0001|                        SENATE BILL 695
    |
0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
    |
0003|     1996
    |
0004|                         INTRODUCED BY
    |
0005|                        MANNY M. ARAGON
    |
0006|     
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|     
    |
0011|                             AN ACT
    |
0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0013|     SEVERANCE TAX BONDS FOR CERTAIN STREETSCAPE ENHANCEMENT PROJECTS
    |
0014|     IN THE BARELAS NEIGHBORHOOD LOCATED IN BERNALILLO COUNTY; MAKING
    |
0015|     AN APPROPRIATION; DECLARING AN EMERGENCY.
    |
0016|     
    |
0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSES FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--
    |
0019|            A.  The state board of finance may issue and sell
    |
0020|     severance tax bonds in compliance with the Severance Tax Bonding
    |
0021|     Act in an amount not exceeding one million eight hundred
    |
0022|     thousand dollars ($1,800,000) when the local government division
    |
0023|     of the department of finance and administration certifies the
    |
0024|     need for the issuance of the bonds.  The state board of finance
    |
0025|     shall schedule the issuance and sale of the bonds in the most
    |
0001|     expeditious and economical manner possible upon a finding by the
    |
0002|     board that the project has been developed sufficiently to
    |
0003|     justify the issuance and that the project can proceed to
    |
0004|     contract within a reasonable time.  The state board of finance
    |
0005|     shall further take the appropriate steps necessary to comply
    |
0006|     with the Internal Revenue Code of 1986, as amended.  The
    |
0007|     proceeds from the sale of the bonds are appropriated to the
    |
0008|     local government division of the department of finance and
    |
0009|     administration in the following amounts for the following
    |
0010|     purposes:
    |
0011|                 (1)  three hundred thousand dollars ($300,000)
    |
0012|     to replace overhead electrical wiring with underground
    |
0013|     electrical wiring as part of the streetscape enhancement of the
    |
0014|     Barelas neighborhood located in Bernalillo county; and
    |
0015|                 (2)  one million five hundred thousand dollars
    |
0016|     ($1,500,000) to make improvements to buildings as part of the
    |
0017|     streetscape enhancement of the Barelas neighborhood located in
    |
0018|     Bernalillo county.
    |
0019|            B.  If the local government division of the
    |
0020|     department of finance and administration has not certified the
    |
0021|     need for the issuance of the bonds by the end of fiscal year
    |
0022|     1998, the authorization provided in this section shall be void. 
    |
0023|     Any unexpended or unencumbered balance remaining from the
    |
0024|     proceeds of severance tax bonds issued pursuant to Subsection A
    |
0025|     of this section at the end of fiscal year 1999 shall revert to
    |
0001|     the severance tax bonding fund. 
    |
0002|       Section 2.  EMERGENCY.--It is necessary for the public
    |
0003|     peace, health and safety that this act take effect immediately.
    |
0004|                              
    |
0005|             
    |
0006|   
    |
0007|                    FORTY-SECOND LEGISLATURE
    |
0008|                      SECOND SESSION, 1996
    |
0009|   
    |
0010|   
    |
0011|                                              JANUARY 31, 1996
    |
0012|   
    |
0013|   Mr. President:
    |
0014|   
    |
0015|     Your COMMITTEES' COMMITTEE, to whom has been referred
    |
0016|   
    |
0017|                           SENATE BILL 695
    |
0018|   
    |
0019|   has had it under consideration and finds same to be GERMANE, PURSUANT
    |
0020|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
    |
0021|   COMMITTEE.
    |
0022|   
    |
0023|                              Respectfully submitted,
    |
0024|   
    |
0025|   
    |
0001|   
    |
0002|   
    |
0003|                              __________________________________
    |
0004|                              SENATOR MANNY M. ARAGON, Chairman 
    |
0005|   
    |
0006|   
    |
0007|   
    |
0008|   Adopted_______________________ Not Adopted_______________________
    |
0009|             (Chief Clerk)                        (Chief Clerk)
    |
0010|   
    |
0011|   
    |
0012|                     Date ________________________
    |
0013|   
    |
0014|   
    |
0015|   
    |
0016|   S0695CC1
    |