A. The legislature finds that the expense of leasing office space for state occupancy has grown to the point that the state would be better served if more state-owned facilities were acquired. The legislature further finds that the state's overall occupancy costs could be reduced even after taking into account the payments necessary on bonds issued to acquire additional facilities and that, therefore, it is economically advantageous for the state to own additional office space and related facilities. Further, in anticipation of the state's future office space needs, the legislature finds it prudent to establish an office acquisition program.

B. The legislature also finds that, in extreme circumstances, it is advantageous for the state to fund certain critical facilities to avoid the need for leasing or paying emergency rents.

C. The purpose of the State Building Bonding Act is to acquire additional state office buildings and related facilities, or critical facilities located within the master planning jurisdiction of the capitol buildings planning commission, by issuing bonds paid for with distributions of gross receipts tax revenue that reflect a portion of the savings that will result from the conversion to more state-owned facilities.

History: Laws 2004, ch. 123, § 1; 2005, ch. 320, § 2.

Compiler's notes. — Laws 2004, ch. 123, § 1 enacted this section as a new Section 6-21C-2 NMSA 1978, however, since that section was previously repealed, it was compiled as Section 6-21C-2.1 NMSA 1978.

The 2005 amendment, effective June 17, 2005, provided in Subsection A that it is advantageous for the state to own related facilities; adds Subsection B to provide that it is advantageous for the state to fund critical facilities to avoid leasing or paying emergency rents; and provided in Subsection C that the purpose of the act is to acquire related facilities or critical facilities located within the master planning jurisdiction of the capitol buildings planning commission.