0001| HOUSE BILL 730 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| BEN LUJAN | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO PUBLIC BUILDINGS; TRANSFERRING INCOME FROM THE | 0013| CAPITOL BUILDINGS REPAIR FUND; AUTHORIZING THE ISSUANCE OF | 0014| REVENUE BONDS; MAKING AN APPROPRIATION. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. NEW MEXICO FINANCE AUTHORITY REVENUE BONDS--PURPOSE--CERTIFICATION--APPROPRIATION.-- | 0018| A. The New Mexico finance authority may issue and | 0019| sell revenue bonds in compliance with the New Mexico Finance | 0020| Authority Act in an amount not to exceed eighteen million | 0021| dollars ($18,000,000) for the purpose of repairing, remodeling, | 0022| constructing, furnishing and equipping a state building located | 0023| adjacent to the state capitol in Santa Fe known as the New | 0024| Mexico state library and for relocation-associated renovations | 0025| in the state capitol. | 0001| B. Annually, the first two million dollars | 0002| ($2,000,000) in the capitol buildings repair fund shall be | 0003| distributed by the general services department to the New Mexico | 0004| finance authority and is appropriated to the authority to be | 0005| pledged irrevocably for the payment of the principal, interest, | 0006| any premium and expenses related to the issuance and sale of the | 0007| bonds authorized pursuant to this section. | 0008| C. All income from the capitol buildings repair fund | 0009| distributed to the New Mexico finance authority shall be | 0010| deposited in a special bond fund or segregated account of the | 0011| authority. At the end of each fiscal year, any money remaining | 0012| in the special bond fund or segregated account, after all debt | 0013| service obligations, reserve fund requirements and expenses in | 0014| such fiscal year for the bonds issued pursuant to this section | 0015| are fully met, shall be transferred by the authority to the | 0016| state treasurer for deposit back into the capitol buildings | 0017| repair fund. Upon payment of all principal and interest and any | 0018| other expenses or obligation related to the issuance of the | 0019| bonds authorized by this section, the New Mexico finance | 0020| authority shall certify to the general services department that | 0021| all obligations for the bonds issued pursuant to this section | 0022| have been fully discharged and direct the department to cease | 0023| the distribution from the capitol buildings repair fund to the | 0024| authority. | 0025| D. The legislature shall not repeal, amend or | 0001| otherwise modify any law that affects or impairs the revenue | 0002| bonds of the New Mexico finance authority secured by a pledge of | 0003| the income from the capitol buildings repair fund. | 0004| E. Upon certification by the New Mexico finance | 0005| authority that the state building project is sufficiently | 0006| developed to warrant the issuance of bonds by the authority, the | 0007| general services department shall distribute the first two | 0008| million dollars ($2,000,000) of the capitol buildings repair | 0009| fund to the New Mexico finance authority. | 0010| Section 2. EFFECTIVE DATE.--The effective date of the | 0011| provisions of this act is January 1, 1997. | 0012|  | 0013| State of New Mexico | 0014| House of Representatives | 0015| | 0016| FORTY-SECOND LEGISLATURE | 0017| SECOND SESSION, 1996 | 0018| | 0019| | 0020| February 9, 1996 | 0021| | 0022| | 0023| Mr. Speaker: | 0024| | 0025| Your TAXATION AND REVENUE COMMITTEE, to whom has | 0001| been referred | 0002| | 0003| HOUSE BILL 730 | 0004| | 0005| has had it under consideration and reports same with | 0006| recommendation that it DO PASS, amended as follows: | 0007| | 0008| 1. On page 1, line 13, after the semicolon