New Mexico SB 94: GENERAL OBLIGATION BOND PROJECTS

Bill Text

SB0094 

SENATE BILL 94

53rd legislature - STATE OF NEW MEXICO - second session, 2018

INTRODUCED BY

Carlos R. Cisneros

AN ACT

RELATING TO GENERAL OBLIGATION BONDS; AUTHORIZING THE ISSUANCE 
AND SALE OF CAPITAL PROJECTS GENERAL OBLIGATION BONDS TO MAKE 
CAPITAL EXPENDITURES FOR SENIOR CITIZEN FACILITY IMPROVEMENTS 
AND ACQUISITIONS, FOR LIBRARY ACQUISITIONS, FOR THE PURCHASE OF 
SCHOOL BUSES, FOR CONSTRUCTION AND IMPROVEMENT OF ROADS IN 
DEPARTMENT OF TRANSPORTATION DISTRICTS 1 THROUGH 6 AND FOR 
CAPITAL IMPROVEMENTS AND ACQUISITIONS AT INSTITUTIONS OF HIGHER 
EDUCATION, STATE SPECIAL SCHOOLS AND TRIBAL SCHOOLS; PROVIDING 
FOR A PROPERTY TAX LEVY FOR PAYMENT OF PRINCIPAL OF, INTEREST 
ON AND CERTAIN COSTS RELATED TO THE BONDS; REQUIRING APPROVAL 
OF THE REGISTERED VOTERS AT THE 2018 GENERAL ELECTION OF THE 
STATE; DECLARING AN EMERGENCY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

 SECTION 1. SHORT TITLE.--This act may be cited as the 
"2018 Capital Projects General Obligation Bond Act".

 SECTION 2. PURPOSE.--For the purpose of providing funds 
for capital expenditures as authorized in the 2018 Capital 
Projects General Obligation Bond Act, general obligation 
indebtedness of the state is authorized for the purposes and in 
the amounts set forth in Section 10 of that act.

 SECTION 3. BOND TERMS.--

 A. The state board of finance, except as limited by 
the 2018 Capital Projects General Obligation Bond Act, shall 
determine the terms, covenants and conditions of bonds issued 
pursuant to that act, including:

 (1) date or dates of issue, denominations and 
maturities; 

 (2) principal amounts; 

 (3) rate or rates of interest; and

 (4) provisions for redemption, including 
premiums, registration and refundability, whether the bonds are 
issued in one or more series and other covenants relating to 
the bonds and the issuance thereof. 

 B. The bonds shall be in such form as the state 
board of finance determines with an appropriate series 
designation and shall bear interest payable as set forth in the 
resolution of the state board of finance. 

 C. Payment of the principal of the bonds shall 
begin not more than two years after the date of their issuance, 
and the bonds shall mature not later than ten years after the 
date of their issuance. Both principal and interest shall be 
payable in lawful money of the United States at the office of 
the paying agent within or without the state as the state board 
of finance may direct. 

 D. The bonds shall be executed with the manual or 
facsimile signature of the governor or the state treasurer, and 
the seal or a facsimile of the seal of the state shall be 
placed on each bond, except for any series of bonds issued in 
book entry or similar form without the delivery of physical 
securities. 

 E. The bonds shall be issued in accordance with the 
provisions of the 2018 Capital Projects General Obligation Bond 
Act, the Supplemental Public Securities Act and the Uniform 
Facsimile Signature of Public Officials Act and may be issued 
in accordance with the Public Securities Short-Term Interest 
Rate Act. 

 F. The full faith and credit of the state is 
pledged for the prompt payment when due of the principal of and 
interest on all bonds issued and sold pursuant to the 2018 
Capital Projects General Obligation Bond Act.

 SECTION 4. EXPENDITURES.--The proceeds from the sale of 
the bonds shall be expended solely for providing money to be 
distributed for the purposes and in amounts not to exceed the 
amounts set forth in Section 10 of the 2018 Capital Projects 
General Obligation Bond Act and to pay expenses incurred under 
Section 6 of that act. Any proceeds from the sale of the bonds 
that are not required for the purposes set forth in Sections 6 
and 10 of that act shall be used for the purpose of paying the 
principal of and interest on the bonds.

 SECTION 5. SALE.--The bonds authorized under the 2018 
Capital Projects General Obligation Bond Act shall be sold by 
the state board of finance at such time and in such manner and 
amounts as the board may elect. The bonds may be sold at 
private sale or at public sale, in either case at not less than 
par plus accrued interest to the date of delivery. If sold at 
public sale, the state board of finance shall publish a notice 
of the time and place of sale in a newspaper of general 
circulation in the state and may also publish the notice in a 
recognized financial journal outside the state. The required 
publications shall be made once each week for two consecutive 
weeks prior to the date fixed for the sale, the last 
publication thereof to be at least five days prior to the date 
of the sale. The notice shall specify the amount, 
denomination, maturity and description of the bonds to be 
offered for sale and the place, date and hour at which the 
sealed bids shall be received. At the time and place specified 
in the notice, the state board of finance shall open the bids 
in public and sha