0001|                            HOUSE BILL 791
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                             MIMI STEWART
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0005|     
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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|                                AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE
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0012|     OF SEVERANCE TAX BONDS FOR CAPITAL PROJECTS IN HOUSE
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0013|     DISTRICT 21 IN ALBUQUERQUE IN BERNALILLO COUNTY; MAKING AN
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0014|     APPROPRIATION; DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW
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0017|     MEXICO:
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0018|          Section 1.  SEVERANCE TAX BONDS--PURPOSES FOR WHICH
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0019|     ISSUED--APPROPRIATION OF PROCEEDS.--
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0020|               A.  The state board of finance may issue and
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0021|     sell severance tax bonds in compliance with the Severance
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0022|     Tax Bonding Act in an amount not exceeding seven hundred
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0023|     twenty thousand dollars ($720,000) when the local
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0024|     government division of the department of finance and
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0025|     administration certifies the need for the issuance of the
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0001|     bonds.  The state board of finance shall schedule the
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0002|     issuance and sale of the bonds in the most expeditious and
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0003|     economical manner possible upon a finding by the board
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0004|     that the project has been developed sufficiently to
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0005|     justify the issuance and that the project can proceed to
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0006|     contract within a reasonable time.  The state board of
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0007|     finance shall further take the appropriate steps necessary
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0008|     to comply with the Internal Revenue Code of 1986, as
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0009|     amended.  The proceeds from the sale of the bonds are
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0010|     appropriated to the local government division in the
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0011|     following amounts for the following purposes:
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0012|                    (1)  five hundred thousand dollars
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0013|     ($500,000) to design and construct phase two improvements
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0014|     to the Grant middle school park and center addition in
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0015|     Albuquerque in Bernalillo county;
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0016|                    (2)  one hundred thousand dollars
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0017|     ($100,000) to renovate the existing play area at Los Altos
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0018|     park in Albuquerque in Bernalillo county; and
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0019|                    (3)  one hundred twenty thousand dollars
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0020|     ($120,000) to complete installation of a water slide and
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0021|     make other exterior and interior improvements at the Los
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0022|     Altos pool in Albuquerque in Bernalillo county.
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0023|               B.  If the local government division has not
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0024|     certified the need for the issuance of the bonds by the
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0025|     end of fiscal year 1999, the authorization provided in
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0001|     this section shall be void.  Any unexpended or
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0002|     unencumbered balance remaining from the proceeds of
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0003|     severance tax bonds issued pursuant to Subsection A of
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0004|     this section at the end of fiscal year 2000 shall revert
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0005|     to the severance tax bonding fund. 
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0006|          Section 2.  EMERGENCY.--It is necessary for the
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0007|     public peace, health and safety that this act take effect
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0008|     immediately.
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0009|                                  
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