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AN ACT
RELATING TO PUBLIC BUILDINGS; TRANSFERRING INCOME AND
DISTRIBUTIONS CREDITABLE TO THE CAPITOL BUILDINGS REPAIR
FUND; AUTHORIZING THE ISSUANCE OF REVENUE BONDS; AMENDING AND
ENACTING CERTAIN SECTIONS OF THE NMSA 1978; CREATING A LONG-
RANGE PLANNING COMMISSION FOR STATE BUILDINGS IN SANTA FE;
MAKING APPROPRIATIONS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. NEW MEXICO FINANCE AUTHORITY REVENUE BONDS-
-PURPOSE--CERTIFICATION--APPROPRIATION.--
A. The New Mexico finance authority may issue and
sell in installments or at one time revenue bonds in
compliance with the New Mexico Finance Authority Act in an
amount not to exceed ten million one hundred fifty-five
thousand dollars ($10,155,000) for the purpose of repairing,
remodeling, constructing and equipping a state building
located adjacent to the state capitol in Santa Fe known as
the New Mexico state library and for relocation-associated
renovations in the state capitol.
B. Monthly, all income and distributions
creditable to the capitol buildings repair fund shall be
distributed by the state treasurer to the New Mexico finance
authority and are appropriated to the authority to be pledged
irrevocably for the payment of the principal, interest, any
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premium and expenses related to the bonds authorized pursuant
to this section.
C. All income and distributions to the capitol
buildings repair fund distributed to the New Mexico finance
authority shall be deposited in a special bond fund or
segregated account of the authority. At the end of each
month, any money remaining in the special bond fund or
segregated account from distribution made to the authority
during each month, after all debt service, accumulations,
expenses or obligations required by the resolution
authorizing issuance of the bonds to be satisfied or paid
during each month and any deficiencies from prior months are
fully satisfied or paid, shall be transferred by the
authority to the state treasurer for deposit into the capitol
buildings repair fund. Upon payment of all principal and
interest and any other expenses or obligations related to the
bonds authorized by this section, the New Mexico finance
authority shall certify to the state treasurer that all
obligations for the bonds issued pursuant to this section
have been fully discharged and direct the state treasurer to
cease the distribution to the authority.
D. The legislature shall not repeal, amend or
otherwise modify any law that affects or impairs the revenue
bonds of the New Mexico finance authority secured by a pledge
of the income and distributions creditable to the capitol
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buildings repair fund.
E. The New Mexico finance authority may issue and
sell revenue bonds authorized by this section when the
legislative council service certifies the need for issuance
of the bonds. The net proceeds from the sale of the bonds
are appropriated to the legislative council service for the
purposes described in Subsection A of this section.
F. Upon certification by the New Mexico finance
authority that the state building project is sufficiently
developed to warrant the issuance of bonds by the authority,
the state treasurer shall commence monthly payments of income
and distributions creditable to the capitol buildings repair
fund to the New Mexico finance authority.
Section 2. Section 7-27-5 NMSA 1978 (being Laws 1983,
Chapter 306, Section 7, as amended) is amended to read:
"7-27-5. INVESTMENT OF SEVERANCE TAX PERMANENT FUND.--
The severance tax permanent fund shall be invested for two
general purposes, to provide income to the fund and to
stimulate the economy of New Mexico, preferably on a
continuing basis. The investments in Sections 7-27-5.1 and
7-27-5.6 NMSA 1978 shall be those intended to provide maximum
income to the fund and shall be referred to as the market
rate 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 7-27-5.24 NMSA 1978 shall be those intended to
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stimulate the economy of New Mexico and shall be referred to
as the differential rate investments. The prudent man rule
shall be applied to the market rate investments, and the
state investment officer shall keep separate records of the
earnings of the market rate investments. All transactions
entered into on or after July 1, 1991 shall be accounted for
in accordance with generally accepted accounting principles."
Section 3. A new section of the Severance Tax Bonding
Act, Section 7-27-5.24 NMSA 1978, is enacted to read:
"7-27-5.24. SEVERANCE TAX PERMANENT FUND--INVESTMENT
IN OBLIGATIONS ISSUED FOR STATE CAPITOL BUILDINGS AND
RENOVATIONS.--Subject to the approval of the state investment
council, the severance tax permanent fund may be invested in
revenue bonds issued by the New Mexico finance authority for
state capitol buildings and relocation-associated renovations
in the state capitol. The amount invested shall not exceed
ten million one hundred fifty-five thousand dollars
($10,155,000)."
Section 4. Section 15-3-24 NMSA 1978 (being Laws 1972,
Chapter 74, Section 4, as amended) is amended to read:
"15-3-24. CAPITOL BUILDINGS REPAIR FUND--CREATION--
EXPENDITURES.--
A. The "capitol buildings repair fund" is
created. To this fund shall be transferred, after payments
required by Section 1 of this 1997 act to the New Mexico
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finance authority, all income, including distributions from
the land grant permanent fund, derived from lands granted to
the state by the United States congress for legislative,
executive and judicial public buildings. Two percent of this
fund shall be transferred annually to a "state capitol
maintenance fund", hereby created, as a special perpetual
fund for the upkeep and maintenance of the capitol renovation
and capitol grounds.
