0001|                           SENATE BILL 720
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                            SUE F. WILSON
    |
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|     19 IN THE CITY OF ALBUQUERQUE IN BERNALILLO COUNTY; MAKING AN
    |
0014|     APPROPRIATION; DECLARING AN EMERGENCY.
    |
0015|     
    |
0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSES FOR WHICH
    |
0018|     ISSUED--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 seven hundred fifty
    |
0022|     thousand dollars ($750,000) 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 in Albuquerque in Bernalillo county:
    |
0010|                    (1)  one hundred fifty thousand dollars
    |
0011|     ($150,000) to continue renovation and site improvements,
    |
0012|     including improvements to comply with the Americans with
    |
0013|     Disabilities Act of 1990 requirements, to the Singing Arrow
    |
0014|     Park community center;
    |
0015|                    (2)  one hundred fifty thousand dollars
    |
0016|     ($150,000) to continue renovation and site improvements,
    |
0017|     including improvements to comply with the Americans with
    |
0018|     Disabilities Act of 1990 requirements, to Singing Arrow park;
    |
0019|     and
    |
0020|                    (3)  four hundred fifty thousand dollars
    |
0021|     ($450,000) to purchase the remaining ninety-three-acre parcel
    |
0022|     of Tres Pistolas open space, contingent upon Bernalillo county
    |
0023|     contributing four hundred thousand dollars ($400,000) to the
    |
0024|     project.
    |
0025|               B.  If the local government division has not
    |
0001|     certified the need for the issuance of the bonds by the end of
    |
0002|     fiscal year 1999, the authorization provided in this section
    |
0003|     shall be void.  Any unexpended or unencumbered balance
    |
0004|     remaining from the proceeds of severance tax bonds issued
    |
0005|     pursuant to Subsection A of this section at the end of fiscal
    |
0006|     year 2000 shall revert to the severance tax bonding fund. 
    |
0007|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0008|     peace, health and safety that this act take effect immediately.
    |
0009|                                  
    |