GENERAL OBLIGATION BONDS

HTRC/HB 248/ec
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AN ACT
RELATING TO GENERAL OBLIGATION BONDS; AUTHORIZING THE
ISSUANCE AND SALE OF CAPITAL PROJECTS GENERAL OBLIGATION
BONDS TO MAKE CAPITAL EXPENDITURES FOR STATEWIDE SENIOR
CENTERS, LIBRARIES AND HIGHER EDUCATION; PROVIDING FOR A
PROPERTY TAX LEVY FOR PAYMENT OF PRINCIPAL OF, INTEREST ON
AND COSTS RELATED TO THE BONDS; REQUIRING APPROVAL OF THE
REGISTERED VOTERS AT THE 2026 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
"2026 Capital Projects General Obligation Bond Act".
SECTION 2. PURPOSE.--For the purpose of providing funds
for capital expenditures as authorized in the 2026 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 2026 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;
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(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 eleven
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 2026 Capital Projects General
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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
2026 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 2026 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 2026
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
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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 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 shall award the bonds to the
bidder or bidders offering the best price for the bonds. The
state board of finance may reject any or all bids and
readvertise and may waive any irregularity in a bid. Except
for the bid of the state, the successful bidder shall make a
deposit of two percent of the principal amount of the bonds
in a form acceptable to the state board of finance no later
than the close of business of the day the state board of
finance notifies the successful bidder that the bid has been
accepted. The state board of finance may also sell the bonds
or any part of the bonds to the state treasurer or state
investment officer. The state treasurer or state investment
officer is authorized to purchase any of the bonds for
investment. The bonds are legal investments for any person
or board charged with the investment of any public funds and
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may be accepted as security for any deposit of public money.
SECTION 6. EXPENSES.--The expenses incurred by the
state board of finance in or relating to the preparation and
sale of the bonds shall be paid out of the proceeds from the
sale of the bonds, and all rebate, penalty, interest and
other obligations of the state relating to the bonds and bond
proceeds under the federal Internal Revenue Code of 1986, as
amended, shall be paid from earnings on bond proceeds or
other money of the state legally available for such payments.
SECTION 7. PROPERTY TAX LEVY.--To provide for the
payment of the principal of and interest on the bonds issued
and sold pursuant to the provisions of the 2026 Capital
Projects General Obligation Bond Act, there shall be and
there is hereby imposed and levied during each year in which
any of the bonds are outstanding an ad valorem tax on all
property in the state subject to property taxation for state
purposes sufficient to pay the interest as it becomes due on
the bonds, together with an amount sufficient to provide a
sinking fund to pay the principal of the bonds as it becomes
due, and, if permitted by law, ad valorem taxes may be
collected to pay administrative costs incident to the
collection of such taxes. The taxes shall be imposed,
levied, assessed and collected at the times and in the manner
that other property taxes for state purposes are imposed,
levied, assessed and collected. It is the duty of all tax
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officials and authorities to cause these taxes to be imposed,
levied, assessed and collected.
SECTION 8. TREASURER--DUTIES.--The state treasurer
shall keep separate accounts of all money collected pursuant
to the taxes imposed and levied pursuant to the provisions of
the 2026 Capital Projects General Obligation Bond Act and
shall use this money only for the purposes of paying the
principal of and interest on the bonds as they become due and
any expenses relating thereto.
SECTION 9. IRREPEALABLE CONTRACT--AUTHORITY FOR
ISSUANCE.--An owner of bonds issued pursuant to the
provisions of the 2026 Capital Projects General Obligation
Bond Act may, either at law or in equity, by suit, action or
mandamus, enforce and compel the performance of the duties
required by that act of any officer or entity mentioned in
that act. The provisions of that act constitute an
irrepealable contract with the owners of any of the bonds
issued pursuant to that act for the faithful performance of
which the full faith and credit of the state is pledged.
Without reference to any other act of the legislature, the
2026 Capital Projects General Obligation Bond Act is full
authority for the issuance and sale of the bonds authorized
in that act, and such bonds shall have all the qualities of
investment securities under the Uniform Commercial Code,
shall not be invalid for any irregularity or defect in the
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proceedings for the issuance and sale of the bonds and shall
be incontestable in the hands of bona fide purchasers or
holders thereof for value. All bonds issued under the
provisions of that act, and the interest thereon, are exempt
from taxation by the state and any subdivision or public body
thereof.
