New Mexico
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0010| military institute located in Chaves county;
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0011| E. to the board of regents of western New Mexico
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0012| university three hundred thousand dollars ($300,000) to plan and
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0013| design the computer science building at western New Mexico
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0014| university located in Grant county; and
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0015| F. to the board of regents of the university of New
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0016| Mexico:
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0017| (1) two hundred thousand dollars ($200,000) to
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0018| plan and design the science technology building at the university
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0019| of New Mexico located in Bernalillo county; and
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0020| (2) one million eight hundred thousand dollars
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0021| ($1,800,000) to renovate the instructional facilities at the
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0022| university of New Mexico located in Bernalillo county."
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0023| Section 10. The question of whether to issue the bonds and
|
0024| impose the tax pursuant to the 1996 Capital Projects Bond Act shall
|
0025| be submitted to the registered voters of the state by the secretary
|
0001| of state at the general election to be held in November 1996, and
|
0002| if a majority of all the votes cast on the question is in favor of
|
0003| the issuance of bonds and the imposition of the tax, the bonds
|
0004| authorized in such question may be issued after the state
|
0005| canvassing board certifies the results of the election.
|
0006| A ballot used in the 1996 general election shall contain
|
0007| substantially the following language:
|
0008| "The 1996 Capital Projects Bond Act authorizes the issuance
|
0009| and sale of educational bonds. Shall the state of New Mexico be
|
0010| authorized to issue general obligation bonds in an amount not to
|
0011| exceed twenty-eight million thirty-two thousand dollars
|
0012| ($28,032,000) to make capital expenditures for state public post-secondary educational capital improvements and acquisitions and to
|
0013| provide for a general property tax imposition and levy for payment
|
0014| of the principal and interest on the bonds as permitted by law?
|
0015| For ______________ Against _____________".
|
0016| Section 11. EMERGENCY.--It is necessary for the public
|
0017| peace, health and safety that this act take effect immediately.
|
0018|
|
0019|
|