0001|                            SENATE BILL 447
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                             PETE CAMPOS
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR PARK IMPROVEMENTS IN SANTA ROSA IN
    |
0013|     GUADALUPE COUNTY; MAKING AN APPROPRIATION; DECLARING AN
    |
0014|     EMERGENCY.
    |
0015|     
    |
0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
    |
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
    |
0021|     Bonding Act in an amount not exceeding three hundred forty
    |
0022|     thousand dollars ($340,000) 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
    |
0002|     the 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 in the following amounts for the
    |
0009|     following purposes:
    |
0010|                    (1)  two hundred thousand dollars ($200,000)
    |
0011|     for park improvements to Joe Gutierrez park, including adding a
    |
0012|     baseball field, playground equipment, landscaping, lighting and
    |
0013|     a pedestrian and bike trail and improving the basketball court;
    |
0014|                    (2)  fifty thousand dollars ($50,000) for Park
    |
0015|     Lake baseball field improvements, including replacing the
    |
0016|     underground wiring;
    |
0017|                    (3)  forty thousand dollars ($40,000) for the
    |
0018|     Park Lake baseball field parking lot; and
    |
0019|                    (4)  fifty thousand dollars ($50,000) for a
    |
0020|     water slide at Park lake.
    |
0021|               B.  If the local government division has not
    |
0022|     certified the need for the issuance of the bonds by the end of
    |
0023|     fiscal year 1999, the authorization provided in this section
    |
0024|     shall be void.  Any unexpended or unencumbered balance
    |
0025|     remaining from the proceeds of severance tax bonds issued
    |
0001|     pursuant to Subsection A of this section at the end of fiscal
    |
0002|     year 2000 shall revert to the severance tax bonding fund. 
    |
0003|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0004|     peace, health and safety that this act take effect immediately.
    |
0005|                                  
    |