insert "AMENDING | 0009| AND ENACTING CERTAIN SECTIONS OF THE NMSA 1978;". | 0010| | 0011| 2. On page 1, line 19, after "sell" insert "in installments | 0012| or at one time". | 0013| | 0014| 3. On page 1, line 22, strike ", furnishing". | 0015| | 0016| 4. On page 2, line 6, after "to" strike "the issuance and | 0017| sale of". | 0018| | 0019| 5. On page 2, line 18, after "to" strike "the issuance of". | 0020| | 0021| 6. On page 3, between lines 3 and 4, insert the following | 0022| new subsection: | 0023| | 0024| "E. The New Mexico finance authority may issue and | 0025| sell revenue bonds authorized by this section when the legislative | 0001| council service certifies the need for issuance of the bonds. The | 0002| net | 0003| proceeds from the sale of the bonds are appropriated to the | 0004| legislative council service for the purposes described in | 0005| Subsection A of this section.". | 0006| | 0007| 7. Reletter the succeeding subsection accordingly. | 0008| | 0009| 8. On page 3, between lines 9 and 10, insert the following | 0010| new sections: | 0011| | 0012| "Section 2. Section 7-27-5 NMSA 1978 (being Laws 1983, | 0013| Chapter 306, Section 7, as amended) is amended to read: | 0014| | 0015| "7-27-5. INVESTMENT OF SEVERANCE TAX PERMANENT FUND.--The | 0016| severance tax permanent fund shall be invested for two general | 0017| purposes, to provide income to the fund and to stimulate the | 0018| economy of New Mexico, preferably on a continuing basis. The | 0019| investments in Sections 7-27-5.1 and 7-27-5.6 NMSA 1978 shall be | 0020| those intended to provide maximum income to the fund and shall be | 0021| referred to as the market rate investments. The investments | 0022| permitted in Sections 7-27-5.3 through 7-27-5.5, [7-27-5.7] 7-27-5.13 through 7-27-5.17, [and 7-27-5.21] 7-27-5.22 and 7-27-23 NMSA 1978 shall be those intended to stimulate the economy of | 0023| New Mexico and shall be referred to as the differential rate | 0024| investments. The prudent man rule shall be applied to the market | 0025| rate investments, and the state investment officer shall keep | 0001| separate records of the earnings of the market rate investments. | 0002| All transactions entered into on or after July 1, 1991 shall be | 0003| accounted for in accordance with generally accepted accounting | 0004| principles." | 0005| | 0006| Section 3. A new section of the Severance Tax Bonding Act, | 0007| Section 7-27-5.23 NMSA 1978, is enacted to read: | 0008| | 0009| "7-27-5.23. [NEW MATERIAL] SEVERANCE TAX PERMANENT FUND--INVESTMENT IN OBLIGATIONS ISSUED FOR STATE CAPITOL BUILDINGS AND | 0010| RENOVATIONS.--Subject to the approval of the state investment | 0011| council, the severance tax permanent fund may be invested in | 0012| revenue bonds issued by the New Mexico finance authority for state | 0013| capitol buildings and relocation-associated renovations in the | 0014| state capitol. | 0015| The amount invested shall not exceed eighteen million dollars | 0016| ($18,000,000)." | 0017| | 0018| Section 4. Section 15-3-24 NMSA 1978 (being Laws 1972, | 0019| Chapter 74, Section 4, as amended) is amended to read: | 0020| | 0021| "15-3-24. CAPITOL BUILDINGS REPAIR FUND--CREATION-- | 0022| EXPENDITURES.