A. The "capitol buildings repair fund" is created in the state treasury. To this fund shall be transferred, after payments required by Laws 1997, Chapter 178, Section 1 to the New Mexico 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, no one of which costs more than ten thousand dollars ($10,000), to purchase real estate to be put to state use. 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 a capital outlay project exceeds authorized project cost by five percent or less, the state board of finance may authorize the division to supplement the 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.

History: 1953 Comp., § 6-2-45, enacted by Laws 1972, ch. 74, § 4; 1979, ch. 177, § 1; 1992, ch. 92, § 1; 1997, ch. 178, § 4; 1978 Comp., § 15-3-24, recompiled and amended as 1978 Comp., § 15-3B-17 by Laws 2001, ch. 319, § 17; 2017 (1st S.S.), ch. 1, § 6.

Compiler's notes. — Laws 1997, ch. 178, § 1, referred to in Subsection A, was an uncompiled provision authorizing the issuance of revenue bonds.

The 2017 (1st S.S.) amendment, effective May 26, 2017, made nonsubstantive language changes; in Subsection B, after "contract for options", added "no one of which costs more than ten thousand dollars ($10,000)", after "purchase real estate", deleted "such real estate, if purchased", and after "put to state use", deleted "provided that no more than ten thousand dollars ($10,000) shall be expended for any single option".

The 2001 amendment, effective July 1, 2001, recompiled former 15-3-24 NMSA 1978 as this section; in Subsection A, inserted "in the state treasury" in the first sentence; updated the internal references; in Subsection C, substituted "five percent or less" for "no more than five percent" and made stylistic changes.

The 1997 amendment, in the second sentence of Subsection A, inserted ", after payments required by Section 1 of this 1997 act to the New Mexico finance authority" and substituted "distributions from the land grant permanent fund" for "earnings on investments". Laws 1997, ch. 178 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective on June 20, 1997, 90 days after adjournment of the legislature.

The 1992 amendment, effective July 1, 1994, added the third sentence of Subsection A and inserted "of the general services department" in Subsection C.

Appropriations. — Laws 2007, ch. 192, § 1, appropriates $1,250,000 from the 2007 and 2008 fiscal years distributions to the legislative council services for expenditures during fiscal years 2007 to 2011.

The primary beneficiaries of the capitol buildings repair fund are executive, legislative and judicial buildings located within Santa Fe, New Mexico, the state capital. 1987 Op. Att'y Gen. No. 87-27.