B. The capitol buildings repair fund may be used
to repair, remodel and equip capitol buildings and adjacent
lands, to repair or replace building machinery and building
equipment located in capitol buildings and to contract for
options to purchase real estate, such real estate, if
purchased, to be put to state use; provided that no more than
ten thousand dollars ($10,000) shall be expended for any
single option. Any money used for consideration in acquiring
an option to purchase real estate shall be applied against
the purchase price of the real estate if the option is
exercised. No money shall be expended from the capitol
buildings repair fund without authorization of the state
board of finance.
C. In the event any capital outlay project
exceeds authorized project cost by no more than five percent,
the state board of finance may authorize the property control
division of the general services department to supplement the
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authorized cost by an allocation not to exceed five percent
of the authorized cost from the capitol buildings repair fund
to the extent of the unencumbered and unexpended balance of
the fund."
Section 5. CAPITOL BUILDINGS PLANNING COMMISSION
CREATED.--
A. The "capitol buildings planning commission" is
created to study and plan for the long-range facilities needs
of state government in Santa Fe. The commission shall review
prior long-range facilities needs assessments and develop an
initial master plan for the state facilities in Santa Fe.
B. The commission shall be composed of four
members of the legislature, two from each house, appointed by
the New Mexico legislative council, the secretary of general
services, the New Mexico staff architect, the secretary of
finance and administration or his designee, the commissioner
of public lands or his designee and the chairman of the
supreme court building commissioner or his designee.
C. The legislative council service shall provide
staff for the commission in coordination with the staff of
the general services department.
D. The commission shall meet and shall report
annually to the legislature on an annual update of the master
plan for the long-range facilities needs for state government
in Santa Fe.
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Section 6. APPROPRIATION.--
A. Three million five hundred thousand dollars
($3,500,000) is appropriated from the cash balances of the
legislative council service that remain from the
appropriations for session and session preparation expenses
and other legislative expenses authorized in Paragraph (4) of
Subsection A of Section 4 of Chapter 355 of Laws 1987;
Subsections B and C of Section 7 and Section 10 of Chapter 1
of Laws 1989; Subsections A through C of Section 1 of Chapter
1 of Laws 1990 (2nd S.S.); Subsections B, D, F and H of
Section 2, Subsections B and C of Section 7 and Sections 10
and 11 of Chapter 1 of Laws 1990; Subsection N of Section 3
of Chapter 131 of Laws 1990; Subsections A through C of
Section 1 of Chapter 1 of Laws 1991 (1st S.S.); Subsections A
through H and J of Section 2 and Subsections B and C of
Section 7 of Chapter 1 of Laws 1991; Section 5 of Chapter 10
of Laws 1991; Subsections A through C of Section 1 of Chapter
1 of Laws 1992 (2nd S.S.); Subsections A through H of Section
2, Subsections B and C of Section 7 and Section 10 of Chapter
1 of Laws 1992; Paragraphs (2) through (4) and (6) of
Subsection A of Section 4 of Chapter 94 of Laws 1992;
Subsections A through H and J of Section 2, Subsections B
through D of Section 7 and Section 10 of Chapter 1 of Laws
1993; Section 4 of Chapter 365 of Laws 1993; Subsection A of
Section 3 of Chapter 366 of Laws 1993; Subsection C of
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Section 22 of Chapter 65 of Laws 1993; Subsections A through
H and J of Section 2, Subsections B and C of Section 7 and
Section 10 of Chapter 1 of Laws 1994; Paragraphs (2) through
(4) of Subsection A of Section 4 of Chapter 6 of Laws 1994;
and Subsections A, C, E and G of Section 2 of Chapter 1 of
Laws 1995 for expenditure in fiscal years 1998 through 2000
to renovate the existing state library building. Any
unexpended or unencumbered balance remaining at the end of
fiscal year 2000 shall not revert to the general fund.
B. Two million dollars ($2,000,000) is
appropriated from the general fund to the legislative council
service for expenditure in fiscal years 1999 and 2000 to
renovate the existing state library building. Any unexpended
or unencumbered balance remaining at the end of fiscal year
2000 shall revert to the general fund.
C. Sixty-five thousand dollars ($65,000) is
appropriated from the cash balances of the legislative council
service from Subsection J of Section 2 of Chapter 1 of Laws
1995 to the legislative council service
for expenditure in
fiscal years 1998 and 1999 to coordinate with the general
services department to provide staff support and planning
expertise to the capital buildings planning commission. Any
unexpended or unencumbered balance remaining at the end of
fiscal year 1999 shall revert to the general fund.
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