SECTION 10. PROJECTS.--The proceeds from the sale of
bonds issued under the provisions of the 2026 Capital
Projects General Obligation Bond Act shall be appropriated to
the following state agencies and institutions as follows for
the purposes and in the amounts specified:
A. for senior citizen facility improvement,
construction and equipment acquisition projects to the aging
and long-term services department:
(1) one million dollars ($1,000,000) to
plan, design, construct, furnish and equip improvements to
the Barelas senior center in Albuquerque in Bernalillo
county;
(2) seven hundred fifty thousand dollars
($750,000) to purchase and equip vehicles for the CASA
kitchen in Albuquerque in Bernalillo county;
(3) three million dollars ($3,000,000) to
plan, design, construct, furnish and equip improvements to
the Cibola Loop multigenerational center in Albuquerque in
Bernalillo county;
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(4) three hundred thirty thousand dollars
($330,000) to purchase and install meals and other equipment
and to plan, design, construct, furnish and equip
improvements to the Los Volcanes senior center in Albuquerque
in Bernalillo county;
(5) nine hundred seventy-five thousand
dollars ($975,000) to purchase and install meals and other
equipment and to plan, design, construct, furnish and equip
improvements to the Manzano Mesa multigenerational center in
Albuquerque in Bernalillo county;
(6) fifty-five thousand dollars ($55,000) to
purchase and install meals and other equipment for the North
Domingo Baca multigenerational center in Albuquerque in
Bernalillo county;
(7) twenty-one thousand five hundred dollars
($21,500) to purchase and install meals and other equipment
for the North Valley senior center in Albuquerque in
Bernalillo county;
(8) twenty thousand dollars ($20,000) to
purchase and install meals and other equipment for the Palo
Duro senior center in Albuquerque in Bernalillo county;
(9) three hundred fifty thousand dollars
($350,000) to purchase and equip vehicles for the elder
center in the Pueblo of Isleta in Bernalillo county;
(10) two hundred fifty thousand dollars
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($250,000) to purchase and equip vehicles and to plan,
design, construct, furnish and equip improvements to the
Quemado senior center in Catron county;
(11) one hundred five thousand dollars
($105,000) to purchase and install meals and other equipment
for the JOY center in Roswell in Chaves county;
(12) fifty thousand dollars ($50,000) to
plan, design, construct, furnish and equip improvements to
Los Abuelitos senior center in Clovis in Curry county;
(13) nine hundred thousand dollars
($900,000) to plan, design, construct, furnish and equip
improvements to the Hillcrest senior center in Clovis in
Curry county;
(14) thirty-one thousand dollars ($31,000)
to plan, design, construct, furnish and equip improvements,
including parking lots, to La Casa senior center in Clovis in
Curry county;
(15) one hundred ten thousand dollars
($110,000) to purchase and equip vehicles for the Melrose
senior center in Melrose in Curry county;
(16) one hundred sixty thousand dollars
($160,000) to purchase and equip vehicles for the Anthony
senior center in Anthony in Dona Ana county;
(17) forty thousand dollars ($40,000) to
purchase and equip vehicles for the Dona Ana community center
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in Las Cruces in Dona Ana county;
(18) twenty thousand dollars ($20,000) to
plan, design, construct, furnish and equip improvements for
the Mesilla community center in Mesilla in Dona Ana county;
(19) three hundred thirty-two thousand five
hundred dollars ($332,500) to purchase and equip vehicles for
the Alejandro Ruiz senior center in Carlsbad in Eddy county;
(20) thirty-five thousand dollars ($35,000)
to purchase and equip vehicles for the Artesia senior center
in Artesia in Eddy county;
(21) fifty-six thousand two hundred fifty
dollars ($56,250) to purchase and equip vehicles for the
Carlsbad adult respite center in Carlsbad in Eddy county;
(22) two hundred forty-five thousand dollars
($245,000) to purchase and equip vehicles for the San Jose
senior center in Carlsbad in Eddy county;
(23) two hundred thousand dollars ($200,000)
to purchase and install meals and other equipment for the
Santa Clara senior center in Santa Clara in Grant county;
(24) nine hundred thousand dollars
($900,000) to purchase and equip vehicles and to plan,
design, construct, furnish and equip improvements to the
Silver City senior center in Silver City in Grant county;
(25) thirty thousand dollars ($30,000) to
purchase and install meals and other equipment for La Loma
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senior center in Anton Chico in Guadalupe county;
(26) thirty thousand dollars ($30,000) to
purchase and install meals and other equipment for the Puerto
de Luna senior center in Puerto de Luna in Guadalupe county;
(27) twenty thousand dollars ($20,000) to
