0001| SENATE BILL 616 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| JOSEPH J. CARRARO | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR CAPITAL IMPROVEMENTS IN SENATE DISTRICT | 0013| 23 IN ALBUQUERQUE IN BERNALILLO COUNTY; MAKING APPROPRIATIONS; | 0014| 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 | 0021| Bonding Act in an amount not to exceed the total of the amounts | 0022| authorized for purposes specified in Sections 2 and 3 of this | 0023| act. The state board of finance shall schedule the issuance | 0024| and sale of the bonds in the most expeditious and economical | 0025| manner possible upon a finding by the board that the project | 0001| has been developed sufficiently to justify the issuance and | 0002| 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 and 3 | 0007| of this act. | 0008| B. The agencies named in Sections 2 and 3 of this | 0009| act shall certify to the state board of finance when the money | 0010| from the proceeds of the severance tax bonds authorized in this | 0011| section is needed for the purposes specified in the applicable | 0012| 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| 1999, 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 and 3 of | 0019| this act at the end of fiscal year 2000 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 | 0023| Section 1 of this act, upon certification by the local | 0024| government division of the department of finance and | 0025| administration that the need exists for the issuance of the | 0001| bonds, the following amounts are appropriated to the local | 0002| government division for the following purposes in Albuquerque | 0003| in Bernalillo county: | 0004| A. one hundred twenty thousand dollars ($120,000) | 0005| to develop the Black Arroyo trail in the Seven Bar area; | 0006| B. one hundred fifty thousand dollars ($150,000) to | 0007| begin constructing the Congress Heights park; | 0008| C. three hundred thousand dollars ($300,000) to | 0009| develop open space and trail access at Paseo del Norte and Rio | 0010| Grande; | 0011| D. one hundred thousand dollars ($100,000) to | 0012| renovate La Boca Negra horse complex; | 0013| E. three hundred thousand dollars ($300,000) to | 0014| acquire land and design Las Ventanas community park; | 0015| F. one hundred thousand dollars ($100,000) to | 0016| complete roads, landscaping and trail development at Mariposa | 0017| Basin park; | 0018| G. two hundred fifty thousand dollars ($250,000) to | 0019| develop the Richland Hills park; | 0020| H. seventy-five thousand dollars ($75,000) to | 0021| renovate the Sierra Vista pool; and | 0022| I. seven hundred thousand dollars ($700,000) to | 0023| purchase land and plan and design the Taylor Ranch community | 0024| center. | 0025| Section 3. SEVERANCE TAX BONDS--STATE HIGHWAY AND | 0001| TRANSPORTATION DEPARTMENT--PURPOSES.--Pursuant to the | 0002| provisions of Section 1 of this act, upon certification by the | 0003| state highway and transportation department that the need | 0004| exists for the issuance of the bonds, the following amounts are | 0005| appropriated to the state highway and transportation department | 0006| for the following purposes in Albuquerque in Bernalillo county: | 0007| A. one million dollars ($1,000,000) to widen and | 0008| improve Golf Course road; and | 0009| B. six hundred thousand dollars ($600,000) for | 0010| constructing Irving boulevard from Coors to Lyons. | 0011| Section 4. EMERGENCY.--It is necessary for the public | 0012| peace, health and safety that this act take effect immediately. | 0013| - 4 - |