0001|                         HOUSE BILL 575
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                         CISCO MCSORLEY
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0006|     
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0007|     
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0008|     
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0009|     
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0010|     
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS FOR CAPITAL PROJECTS IN THE CITY OF
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0014|     ALBUQUERQUE LOCATED IN BERNALILLO COUNTY; MAKING APPROPRIATIONS;
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0015|     DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|       Section 1.  SEVERANCE TAX BONDS--AUTHORIZATIONS--
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0019|     APPROPRIATION OF PROCEEDS.--
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0020|            A.  The state board of finance may issue and sell
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0021|     severance tax bonds in compliance with the Severance Tax Bonding
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0022|     Act in an amount not to exceed the total of the amounts
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0023|     authorized for purposes specified in Sections 2 and 3 of this
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0024|     act.  The state board of finance shall schedule the issuance and
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0025|     sale of the bonds in the most expeditious and economical manner
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0001|     possible upon a finding by the board that the project has been
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0002|     developed sufficiently to justify the issuance and that the
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0003|     project can proceed to contract within a reasonable time.  The
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0004|     state board of finance shall further take the appropriate steps
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0005|     necessary to comply with the Internal Revenue Code of 1986, as
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0006|     amended.  Proceeds from the sale of the bonds are appropriated
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0007|     for the purposes specified in Sections 2 and 3 of this act.
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0008|            B.  The agencies named in Sections 2 and 3 of this
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0009|     act shall certify to the state board of finance when the money
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0010|     from the proceeds of the severance tax bonds authorized in this
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0011|     section is needed for the purposes specified in the applicable
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0012|     section of this act.
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0013|            C.  If the specified agency has not certified the
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0014|     need for the issuance of the bonds by the end of fiscal year
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0015|     1998, the authorization provided in this act shall be void.
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0016|            D.  Unless otherwise specified in this act, any
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0017|     unexpended or unencumbered balance remaining from the proceeds
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0018|     of severance tax bonds issued pursuant to Sections 2 and 3 of
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0019|     this act at the end of fiscal year 1999 shall revert to the
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0020|     severance tax bonding fund.
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0021|       Section 2.  SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND
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0022|     ADMINISTRATION--PURPOSES.--Pursuant to the provisions of Section
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0023|     1 of this act, upon certification by the local government
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0024|     division of the department of finance and administration that
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0025|     the need exists for the issuance of the bonds, the following
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0001|     amounts are appropriated to the local government division of the
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0002|     department of finance and administration for the following
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0003|     purposes:
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0004|            A.  two hundred fifty thousand dollars ($250,000) to
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0005|     plan, design, landscape and develop Triangle park at Girard and
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0006|     Central avenues in Albuquerque located in Bernalillo county;
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0007|            B.  one hundred thousand dollars ($100,000) to design
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0008|     and construct a little league park for Lobo little league in
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0009|     Albuquerque located in Bernalillo county; and
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0010|            C.  two million dollars ($2,000,000) to complete
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0011|     construction of a pool and construct a crafts area, locker room
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0012|     and restroom at Loma Linda community center in Albuquerque
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0013|     located in Bernalillo county.
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0014|       Section 3.  SEVERANCE TAX BONDS--STATE HIGHWAY AND
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0015|     TRANSPORTATION DEPARTMENT--PURPOSES.--Pursuant to the provisions
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0016|     of Section 1 of this act, upon certification by the state
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0017|     highway and transportation department that the need exists for
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0018|     the issuance of the bonds, the following amounts are
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0019|     appropriated to the state highway and transportation department
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0020|     for the following purposes:
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0021|            A.  one million dollars ($1,000,000) to plan, design
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0022|     and construct a pedestrian overpass on Gibson boulevard in
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0023|     Albuquerque located in Bernalillo county; and
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0024|            B.  five hundred thousand dollars ($500,000) to
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0025|     complete the reconstruction and streetscape of Yale boulevard in
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0001|     Albuquerque located in Bernalillo county.
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0002|       Section 4.  EMERGENCY.--It is necessary for the public
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0003|     peace, health and safety that this act take effect immediately.
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0004|                              
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