purchase and install meals and other equipment for the Ena
Mitchell senior center in Lordsburg in Hidalgo county;
(28) one hundred eighty thousand dollars
($180,000) to plan, design, construct, furnish and equip
improvements to the Lovington senior center in Lovington in
Lea county;
(29) fifty thousand dollars ($50,000) to
purchase and equip vehicles for the Eunice senior center in
Eunice in Lea county;
(30) six hundred fifty thousand dollars
($650,000) to plan, design, construct, furnish and equip
improvements, including parking facilities, to the Jal senior
center in Jal in Lea county;
(31) forty-five thousand dollars ($45,000)
to purchase and install meals and other equipment for the
Capitan senior center in Capitan in Lincoln county;
(32) two million six hundred thousand
dollars ($2,600,000) to plan, design, construct, furnish and
equip improvements, including parking lots, to the Ruidoso
community center in Ruidoso in Lincoln county;
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(33) one hundred twenty-five thousand
dollars ($125,000) to purchase and equip vehicles for the
Betty Erhart senior center in Los Alamos in Los Alamos
county;
(34) two hundred fifty thousand dollars
($250,000) to purchase and install meals and other equipment
and furnishings for the Ramah senior center in the Ramah
chapter of the Navajo Nation in McKinley county;
(35) two hundred fifty thousand dollars
($250,000) to plan, design, construct and equip improvements
to the Thoreau senior center in the Thoreau chapter of the
Navajo Nation in McKinley county;
(36) two hundred sixty thousand dollars
($260,000) to purchase and equip vehicles for senior centers
in Otero county;
(37) one hundred fifty thousand dollars
($150,000) to purchase and equip vehicles for La Arboleda
senior center in Chimayo in Rio Arriba county;
(38) five hundred sixty-five thousand
dollars ($565,000) to plan, design, construct and equip
improvements to the Santa Clara Pueblo adult day care in the
Pueblo of Santa Clara in Rio Arriba county;
(39) thirty thousand dollars ($30,000) to
purchase and equip vehicles for the Santa Clara Pueblo senior
center in the Pueblo of Santa Clara in Rio Arriba county;
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(40) fifty thousand dollars ($50,000) to
purchase and equip vehicles and to plan, design, construct
and equip improvements, including parking lots, to the Aztec
senior center in Aztec in San Juan county;
(41) thirty thousand dollars ($30,000) to
purchase and equip vehicles for the Bloomfield senior center
in Bloomfield in San Juan county;
(42) five hundred thousand dollars
($500,000) to plan, design, construct, furnish and equip
improvements to the Bonnie Dallas senior center in Farmington
in San Juan county;
(43) one hundred seventy thousand dollars
($170,000) to purchase and equip vehicles for the Lower
Valley senior center in Fruitland in San Juan county;
(44) two hundred eighty thousand dollars
($280,000) to plan, design, construct, furnish and equip
improvements, including the purchase and installation of a
walk-in refrigerator and freezer unit, for the Meadowlark
senior center in Rio Rancho in Sandoval county;
(45) two hundred ten thousand dollars
($210,000) to purchase and equip vehicles and to plan,
design, construct and equip improvements to the Santo Domingo
Pueblo senior center in the Pueblo of Santo Domingo in
Sandoval county;
(46) eight hundred fifty thousand dollars
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($850,000) to plan, design, construct, furnish and equip
improvements, including paving a dirt road, for the
Whitehorse Lake senior center in McKinley county;
(47) one hundred thirty thousand dollars
($130,000) to purchase and equip vehicles for the Edgewood
senior center in Edgewood in Santa Fe county;
(48) fifty thousand dollars ($50,000) to
purchase and install meals and other equipment for the
Eldorado senior center in Eldorado in Santa Fe county;
(49) eighty-five thousand dollars ($85,000)
to purchase and equip vehicles for the Ken and Patty Adams
senior center in Eldorado in Santa Fe county;
(50) eighty-five thousand dollars ($85,000)
to purchase and equip vehicles for the El Rancho senior
center in Santa Fe county;
(51) one hundred sixty thousand dollars
($160,000) to purchase and equip vehicles for senior services
in Santa Fe county;
(52) eighty-five thousand dollars ($85,000)
to purchase and equip vehicles for the Santa Cruz senior
center in Santa Cruz in Santa Fe county;
(53) thirty thousand dollars ($30,000) to
purchase and install meals and other equipment for the El
Rancho senior center in Santa Fe county;
(54) twenty-five thousand dollars ($25,000)
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to purchase and install meals and other equipment at the Ken
James senior center in Truth or Consequences in Sierra
county;
(55) one hundred fifty thousand dollars
($150,000) to purchase and equip vehicles for the Socorro
senior center in Socorro in Socorro county;
