0001| SENATE BILL 252 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| LEONARD LEE RAWSON | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| AUTHORIZING THE ISSUANCE AND SALE OF CAPITAL PROJECTS BONDS TO | 0013| MAKE CAPITAL EXPENDITURES FOR RENOVATION OF GODDARD HALL ON THE | 0014| CAMPUS OF NEW MEXICO STATE UNIVERSITY IN LAS CRUCES IN DONA ANA | 0015| COUNTY; PROVIDING FOR A TAX LEVY FOR PAYMENT OF INTEREST AND | 0016| PRINCIPAL OF THE BONDS; REQUIRING APPROVAL OF THE REGISTERED | 0017| VOTERS AT THE NEXT GENERAL ELECTION; DECLARING AN EMERGENCY. | 0018| | 0019| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0020| Section 1. This act may be cited as the "1996 Capital | 0021| Projects Bond Act". | 0022| Section 2. For the purpose of providing funds for capital | 0023| expenditures as authorized in the 1996 Capital Projects Bond | 0024| Act, indebtedness of the state is hereby authorized in an amount | 0025| not to exceed one million one hundred thousand dollars | 0001| ($1,100,000) as provided in Section 9 of the 1996 Capital | 0002| Projects Bond Act and as may be approved by the voters of the | 0003| state and the state board of finance. | 0004| Section 3. The state board of finance, except as otherwise | 0005| specifically provided in the 1996 Capital Projects Bond Act, | 0006| shall issue and sell capital projects bonds in compliance with | 0007| the provisions of Article 4, Section 16 of the constitution of | 0008| New Mexico and shall, in accordance with the provisions of the | 0009| Supplemental Public Securities Act, the Uniform Facsimile | 0010| Signature of Public Officials Act and the Public Securities | 0011| Short-Term Interest Rate Act, determine the form, payment dates | 0012| and manner of payment of capital projects bonds. | 0013| Section 4. The proceeds from the sale of the bonds shall | 0014| be expended solely for providing funds to be distributed in the | 0015| amounts and for the purposes set forth in Section 9 of the 1996 | 0016| Capital Projects Bond Act and to pay expenses incurred under the | 0017| provisions of Section 6 of that act. | 0018| Section 5. Bonds authorized by the 1996 Capital Projects | 0019| Bond Act shall be sold, after publication of notice in a | 0020| newspaper of statewide general circulation and in a recognized | 0021| financial journal published outside the state, at either private | 0022| or public sale for no less than par value and accrued interest | 0023| to date. The state board of finance may reject any and all bids | 0024| and waive any irregularity in a bid. | 0025| Section 6. The expenses incurred by the state board of | 0001| finance in or relating to the preparation and sale of the bonds | 0002| shall be paid out of the proceeds from the sale of the bonds. | 0003| Section 7. There is imposed and levied during each year in | 0004| which any of the bonds sold pursuant to the provisions of the | 0005| 1996 Capital Projects Bond Act are outstanding an ad valorem tax | 0006| on all property in the state subject to property taxation for | 0007| state purposes sufficient to pay the interest and principal on | 0008| such bonds as they become due. | 0009| Section 8. The provisions of the 1996 Capital Projects | 0010| Bond Act constitute an irrepealable contract with the holders of | 0011| any of the bonds issued pursuant to that act for the faithful | 0012| performance of which the full faith and credit of the state of | 0013| New Mexico is hereby pledged. All such bonds are exempt from | 0014| taxation by the state and any subdivision or public body | 0015| thereof. | 0016| Section 9. One million one hundred thousand dollars | 0017| ($1,100,000) from the sale of the 1996 capital projects bonds | 0018| issued under the provisions of the 1996 Capital Projects Bond | 0019| Act shall be distributed to the board of regents of New Mexico | 0020| state university for the purpose of renovating Goddard hall on | 0021| the campus of New Mexico state university in Las Cruces in Dona | 0022| Ana county. | 0023| Section 10. The question of whether to issue the bonds and | 0024| impose the tax pursuant to the 1996 Capital Projects Bond Act | 0025| shall be submitted to the registered voters of the state by the | 0001| secretary of state at the general election to be held in | 0002| November 1996, and if a majority of all the votes cast on the | 0003| question is in favor of the issuance of bonds and the imposition | 0004| of the tax, the bonds authorized in such question may be issued | 0005| after the state canvassing board certifies the results of the | 0006| election. | 0007| A ballot used in the 1996 general election shall contain | 0008| substantially the following language: | 0009| "The 1996 Capital Projects Bond Act authorizes the issuance | 0010| and sale of education bonds. Shall the state of New Mexico be | 0011| authorized to issue general obligation bonds in an amount not to | 0012| exceed one million one hundred thousand dollars ($1,100,000) to | 0013| make capital expenditures for renovation of Goddard hall on the | 0014| New Mexico state university campus in Las Cruces and to provide | 0015| for a general property tax imposition and levy for payment of | 0016| the principal and interest on the bonds as permitted by law? | 0017| For ______________ Against _____________". | 0018| Section 11. EMERGENCY.--It is necessary for the public | 0019| peace, health and safety that this act take effect immediately. | 0020|  | 0021| | 0022| FORTY-SECOND LEGISLATURE | 0023| SECOND SESSION, 1996 | 0024| | 0025| | 0001| JANUARY 25, 1996 | 0002| | 0003| Mr. President: | 0004| | 0005| Your COMMITTEES' COMMITTEE, to whom has been referred | 0006| | 0007| SENATE BILL 252 | 0008| | 0009| has had it under consideration and finds same to be GERMANE, PURSUANT | 0010| TO CONSTITUIONAL PROVISIONS, and thence referred to the EDUCATION | 0011| COMMITTEE. | 0012| | 0013| Respectfully submitted, | 0014| | 0015| | 0016| | 0017| | 0018| __________________________________ | 0019| SENATOR MANNY M. ARAGON, Chairman | 0020| | 0021| | 0022| | 0023| Adopted_______________________ Not Adopted_______________________ | 0024| (Chief Clerk) (Chief Clerk) | 0025| | 0001| | 0002| Date ________________________ | 0003| | 0004| | 0005| | 0006| S0252CC1 | 0007| | 0008| FORTY-SECOND LEGISLATURE | 0009| SECOND SESSION, 1996 | 0010| | 0011| | 0012| February 2, 1996 | 0013| | 0014| Mr. President: | 0015| | 0016| Your WAYS AND MEANS COMMITTEE, to whom has been referred | 0017| | 0018| SENATE BILL 252 | 0019| | 0020| has had it under consideration and reports same with recommendation that | 0021| it DO PASS, and thence referred to the FINANCE COMMITTEE. | 0022| | 0023| Respectfully submitted, | 0024| | 0025| | 0001| | 0002| __________________________________ | 0003| TITO D. CHAVEZ, Chairman | 0004| | 0005| | 0006| | 0007| Adopted_______________________ Not Adopted_______________________ | 0008| (Chief Clerk) (Chief Clerk) | 0009| | 0010| | 0011| Date ________________________ | 0012| | 0013| | 0014| The roll call vote was 4 For 1 Against | 0015| Yes: 4 | 0016| No: Riley | 0017| Excused: Campos, Rhodes, Wiener | 0018| Absent: None | 0019| | 0020| | 0021| S0252WM1 | 0022| | 0023| |