2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21C - State Building Bonding › Section 6-21C-4 - New Mexico finance authority shall issue building bonds; appropriation of proceeds.

A. The New Mexico finance authority is authorized to issue and sell revenue bonds, known as "state office building tax revenue bonds", payable solely from the state building bonding fund, in compliance with the State Building Bonding Act for the purpose of acquiring state office buildings and related facilities and other critical state facilities within the master planning jurisdiction of the capitol buildings planning commission when the acquisition has been reviewed by the capitol buildings planning commission and has been authorized by legislative act and the director of the facilities management division of the general services department has certified the need for the issuance of the bonds; provided that the total amount of state office building tax revenue bonds outstanding at any one time shall not exceed one hundred fifteen million dollars ($115,000,000).
B. The net proceeds from the building bonds are appropriated to the facilities management division of the general services department for the purpose of acquiring state office buildings and related facilities and other critical state facilities within the master planning jurisdiction of the capitol buildings planning commission, the acquisition of which shall be consistent with the State Building Bonding Act and the authorizing legislation.
History:
Laws 2001, ch. 199, § 4; 2003, ch. 371, § 3; 2004, ch. 123, § 3; 2005, ch. 320, § 3; 2009, ch. 114, § 1; 2013, ch. 115, § 2.
ANNOTATIONS
Cross references.
— For the New Mexico finance authority,
see
6-21-1 NMSA 1978.
The 2013 amendment,
effective June 14, 2013, changed the name of the property control division of the general services department to the facilities management division; and in Subsections A and B, deleted "property control" and added "facilities management" before "division".
The 2009 amendment,
effective April 6, 2009, in Subsection A, added the exception at the end of the sentence.
Compiler's notes.
— Laws 2009, ch. 114, § 4, effective April 6, 2009, amended Laws 2001, ch. 166, § 2, to delete the provision in Subsection A, which provided that the total amount of state office building tax revenue bonds outstanding at any one time shall not exceed one hundred million dollars; in Subsection C, to extend the period for expenditure of funds from the end of fiscal year 2009 to the end of fiscal year 2012; and extended the time for reversion of unexpended or unencumbered balances from the end of fiscal year 2009 to the end of fiscal year 2012.
Laws 2009, ch. 114, § 5, effective April 6, 2009, authorized the New Mexico finance authority to issue and sell state office building tax revenue bonds to design and build a new executive office building in the main capitol campus in Santa Fe.
Laws 2007, ch. 64, § 4, effective March 29, 2007, amended Laws 2001, ch. 166, § 2 to limit the total amount of bonds outstanding to not more than $100,000,000; deleted the provision for the sale of bonds for purposes specified in Laws 2001, ch. 166, §1; and appropriated $350,000 to the legislative council service for master planning for state facilities.
The 2005 amendment,
effective June 17, 2005, provided in Subsection A that the finance authority may sell bonds to acquire related facilities and other critical facilities located within the master planning jurisdiction of the capitol buildings planning commission and provided in Subsection B that net proceeds from bonds are appropriated to acquire related facilities and other critical facilities located within the master planning jurisdiction of the capitol buildings planning commission.
The 2004 amendment,
effective May 19, 2004, deleted Subsection B, redesignated Subsection C as Subsection B, amended Subsection B to delete "state office" preceding "building" and "tax revenue" preceding "bonds" and deleted Subsection D.
The 2003 amendment,
effective June 20, 2003, substituted "State Building Bonding Act" for "State Office Building Acquisition Bonding Act" in the section heading and Subsection A; redesignated former Subsection B as present Subsection C and added Subsections B and D.