0001| SENATE BILL 711 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| ANN J. RILEY | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR CAPITAL PROJECTS IN SENATE DISTRICT 18 | 0014| IN BERNALILLO COUNTY; MAKING APPROPRIATIONS; DECLARING AN | 0015| EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS-- | 0019| APPROPRIATION OF PROCEEDS.-- | 0020| A. The state board of finance may issue and sell | 0021| severance tax bonds in compliance with the Severance Tax Bonding | 0022| Act in an amount not to exceed the total of the amounts | 0023| authorized for purposes specified in Section 2 of this act. The | 0024| state board of finance shall schedule the issuance and sale of | 0025| the bonds in the most expeditious and economical manner possible | 0001| upon a finding by the board that the project has been developed | 0002| sufficiently to justify the issuance and that the project can | 0003| proceed to contract within a reasonable time. The state board | 0004| of finance shall further take the appropriate steps necessary to | 0005| comply with the Internal Revenue Code of 1986, as amended. | 0006| Proceeds from the sale of the bonds are appropriated for the | 0007| purposes specified in Section 2 of this act. | 0008| B. The agency named in Section 2 of this act shall | 0009| certify to the state board of finance when the money from the | 0010| proceeds of the severance tax bonds authorized in this section | 0011| is needed for the purposes specified in the applicable section | 0012| of this act. | 0013| C. If the specified agency has not certified the | 0014| need for the issuance of the bonds by the end of fiscal year | 0015| 1998, the authorization provided in this act shall be void. | 0016| D. Unless otherwise specified in this act, any | 0017| unexpended or unencumbered balance remaining from the proceeds | 0018| from severance tax bonds issued pursuant to Section 2 of this | 0019| act at the end of fiscal year 1999 shall revert to the severance | 0020| tax bonding fund. | 0021| Section 2. SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND | 0022| ADMINISTRATION--PURPOSES.--Pursuant to the provisions of Section | 0023| 1 of this act, upon certification by the local government | 0024| division of the department of finance and administration that | 0025| the need exists for the issuance of the bonds, the following | 0001| amounts are appropriated to the local government division of the | 0002| department of finance and administration for the following | 0003| purposes: | 0004| A. five hundred thousand dollars ($500,000) to | 0005| design and construct a multi-use community center in Sandia high | 0006| school in Bernalillo county; | 0007| B. two hundred thousand dollars ($200,000) to make | 0008| improvements to and equip Sandia high school park in Bernalillo | 0009| county; | 0010| C. one hundred thousand dollars ($100,000) to make | 0011| improvements to and equip Sombre del Monte elementary school | 0012| park in Bernalillo county; | 0013| D. one hundred thousand dollars ($100,000) to make | 0014| improvements to and equip Sierra alternative school park in | 0015| Bernalillo county; | 0016| E. five hundred thousand dollars ($500,000) to make | 0017| improvements to and equip Grant middle school park in Bernalillo | 0018| county; | 0019| F. one hundred thousand dollars ($100,000) to make | 0020| improvements to and equip Inez elementary school park in | 0021| Bernalillo county; | 0022| G. one hundred thousand dollars ($100,000) to make | 0023| improvements to and equip Bellehaven elementary school park in | 0024| Bernalillo county; and | 0025| H. one hundred thousand dollars ($100,000) to make | 0001| improvements to and equip Madison middle school park in | 0002| Bernalillo county. | 0003| Section 3. EMERGENCY.--It is necessary for the public | 0004| peace, health and safety that this act take effect immediately. | 0005| - - | 0006| | 0007| | 0008| FORTY-SECOND LEGISLATURE | 0009| SECOND SESSION, 1996 | 0010| | 0011| | 0012| FEBRUARY 1, 1996 | 0013| | 0014| Mr. President: | 0015| | 0016| Your COMMITTEES' COMMITTEE, to whom has been referred | 0017| | 0018| SENATE BILL 711 | 0019| | 0020| has had it under consideration and finds same to be GERMANE, PURSUANT | 0021| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0022| COMMITTEE. | 0023| | 0024| Respectfully submitted, | 0025| | 0001| | 0002| | 0003| | 0004| __________________________________ | 0005| SENATOR MANNY M. ARAGON, Chairman | 0006| | 0007| | 0008| | 0009| Adopted_______________________ Not Adopted_______________________ | 0010| (Chief Clerk) (Chief Clerk) | 0011| | 0012| | 0013| Date ________________________ | 0014| | 0015| | 0016| | 0017| S0711CC1 |