(56) six hundred fifty thousand dollars
($650,000) to plan, design, construct, furnish and equip
improvements to the Magdalena senior center in Magdalena in
Socorro county;
(57) two hundred fifty thousand dollars
($250,000) to purchase and install meals and other equipment
for the Taos Pueblo senior center in the Pueblo of Taos in
Taos county;
(58) one hundred ten thousand dollars
($110,000) to purchase and install meals and other equipment
for the Clayton senior center in Clayton in Union county;
(59) six hundred eighty-five thousand
dollars ($685,000) to purchase and equip vehicles and to
plan, design, construct, furnish and equip improvements to
the Belen senior center in Belen in Valencia county; and
(60) one million five hundred thousand
dollars ($1,500,000) to plan, design, construct, furnish and
equip improvements for the Highland Meadow senior center in
Valencia county;
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B. for library acquisitions at public libraries,
public school libraries, academic libraries and tribal
libraries statewide:
(1) to the cultural affairs department:
(a) six million dollars ($6,000,000)
for equipment, library furniture, fixtures and supplemental
library resource acquisitions, including print, non-print and
electronic resources, collaborative library resources and
information technology projects, and for the purchase and
installation of broadband internet equipment and
infrastructure at non-tribal public libraries statewide; and
(b) one million dollars ($1,000,000)
for equipment, library furniture, fixtures and supplemental
library acquisitions, including print, non-print and
electronic resources, collaborative library resources and
information technology projects, and for the purchase and
installation of broadband internet equipment and
infrastructure at tribal libraries statewide;
(2) six million dollars ($6,000,000) to the
higher education department for supplemental library
acquisitions, including books, equipment, electronic
resources, collaborative library resources and information
technology projects, for academic libraries statewide; and
(3) six million dollars ($6,000,000) to the
public education department for equipment and supplemental
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library resource acquisitions, including print, non-print and
electronic resources and collaborative library resources and
information technology projects, at public school libraries
statewide; and
C. for capital improvements and acquisitions at
institutions of higher education, special schools and tribal
schools statewide:
(1) to the board of regents of eastern New
Mexico university:
(a) fifteen million dollars
($15,000,000) to plan, design, construct, furnish and equip a
new agriculture science and art annex building at eastern New
Mexico university in Portales in Roosevelt county;
(b) three million dollars ($3,000,000)
to plan, design, construct and equip improvements to the
Roswell branch campus of eastern New Mexico university in
Roswell in Chaves county; and
(c) nine hundred seventy-five thousand
dollars ($975,000) to plan, design, construct, furnish and
equip a child care laboratory on the Ruidoso branch campus of
eastern New Mexico university in Ruidoso in Lincoln county;
(2) to the board of regents of New Mexico
highlands university, nine million dollars ($9,000,000) to
plan, design, construct, furnish and equip improvements to
the Thomas C. Donnelly library and annex at New Mexico
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highlands university in Las Vegas in San Miguel county;
(3) to the board of regents of New Mexico
institute of mining and technology:
(a) eight million dollars ($8,000,000)
to plan, design, construct, furnish and equip a bureau of
geology core research facility at the New Mexico institute of
mining and technology in Socorro in Socorro county; and
(b) forty million dollars ($40,000,000)
to plan, design, construct, furnish and equip improvements to
the mineral science and engineering complex at the New Mexico
institute of mining and technology in Socorro in Socorro
county;
(4) to the board of regents of New Mexico
state university:
(a) fifty-five million dollars
($55,000,000) to plan, design, construct, furnish and equip a
new multidisciplinary academic facility, including
demolition, at New Mexico state university in Las Cruces in
Dona Ana county;
(b) twenty million dollars
($20,000,000) to plan, design, construct, furnish and equip
improvements, including critical infrastructure, to New
Mexico state university in Las Cruces in Dona Ana county;
(c) one million dollars ($1,000,000) to
plan, design, construct, furnish and equip improvements,
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including electronic access control, at the Alamogordo branch
campus of New Mexico state university in Alamogordo in Otero
county;
(d) four million dollars ($4,000,000)
to plan, design, construct, furnish and equip improvements to