-- | 0023| | 0024| A. The "capitol buildings repair fund" is created. To | 0025| this fund shall be transferred all income, including earnings on | 0001| investments, derived from lands granted to the state by the United | 0002| States congress for legislative, executive and judicial public | 0003| buildings. Two percent of this fund shall be transferred annually | 0004| to a "state capitol maintenance fund", hereby created, as a | 0005| special perpetual fund for the upkeep and maintenance of the | 0006| capitol renovation and capitol grounds. | 0007| | 0008| B. The capitol buildings repair fund may be used to | 0009| repair, remodel and equip capitol buildings and adjacent lands, to | 0010| repair or replace building machinery and building equipment | 0011| located in capitol buildings and to contract for options to | 0012| purchase real estate, such real estate, if purchased, to be put to | 0013| state use; provided that no more than ten thousand dollars | 0014| ($10,000) shall be expended for any single option. Any money used | 0015| for consideration in acquiring an option to purchase real estate | 0016| shall be applied against the purchase price of the real estate if | 0017| the option is exercised. No money, except for expenditures for | 0018| debt service and other obligations related to bonds payable from | 0019| the capitol buildings repair fund issued by the New Mexico finance | 0020| authority, shall be expended from the capitol buildings repair | 0021| fund without authorization of the state board of finance. | 0022| | 0023| C. In the event any capital outlay project exceeds | 0024| authorized project cost by no more than five percent, the state | 0025| board of finance may authorize the property control division of | 0001| the general services department to supplement the authorized cost | 0002| by an allocation not to exceed five percent of the authorized cost | 0003| from the capitol buildings repair fund to the extent of the | 0004| unencumbered and unexpended balance of the fund."". | 0005| | 0006| 9. Renumber the succeeding section accordingly., | 0007| | 0008| and thence referred to the APPROPRIATIONS AND FINANCE | 0009| COMMITTEE. | 0010| | 0011| Respectfully submitted, | 0012| | 0013| | 0014| | 0015| | 0016| Jerry W. Sandel, Chairman | 0017| | 0018| | 0019| Adopted Not Adopted | 0020| | 0021| (Chief Clerk) (Chief Clerk) | 0022| | 0023| Date | 0024| | 0025| The roll call vote was 12 For 0 Against | 0001| Yes: 12 | 0002| Excused: Gallegos | 0003| Absent: None | 0004| | 0005| | 0006| .111985.2 | 0007| H0730TR1 State of New Mexico | 0008| House of Representatives | 0009| | 0010| FORTY-SECOND LEGISLATURE | 0011| SECOND SESSION, 1996 | 0012| | 0013| | 0014| February 10, 1996 | 0015| | 0016| | 0017| Mr. Speaker: | 0018| | 0019| Your APPROPRIATIONS AND FINANCE COMMITTEE, to | 0020| whom has been referred | 0021| | 0022| HOUSE BILL 730, as amended | 0023| | 0024| has had it under consideration and reports same with | 0025| recommendation that it DO PASS. | 0001| | 0002| Respectfully submitted, | 0003| | 0004| | 0005| | 0006| | 0007| Max Coll, Chairman | 0008| | 0009| | 0010| Adopted Not Adopted | 0011| | 0012| (Chief Clerk) (Chief Clerk) | 0013| | 0014| Date | 0015| | 0016| The roll call vote was 10 For 0 Against | 0017| Yes: 10 | 0018| Excused: Casey, Gentry, Light, Martinez, Reyes, Wallace | 0019| Watchman, Coll | 0020| Absent: none | 0021| | 0022| | 0023| H0730AF1 | 0024| | 0025| FORTY-SECOND LEGISLATURE | 0001| SECOND SESSION, 1996 | 0002| | 0003| | 0004| February 13, 1996 | 0005| | 0006| Mr. President: | 0007| | 0008| Your FINANCE COMMITTEE, to whom has been referred | 0009| | 0010| HOUSE BILL 730, as amended | 0011| | 0012| has had it under consideration and reports same with | 0013| recommendation that it DO PASS. | 0014| | 0015| Respectfully submitted, | 0016| | 0017| | 0018| | 0019| __________________________________ | 0020| Ben D. Altamirano, Chairman | 0021| | 0022| | 0023| | 0024| Adopted_______________________ Not Adopted_______________________ | 0025| (Chief Clerk) (Chief Clerk) | 0001| | 0002| | 0003| | 0004| Date ________________________ | 0005| | 0006| | 0007| The roll call vote was 7 For 0 Against | 0008| Yes: 7 | 0009| No: 0 | 0010| Excused: Aragon, Donisthorpe, Ingle, Kysar, Macias, Nava | 0011| Absent: None | 0012| | 0013| | 0014| H0730FC1 | 0015| |