0001|                           SENATE BILL 616
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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|                          JOSEPH J. CARRARO
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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 OF
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0012|     SEVERANCE TAX BONDS FOR CAPITAL IMPROVEMENTS IN SENATE DISTRICT
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0013|     23 IN ALBUQUERQUE IN BERNALILLO COUNTY; MAKING APPROPRIATIONS;
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0014|     DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  SEVERANCE TAX BONDS--AUTHORIZATIONS--
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0018|     APPROPRIATION OF PROCEEDS.--
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0019|               A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax
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0021|     Bonding Act in an amount not to exceed the total of the amounts
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0022|     authorized for purposes specified in Sections 2 and 3 of this
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0023|     act.  The state board of finance shall schedule the issuance
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0024|     and sale of the bonds in the most expeditious and economical
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0025|     manner possible upon a finding by the board that the project
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0001|     has been developed sufficiently to justify the issuance and
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0002|     that the project can proceed to contract within a reasonable
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0003|     time.  The state board of finance shall further take the
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0004|     appropriate steps necessary to comply with the Internal Revenue
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0005|     Code of 1986, as amended.  Proceeds from the sale of the bonds
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0006|     are appropriated for the purposes specified in Sections 2 and 3
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0007|     of this act.
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0008|               B.  The agencies named in Sections 2 and 3 of this
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0009|     act shall certify to the state board of finance when the money
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0010|     from the proceeds of the severance tax bonds authorized in this
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0011|     section is needed for the purposes specified in the applicable
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0012|     section of this act.
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0013|               C.  If the specified agency has not certified the
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0014|     need for the issuance of the bonds by the end of fiscal year
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0015|     1999, the authorization provided in this act shall be void.
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0016|               D.  Unless otherwise specified in this act, any
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0017|     unexpended or unencumbered balance remaining from the proceeds
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0018|     of severance tax bonds issued pursuant to Sections 2 and 3 of
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0019|     this act at the end of fiscal year 2000 shall revert to the
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0020|     severance tax bonding fund.
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0021|          Section 2. SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND
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0022|     ADMINISTRATION--PURPOSES.--Pursuant to the provisions of
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0023|     Section 1 of this act, upon certification by the local
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0024|     government division of the department of finance and
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0025|     administration that the need exists for the issuance of the
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0001|     bonds, the following amounts are appropriated to the local
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0002|     government division for the following purposes in Albuquerque
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0003|     in Bernalillo county:
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0004|               A.  one hundred twenty thousand dollars ($120,000)
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0005|     to develop the Black Arroyo trail in the Seven Bar area;
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0006|               B.  one hundred fifty thousand dollars ($150,000) to
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0007|     begin constructing the Congress Heights park;
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0008|               C.  three hundred thousand dollars ($300,000) to
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0009|     develop open space and trail access at Paseo del Norte and Rio
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0010|     Grande;
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0011|               D.  one hundred thousand dollars ($100,000) to
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0012|     renovate La Boca Negra horse complex;
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0013|               E.  three hundred thousand dollars ($300,000) to
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0014|     acquire land and design Las Ventanas community park;
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0015|               F.  one hundred thousand dollars ($100,000) to
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0016|     complete roads, landscaping and trail development at Mariposa
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0017|     Basin park;
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0018|               G.  two hundred fifty thousand dollars ($250,000) to
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0019|     develop the Richland Hills park;
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0020|               H.  seventy-five thousand dollars ($75,000) to
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0021|     renovate the Sierra Vista pool; and
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0022|               I.  seven hundred thousand dollars ($700,000) to
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0023|     purchase land and plan and design the Taylor Ranch community
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0024|     center.
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0025|          Section 3.  SEVERANCE TAX BONDS--STATE HIGHWAY AND
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0001|     TRANSPORTATION DEPARTMENT--PURPOSES.--Pursuant to the
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0002|     provisions of Section 1 of this act, upon certification by the
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0003|     state highway and transportation department that the need
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0004|     exists for the issuance of the bonds, the following amounts are
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0005|     appropriated to the state highway and transportation department
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0006|     for the following purposes in Albuquerque in Bernalillo county:
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0007|               A.  one million dollars ($1,000,000) to widen and
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0008|     improve Golf Course road; and
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0009|               B.  six hundred thousand dollars ($600,000) for
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0010|     constructing Irving boulevard from Coors to Lyons.  
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0011|          Section 4.  EMERGENCY.--It is necessary for the public
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0012|     peace, health and safety that this act take effect immediately.
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