the Sunland Park campus of the Dona Ana community college
branch of New Mexico state university in Sunland Park in Dona
Ana county;
(e) one million dollars ($1,000,000) to
plan, design, construct, furnish and equip improvements,
including electronic access control, abatement and exterior
door replacement, on the Grants branch campus of New Mexico
state university in Grants in Cibola county; and
(f) seventeen million six hundred fifty
thousand dollars ($17,650,000) to plan, design, construct,
furnish and equip the reforestation center in Mora county;
(5) to the board of regents of the
university of New Mexico:
(a) one hundred sixteen million dollars
($116,000,000) to plan, design, construct, furnish and equip
the school of medicine at the university of New Mexico in
Albuquerque in Bernalillo county;
(b) three million dollars ($3,000,000)
to plan, design, construct, furnish and equip improvements to
building 1 and building 7 at the Los Alamos branch campus of
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the university of New Mexico in Los Alamos in Los Alamos
county;
(c) three million dollars ($3,000,000)
to plan, design, construct, furnish and equip improvements to
the north wing of Calvin hall at the Gallup branch campus of
the university of New Mexico in Mckinley county;
(d) two million five hundred thousand
dollars ($2,500,000) to plan, design, construct, furnish and
equip improvements to Pueblo hall at the Taos branch campus
of the university of New Mexico in Taos in Taos county; and
(e) one million dollars ($1,000,000) to
plan, design, construct, furnish and equip improvements to
the Valencia branch campus of the university of New Mexico in
Los Lunas in Valencia county;
(6) to the board of regents of western New
Mexico university, three million dollars ($3,000,000) to
plan, design, construct, furnish and equip improvements to
western New Mexico university in Silver City in Grant county;
(7) to the board of regents of northern New
Mexico state school, five million dollars ($5,000,000) to
plan, design, construct, furnish and equip improvements,
including infrastructure, at northern New Mexico state school
in Espanola in Rio Arriba county;
(8) to the board of regents of the New
Mexico military institute, five million dollars ($5,000,000)
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to plan, design, construct, furnish and equip an educational
facility at the New Mexico military institute in Roswell in
Chaves county;
(9) to the board of regents of the New
Mexico school for the deaf, six million five hundred thousand
dollars ($6,500,000) to plan, design, construct, furnish and
equip improvements to Dillon hall and other facilities at the
New Mexico school for the deaf in Santa Fe in Santa Fe
county; and
(10) to the higher education department:
(a) fifteen million dollars
($15,000,000) to plan, design, construct, furnish and equip
the center for technical innovation and entrepreneurial
development on the central New Mexico community college
campus in Albuquerque in Bernalillo county;
(b) one million dollars ($1,000,000) to
plan, design and construct improvements to Clovis community
college in Clovis in Curry county;
(c) one million dollars ($1,000,000) to
plan, design, construct, furnish and equip improvements to
the John Shepherd administration building at New Mexico
junior college in Hobbs in Lea county;
(d) two million dollars ($2,000,000) to
plan, design, construct, furnish and equip improvements to
the allied health building at Luna community college in Las
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Vegas in San Miguel county;
(e) seven hundred fifty thousand
dollars ($750,000) to plan, design, construct, furnish and
equip improvements, including heating and cooling systems, to
Mesalands community college in Tucumcari in Quay county;
(f) four million two hundred thousand
dollars ($4,200,000) to plan, design, construct, furnish and
equip improvements, including water utilities, a hot water
loop system and infrastructure, at San Juan college in
Farmington in San Juan county;
(g) two million dollars ($2,000,000) to
plan, design, construct, furnish and equip improvements to
the library and 500s area facilities at Santa Fe community
college in Santa Fe in Santa Fe county;
(h) one million dollars ($1,000,000) to
plan, design, construct, furnish and equip improvements to
the main building entryway and welcome center at southeast
New Mexico college in Carlsbad in Eddy county;
(i) one million dollars ($1,000,000) to
plan, design, construct, furnish and equip improvements to
the institute of American Indian arts in Santa Fe in Santa Fe
county;
(j) two million dollars ($2,000,000) to
plan, design, construct, furnish and equip improvements to
Diné college facilities in New Mexico; and
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(k) two million dollars ($2,000,000) to
plan, design, construct, furnish and equip improvements to
Navajo technical university facilities in New Mexico.
