0001| SENATE BILL 716 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| DUNCAN SCOTT | 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 BERNALILLO COUNTY; | 0014| MAKING APPROPRIATIONS; DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS-- | 0018| 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 to exceed the total of the amounts | 0022| authorized for purposes specified in Sections 2 through 4 of | 0023| this act. The state board of finance shall schedule the | 0024| issuance and sale of the bonds in the most expeditious and | 0025| economical manner possible upon a finding by the board that the | 0001| project has been developed sufficiently to justify the issuance | 0002| and that the project can proceed to contract within a reasonable | 0003| time. The state board of finance shall further take the | 0004| appropriate steps necessary to comply with the Internal Revenue | 0005| Code of 1986, as amended. Proceeds from the sale of the bonds | 0006| are appropriated for the purposes specified in Sections 2 | 0007| through 4 of this act. | 0008| B. The agencies named in Sections 2 through 4 of | 0009| this act shall certify to the state board of finance when the | 0010| money from the proceeds of the severance tax bonds authorized in | 0011| this section is needed for the purposes specified in the | 0012| applicable section 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| of severance tax bonds issued pursuant to Sections 2 through 4 | 0019| of this act at the end of fiscal year 1999 shall revert to the | 0020| severance 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. sixty thousand dollars ($60,000) to design, | 0005| construct and equip a little league baseball field in the east | 0006| mountain area located in Bernalillo county; | 0007| B. twenty-five thousand dollars ($25,000) for land | 0008| acquisition, to purchase equipment and materials and to design | 0009| the Singing Arrow park for the Singing Arrow youth center | 0010| located in Bernalillo county; and | 0011| C. one million three hundred fifty thousand dollars | 0012| ($1,350,000) to acquire land in the Sandia mountains for the | 0013| city of Albuquerque for the purpose of maintaining a wildlife | 0014| refuge located in Bernalillo county. | 0015| Section 3. SEVERANCE TAX BONDS--STATE DEPARTMENT OF PUBLIC | 0016| EDUCATION--PURPOSE.--Pursuant to the provisions of Section 1 of | 0017| this act, upon certification by the state department of public | 0018| education that the need exists for the issuance of the bonds, | 0019| sixty thousand dollars ($60,000) is appropriated to the state | 0020| department of public education for the purpose of purchasing | 0021| computers and related equipment for Roosevelt middle school in | 0022| the village of Tijeras located in Bernalillo county. | 0023| Section 4. SEVERANCE TAX BONDS--STATE HIGHWAY AND | 0024| TRANSPORTATION DEPARTMENT--PURPOSE.--Pursuant to the provisions | 0025| of Section 1 of this act, upon certification by the state | 0001| highway and transportation department that the need exists for | 0002| the issuance of bonds, two hundred fifty thousand dollars | 0003| ($250,000) is appropriated to the state highway and | 0004| transportation department for the purpose of designing and | 0005| constructing roads in the east mountain area located in | 0006| Bernalillo county. | 0007| Section 5. EMERGENCY.--It is necessary for the public | 0008| peace, health and safety that this act take effect immediately. | 0009|  | 0010|  | 0011| | 0012| FORTY-SECOND LEGISLATURE | 0013| SECOND SESSION, 1996 | 0014| | 0015| | 0016| FEBRUARY 1, 1996 | 0017| | 0018| Mr. President: | 0019| | 0020| Your COMMITTEES' COMMITTEE, to whom has been referred | 0021| | 0022| SENATE BILL 716 | 0023| | 0024| has had it under consideration and finds same to be GERMANE, PURUSANT | 0025| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE | 0001| COMMITTEE. | 0002| | 0003| Respectfully submitted, | 0004| | 0005| | 0006| | 0007| | 0008| __________________________________ | 0009| SENATOR MANNY M. ARAGON, Chairman | 0010| | 0011| | 0012| | 0013| Adopted_______________________ Not Adopted_______________________ | 0014| (Chief Clerk) (Chief Clerk) | 0015| | 0016| | 0017| Date ________________________ | 0018| | 0019| | 0020| | 0021| S0716CC1 | 0022| |