0001|                        SENATE BILL 792
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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|                        SHANNON ROBINSON
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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 IMPROVEMENTS TO THE INTERNATIONAL
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0014|     BALLOON FIESTA PARK IN ALBUQUERQUE IN BERNALILLO COUNTY; MAKING
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0015|     AN APPROPRIATION; 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--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019|     and sell severance tax bonds in compliance with the Severance
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0020|     Tax Bonding Act in an amount not exceeding one million dollars
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0021|     ($1,000,000) when the local government division of the
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0022|     department of finance and administration certifies the need for
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0023|     the issuance of the bonds.  The state board of finance shall
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0024|     schedule the issuance and sale of the bonds in the most
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0025|     expeditious and economical manner possible upon a finding by the
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0001|     board that the project has been developed sufficiently to
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0002|     justify the issuance and that the project can proceed to
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0003|     contract within a reasonable time.  The state board of finance
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0004|     shall further take the appropriate steps necessary to comply
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0005|     with the Internal Revenue Code of 1986, as amended.  The
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0006|     proceeds from the sale of the bonds are appropriated to the
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0007|     local government division of the department of finance and
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0008|     administration for the purpose of making improvements, including
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0009|     earth moving and grading, fencing, roadways and parking,
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0010|     electrical and drainage work to the international balloon fiesta
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0011|     park in Albuquerque located in Bernalillo county.  Any
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0012|     unexpended or unencumbered balance remaining at the end of
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0013|     fiscal year 1999 shall revert to the severance tax bonding fund. 
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0014|     If the local government division of the department of finance
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0015|     and administration has not certified the need for the issuance
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0016|     of the bonds by the end of fiscal year 1998, the authorization
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0017|     provided in this section shall be void.
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0018|       Section 2.  EMERGENCY.--It is necessary for the public
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0019|     peace, health and safety that this act take effect immediately.
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0020|                              
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0021|             
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0022|   
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0023|                    FORTY-SECOND LEGISLATURE
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0024|                      SECOND SESSION, 1996
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0025|   
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0001|   
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0002|                                              JANUARY 31, 1996
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0003|   
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0004|   Mr. President:
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0005|   
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0006|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0007|   
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0008|                           SENATE BILL 792
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0009|   
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0010|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0011|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0012|   COMMITTEE.
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0013|   
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0014|                              Respectfully submitted,
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0015|   
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0016|   
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0017|   
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0018|   
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0019|                              __________________________________
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0020|                              SENATOR MANNY M. ARAGON, Chairman 
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0021|   
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0022|   
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0023|   
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0024|   Adopted_______________________ Not Adopted_______________________
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0025|             (Chief Clerk)                        (Chief Clerk)
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0001|   
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0002|   
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0003|                     Date ________________________
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0004|   
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0005|   
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0006|   
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0007|   S0792CC1
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