SECTION 11. ELECTION.--
A. Bonds issued pursuant to the 2026 Capital
Projects General Obligation Bond Act shall be submitted to
the registered voters of the state at the general election to
be held in November 2026, and, if they receive a majority of
all the votes cast thereon at such election, shall take
effect upon certification of the state canvassing board
announcing the results of the election. No bonds shall be
issued or sold under that act until the registered voters of
this state have voted upon and approved the bonds and
property tax as provided in this section. Any bonds issued
under that act shall be issued within thirty months from the
date of such election.
B. The ballots used at the 2026 general election
shall contain substantially the following language:
(1) "The 2026 Capital Projects General
Obligation Bond Act authorizes the issuance and sale of
senior citizen facility improvement, construction and
equipment acquisition bonds. Shall the state be authorized
to issue general obligation bonds in an amount not to exceed
twenty-one million five hundred eighty-two thousand two
hundred thirteen dollars ($21,582,213) to make capital
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expenditures for certain senior citizen facility improvement,
construction and equipment acquisition projects and provide
for a general property tax imposition and levy for the
payment of principal of, interest on and expenses incurred in
connection with the issuance of the bonds and the collection
of the tax as permitted by law?
For________________ Against___________________";
(2) "The 2026 Capital Projects General
Obligation Bond Act authorizes the issuance and sale of
library acquisition bonds. Shall the state be authorized to
issue general obligation bonds in an amount not to exceed
nineteen million three hundred twenty-four thousand one
hundred eighty-eight dollars ($19,324,188) to make capital
expenditures for academic, public school, public and tribal
library resource acquisitions and provide for a general
property tax imposition and levy for the payment of principal
of, interest on and expenses incurred in connection with the
issuance of the bonds and the collection of the tax as
permitted by law?
For________________ Against___________________";
and
(3) "The 2026 Capital Projects General
Obligation Bond Act authorizes the issuance and sale of
higher education, special schools and tribal schools capital
improvement and acquisition bonds. Shall the state be
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authorized to issue general obligation bonds in an amount not
to exceed three hundred fifty-two million two hundred twenty-
five thousand three hundred seventy-nine dollars
($352,225,379) to make capital expenditures for certain
higher education, special schools and tribal schools capital
improvements and acquisitions and provide for a general
property tax imposition and levy for the payment of principal
of, interest on and expenses incurred in connection with the
issuance of the bonds and the collection of the tax as
permitted by law?
For________________ Against___________________".
C. Each question set forth in this section
includes a specific work or object to be financed by the
bonds. If any such question is not approved by a majority
vote of the electorate at the state's 2026 general election,
the issuance of bonds for the work or object specified by the
question shall be excluded from and shall not be part of the
2026 Capital Projects General Obligation Bond Act. The
failure of a question to be approved by the electorate at the
2026 general election shall not affect those questions that
are approved at the election.
D. The secretary of state shall include the
submission of the capital projects general obligation bonds
to the people at the 2026 general election, and it shall be
included in the general election proclamation. The secretary
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of state shall cause the 2026 Capital Projects General
Obligation Bond Act to be published in full in at least one
newspaper in each county of the state if one be published
therein, once each week, for four successive weeks next
preceding the general election as required by the
constitution of New Mexico.
SECTION 12. ART IN PUBLIC PLACES.--Pursuant to Section
13-4A-4 NMSA 1978 and where applicable, the appropriations
authorized in the 2026 Capital Projects General Obligation
Bond Act include money for the art in public places fund.
SECTION 13. PROJECT SCOPE--EXPENDITURES--REVERSION.--
A. If an appropriation for a project authorized in
the 2026 Capital Projects General Obligation Bond Act is not
sufficient to complete all the purposes specified, the
appropriation may be expended for any portion of the purposes
specified in the appropriation. Expenditures shall not be
made for purposes other than those specified in the
appropriation.
B. The state agencies and state institutions to
which money has been appropriated in the 2026 Capital
Projects General Obligation Bond Act shall be responsible for
monitoring the projects funded in that act to ensure
compliance with the constitution and laws of New Mexico and,
if applicable, the federal Internal Revenue Code of 1986, as
amended, and shall cause to be reverted any unexpended
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balance remaining at the earlier of the third full fiscal
year after issuance of the bonds or the termination or
completion of the specific project. Reverted funds shall be
deposited in the debt service fund established by the state
treasurer for the purpose of paying the principal of and
interest on the state's general obligation bonds.
SECTION 14. SEVERABILITY.--If any part or application
of the 2026 Capital Projects General Obligation Bond Act is
held invalid, the remainder or its application to other
situations or persons shall not be affected.
SECTION 15. EMERGENCY.--It is necessary for the public
peace, health and safety that this act take effect
immediately.