THE LEAGUE OF WOMEN VOTERS OF NEW MEXICO

STATE BOND QUESTIONS

A bond represents a debt for money borrowed by a government to finance capital improvement projects. The government promises to repay the amount borrowed, plus interest, over a period of time. The bonds are called "General Obligation" because payment of the debt service (principal plus interest) is a general obligation of the governmental entity issuing the bond, in this case the state and its property owners. That is, the bonds are backed by the full faith and credit of the State of New Mexico.

The 2006 legislature passed the 2006 Capital Projects General Obligation Bond Act detailing the projects that will be funded by these bonds. Issuance of General Obligation bonds requires approval by the voters and is repaid from a portion of the property taxes.

• Bond Issue A asks for approval to issue general obligation bonds in an amount not to exceed $15.958 million for senior citizen facility improvements.


• Bond Issue B asks for approval to issue bonds in an amount not to exceed $118.36 million for higher educational capital improvements at public post-secondary educational institutions.


• Bond Issue C asks for approval to issue bonds in an amount not to exceed $9.09 million for public library acquisitions, including public and academic libraries.

Bond Issue A — Senior Citizen Facility Improvements

The 2006 Capital Projects General Obligation Bond Act authorizes the issuance and sale of senior citizen facility improvement and construction bonds. Shall the state be authorized to issue general obligation bonds in an amount not to exceed $15,958,000 to make capital expenditures for certain senior citizen facility improvements and construction projects?

Summary of Senior Center Projects to be funded:

There are 160 senior citizen facility projects in 30 New Mexico counties, 12 pueblos and the Navajo Nation to be funded by the sale of Bond Issue A. The projects include the planning, design, construction and equipping of senior centers, including the building of senior centers in the following communities: Glenwood, Hagerman/Dexter Joy, Munson, Ohkay Owingeh, Pecos, and Taos Pueblo. Construction of Adult Daycare facilities is planned for Santa Clara Pueblo, Laguna Pueblo and North Sandoval County. The largest construction project is the building of a central kitchen to coordinate services for the Albuquerque Senior Centers.

Approximately 120 of the designated projects are for improvements and the purchase and installation of equipment at specific, existing senior centers in 30 counties. This includes improvements and equipment purchase and installation for 14 Chapter House Senior Centers throughout the Navajo Nation. In addition, improvements and equipment purchase and installation are also more generally designated for all senior centers throughout the counties of Bernalillo, Colfax, Dona Ana, Rio Arriba, Sandoval, Santa Fe, Taos, Torrance and the Navajo Nation.

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Bond Issue B — Higher Education Capital Improvements

The 2006 Capital Projects General Obligation Bond Act authorizes the issuance and sale of higher educational capital improvement and acquisition bonds. Shall the state be authorized to issue general obligation bonds in an amount not to exceed $118,360,000 to make capital expenditures for certain higher educational capital improvements and acquisitions?

Summary of Higher Education Projects to be funded:

The following projects have been specifically designated for funding by the Sale of Bond Issue B:

• Higher Education Department: Central Community College (formerly TVI) classroom/technology building ($11,300,000), Clovis Community College Health Center ($3,000,000), Luna Community College Education Center ($2,000,000), Mesalands Community College academic building ($1,500,000), New Mexico Junior College Testing Center remodel ($1,000,000) and Cowboy Hall of Fame remodel ($245,000), San Juan College Outdoor Learning Center ($800,000), Santa Fe Community College Health and Science building ($3,000,000).


• Eastern New Mexico University: Portales campus Music Building ($4,500,000), Roswell branch Health Center ($1,300,000), Roswell branch Dental Clinic ($4,500,000), Ruidoso branch Instructional Center Expansion ($1,250,000).


• New Mexico Highlands University: Burris Hall renovation ($3,000,000), Felix Martinez building ($3,500,000), Student Services Center ($4,500,000).


• New Mexico Institute of Mining and Technology: Student Services Center ($1,000,000), Kelly and Jones Halls renovations ($6,500,000).


• New Mexico State University: Gardiner Hall renovation/expansion ($11,000,000), Health and Social Services building addition ($2,000,000), Native American Cultural Center ($3,000,000), Alamogordo branch Reidlinger Math and Science building addition ($1,500,000), Carlsbad branch infrastructure renovation/expansion ($1,500,000), East Mesa Center ($3,500,000), Grants branch college and community library center ($400,000).


• Northern New Mexico State School: El Rito campus plaza ($300,000), Espanola Teacher and General Education building ($3,000,000)


• University of New Mexico: College of Education Building ($3,500,000), Health Science Center Education Building ($4,000,000), Science and Math Learning Center ($7,000,000), Gallup branch Technology Center/Classroom building ($2,000,000), Los Alamos branch instructional facilities renovation ($ 350,000) and lecture hall ($250,000), Taos branch Career Technical multipurpose facility ($400,000), Valencia branch security, lighting, landscaping and additions ($1,000,000).


• Western New Mexico University: Career and Technical Education Center ($1,000,000), Juan Chacon Building renovation/expansion ($6,000,000).


• New Mexico Military Institute: Dow Hall renovation/expansion ($3,400,000).


• New Mexico School for the Blind and Visually Impaired: Albuquerque Early Childhood Facility ($3,000,000).


• New Mexico School for the Deaf: Dillon and Connor Hall renovation ($7,000,000).

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Bond Issue C — Public School, Higher Education and Public Libraries Acquisitions

The 2006 Capital Projects General Obligation Bond Act authorizes the issuance and sale of public library acquisition bonds. Shall the state be authorized to issue general obligation bonds in an amount not to exceed $9,090,000 to make capital expenditures for public library acquisitions?

Summary of Statewide Library Acquisitions to be funded:

The following projects have been specifically designated for funding by the Sale of Bond Issue C:

• Cultural Affairs Department library acquisitions including books, equipment and resources for libraries statewide ($3,000,000),


• Higher Education Department library resource acquisitions for academic libraries statewide ($3,000,000),


• Public Education Department library books, equipment and resource acquisitions for public school and juvenile detention libraries statewide ($3,000,000).

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